Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 7.1% - Here's What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) shares fell 7.1% during mid-day trading on Thursday . The stock traded as low as $17.34 and last traded at $17.49. 23,134,391 shares were traded during trading, an increase of 116% from the average session volume of 10,702,277 shares. The stock had previously closed at $18.83.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. KeyCorp lifted their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an "overweight" rating in a research note on Thursday, October 24th. Bank of America lifted their price objective on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday. The Goldman Sachs Group raised their target price on Rocket Lab USA from $4.50 to $5.00 and gave the stock a "neutral" rating in a research note on Thursday, October 10th. JMP Securities began coverage on Rocket Lab USA in a research note on Thursday, September 12th. They set a "market perform" rating on the stock. Finally, Citigroup raised their price objective on Rocket Lab USA from $7.00 to $13.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Rocket Lab USA presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.72.

Rocket Lab USA Stock Down 6.8 %

The business's 50 day moving average is $9.89 and its 200-day moving average is $6.70. The stock has a market cap of $8.72 billion, a price-to-earnings ratio of -48.86 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.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.11) by $0.01. The business had revenue of $104.81 million during the quarter, compared to analyst estimates of $102.74 million. Rocket Lab USA had a negative return on equity of 37.95% and a negative net margin of 51.76%. On average, sell-side analysts predict that Rocket Lab USA, Inc. will post -0.39 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Adam C. Spice sold 62,512 shares of the firm's stock in a transaction 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 completion of the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. This trade 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 this hyperlink. In related news, CFO Adam C. Spice sold 62,512 shares of the 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 sale, the chief financial officer now directly owns 1,321,165 shares of the company's stock, valued at approximately $9,195,308.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Arjun Kampani sold 28,563 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $198,798.48. Following the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 130,521 shares of company stock worth $906,059 in the last 90 days. Company insiders own 13.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Allworth Financial LP boosted its holdings in Rocket Lab USA by 1,827.6% in the third quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer's stock valued at $92,000 after purchasing an additional 8,992 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Rocket Lab USA in the 2nd quarter worth about $46,000. Baxter Bros Inc. bought a new stake in Rocket Lab USA in the second quarter valued at about $48,000. Smith Anglin Financial LLC bought a new position in Rocket Lab USA during the 3rd quarter worth approximately $104,000. Finally, Advisors Asset Management Inc. boosted its holdings in 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 worth $44,000 after purchasing an additional 4,032 shares during the period. 71.78% of the stock is owned by institutional investors and hedge funds.

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.

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