Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 1.5% - Here's Why

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) fell 1.5% during trading on Friday . The company traded as low as $10.91 and last traded at $11.02. 3,250,326 shares were traded during mid-day trading, a decline of 67% from the average session volume of 9,867,177 shares. The stock had previously closed at $11.19.

Analysts Set New Price Targets

RKLB has been the topic of a number of research reports. Morgan Stanley cut Rocket Lab USA from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $8.00 to $6.00 in a research report on Monday, July 15th. The Goldman Sachs Group raised their target price on Rocket Lab USA from $4.50 to $5.00 and gave the company a "neutral" rating in a research note on Thursday, October 10th. KeyCorp increased their price objective on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an "overweight" rating in a report on Thursday. Cantor Fitzgerald reissued an "overweight" rating and set a $7.00 target price on shares of Rocket Lab USA in a research note on Monday, September 30th. Finally, JMP Securities initiated 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 investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $6.89.

Rocket Lab USA Stock Performance

The company's 50 day simple moving average is $8.24 and its 200 day simple moving average is $5.84. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of -31.94 and a beta of 1.32. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.43 and a current ratio of 2.82.

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Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.02. The business had revenue of $106.25 million for the quarter, compared to analyst estimates of $105.47 million. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The business's revenue for the quarter was up 71.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.10) earnings per share. On average, equities research analysts anticipate that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current year.

Insider Activity

In related news, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA stock in a transaction dated 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 of the company's stock, valued at $4,437,403.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, General Counsel Arjun Kampani sold 28,563 shares of the firm's stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $198,798.48. Following the completion of the transaction, the general counsel now owns 637,558 shares in the company, valued at approximately $4,437,403.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the transaction, 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. Insiders sold a total of 130,521 shares of company stock worth $906,059 over the last 90 days. 13.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Lab USA

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Rocket Lab USA by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 26,551,789 shares of the rocket manufacturer's stock worth $146,831,000 after purchasing an additional 451,370 shares during the period. 180 Wealth Advisors LLC raised its holdings in Rocket Lab USA by 35.3% during the 1st quarter. 180 Wealth Advisors LLC now owns 37,373 shares of the rocket manufacturer's stock worth $154,000 after buying an additional 9,747 shares during the period. Hennion & Walsh Asset Management Inc. lifted its stake in Rocket Lab USA by 196.6% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 65,014 shares of the rocket manufacturer's stock valued at $267,000 after buying an additional 43,095 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Rocket Lab USA by 15.7% in 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 buying an additional 229,512 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Rocket Lab USA by 18.1% in the first 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 in the last quarter. Institutional investors and hedge funds own 71.78% of the company's stock.

About Rocket Lab USA

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.