Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 4.6%

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) dropped 4.6% on Tuesday . The company traded as low as $9.22 and last traded at $9.28. Approximately 5,024,677 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 9,589,341 shares. The stock had previously closed at $9.73.

Analyst Ratings Changes

A number of research firms have recently commented on RKLB. Roth Mkm reissued a “buy” rating and set a $7.00 price target on shares of Rocket Lab USA in a report on Tuesday, June 18th. Morgan Stanley downgraded Rocket Lab USA from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $8.00 to $6.00 in a research note on Monday, July 15th. JMP Securities assumed coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating on the stock. Citigroup increased their price objective on shares of Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, BTIG Research initiated coverage on shares of Rocket Lab USA in a research note on Wednesday, June 26th. They set a “neutral” rating on the stock. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Rocket Lab USA currently has a consensus rating of “Hold” and an average target price of $6.68.

Rocket Lab USA Stock Performance

The company has a market cap of $4.63 billion, a PE ratio of -25.08 and a beta of 1.27. The company has a 50-day moving average of $6.35 and a 200-day moving average of $5.04. The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90.

Rocket Lab USA (NASDAQ:RKLB) last posted its earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.02. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The firm had revenue of $106.25 million during the quarter, compared to analyst estimates of $105.47 million. During the same quarter in the prior year, the business posted ($0.10) EPS. The business’s revenue was up 71.2% compared to the same quarter last year. As a group, analysts anticipate that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current year.

Insider Buying and Selling at Rocket Lab USA

In other news, CFO Adam C. Spice sold 62,512 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $435,083.52. Following the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Rocket Lab USA news, Director Michael D. Griffin sold 39,446 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the sale, the director now directly owns 42,353 shares of the company’s stock, valued at $292,235.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the transaction, the chief financial officer now directly owns 1,321,165 shares of the company’s stock, valued at approximately $9,195,308.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,521 shares of company stock worth $906,059. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Rocket Lab USA by 9.2% in the 1st quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock worth $119,192,000 after purchasing an additional 2,448,789 shares in the last quarter. Principal Financial Group Inc. increased its stake in Rocket Lab USA by 18.1% in the 1st quarter. Principal Financial Group Inc. now owns 38,074 shares of the rocket manufacturer’s stock worth $156,000 after acquiring an additional 5,838 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in shares of Rocket Lab USA by 40.9% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 91,619 shares of the rocket manufacturer’s stock valued at $440,000 after acquiring an additional 26,605 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Rocket Lab USA by 2.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 294,054 shares of the rocket manufacturer’s stock valued at $1,209,000 after acquiring an additional 6,534 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Rocket Lab USA by 15.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,691,090 shares of the rocket manufacturer’s stock worth $6,950,000 after purchasing an additional 229,512 shares in the last quarter. 71.78% of the stock is currently owned by institutional investors.

Rocket Lab USA Company Profile

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.