Rocket Lab USA (NASDAQ:RKLB) Shares Down 0.9% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares traded down 0.9% during trading on Monday . The company traded as low as $10.97 and last traded at $11.32. 2,797,240 shares traded hands during trading, a decline of 72% from the average session volume of 9,877,083 shares. The stock had previously closed at $11.42.

Wall Street Analyst Weigh In

RKLB has been the subject of several recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 target price on shares of Rocket Lab USA in a research note on Monday, September 30th. KeyCorp increased their price objective on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Morgan Stanley lowered Rocket Lab USA from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $8.00 to $6.00 in a report on Monday, July 15th. Citigroup lifted their price target on Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, JMP Securities started coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating on the stock. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $6.89.

Rocket Lab USA Trading Down 1.0 %

The firm has a market cap of $5.62 billion, a PE ratio of -32.34 and a beta of 1.29. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.43 and a current ratio of 2.82. The stock’s 50 day simple moving average is $8.66 and its 200 day simple moving average is $6.14.

Rocket Lab USA (NASDAQ:RKLB) last released its earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. Rocket Lab USA had a negative return on equity of 34.12% and a negative net margin of 54.17%. The company had revenue of $106.25 million during the quarter, compared to analyst estimates of $105.47 million. During the same quarter in the previous year, the company posted ($0.10) EPS. Rocket Lab USA’s revenue for the quarter was up 71.2% on a year-over-year basis. On average, sell-side analysts forecast that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Adam C. Spice sold 62,512 shares of the company’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 sale, the chief financial officer now owns 1,321,165 shares in the company, valued at $9,195,308.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $198,798.48. Following the transaction, the general counsel now directly owns 637,558 shares in the company, valued at approximately $4,437,403.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of the business’s stock in a transaction that occurred on 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 owns 1,321,165 shares of the company’s stock, valued at approximately $9,195,308.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,521 shares of company stock valued at $906,059 over the last three months. Corporate insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Allworth Financial LP increased its stake in Rocket Lab USA by 1,827.6% in the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock worth $92,000 after acquiring an additional 8,992 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Rocket Lab USA during the 2nd quarter worth $46,000. Baxter Bros Inc. bought a new stake in shares of Rocket Lab USA in the 2nd quarter valued at about $48,000. Smith Anglin Financial LLC purchased a new position in shares of Rocket Lab USA in the 3rd quarter valued at $104,000. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Rocket Lab USA by 59.4% in the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after buying an additional 4,032 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.