Rocket Lab USA (NASDAQ:RKLB) Shares Down 0.4% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) was down 0.4% during mid-day trading on Friday . The company traded as low as $10.58 and last traded at $10.64. Approximately 2,875,894 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 9,818,041 shares. The stock had previously closed at $10.68.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. KeyCorp lifted their target price on Rocket Lab USA from $8.00 to $11.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. Citigroup upped their price target on shares of Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 price objective on shares of Rocket Lab USA in a research note on Monday, September 30th. The Goldman Sachs Group increased their target price on Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Finally, JMP Securities started coverage on Rocket Lab USA in a research report on Thursday, September 12th. They issued a “market perform” rating for the company. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $6.75.

Rocket Lab USA Stock Down 1.2 %

The firm has a market capitalization of $5.24 billion, a price-to-earnings ratio of -30.40 and a beta of 1.32. The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90. The company’s 50 day moving average price is $7.58 and its 200 day moving average price is $5.54.

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

Insider Buying and Selling

In other news, Director Michael D. Griffin sold 39,446 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total value 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the sale, the director now directly owns 42,353 shares in the company, valued at $292,235.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RKLB. Advisors Asset Management Inc. lifted its position in shares of Rocket Lab USA by 59.4% in the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after acquiring an additional 4,032 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Rocket Lab USA in the 2nd quarter valued at $46,000. Baxter Bros Inc. purchased a new position in Rocket Lab USA in the 2nd quarter valued at $48,000. Amalgamated Bank boosted its stake in Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after purchasing an additional 2,538 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in Rocket Lab USA during the 2nd quarter worth $67,000. 71.78% of the stock is owned by hedge funds and other 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.