Rocket Lab USA (NASDAQ:RKLB) Shares Down 1.5% – Time to Sell?

Rocket Lab USA, Inc. (NASDAQ:RKLB) traded down 1.5% on Wednesday . The company traded as low as $10.95 and last traded at $10.99. 2,714,479 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 9,828,051 shares. The stock had previously closed at $11.16.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Morgan Stanley downgraded shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $8.00 to $6.00 in a report on Monday, July 15th. KeyCorp upped their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday. The Goldman Sachs Group upped their price target on shares of Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Citigroup upped their price target on shares of Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, JMP Securities assumed coverage on shares of Rocket Lab USA in a 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 stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.89.

Rocket Lab USA Stock Up 0.4 %

The business has a fifty day moving average of $8.15 and a 200 day moving average of $5.79. The stock has a market cap of $5.58 billion, a price-to-earnings ratio of -31.31 and a beta of 1.32. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.82 and a quick ratio of 2.43.

Rocket Lab USA (NASDAQ:RKLB) last released its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, topping 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 firm had revenue of $106.25 million for the quarter, compared to the consensus estimate of $105.47 million. During the same quarter in the prior year, the company posted ($0.10) earnings per share. The firm’s revenue was up 71.2% on a year-over-year basis. On average, equities analysts predict that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current year.

Insider Activity

In other 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 value of $435,083.52. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, General Counsel Arjun Kampani sold 28,563 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $198,798.48. Following the completion of the transaction, the general counsel now directly owns 637,558 shares in the company, valued at approximately $4,437,403.68. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction 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 of the company’s stock, valued at $9,195,308.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 130,521 shares of company stock valued at $906,059. 13.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors have recently added to or reduced their stakes in RKLB. Advisors Asset Management Inc. increased its holdings in Rocket Lab USA by 59.4% during the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after purchasing an additional 4,032 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Rocket Lab USA during the second quarter worth $46,000. Baxter Bros Inc. bought a new stake in shares of Rocket Lab USA during the second quarter worth $48,000. Amalgamated Bank grew its stake in shares of Rocket Lab USA by 26.7% during the second 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 period. Finally, CIBC Asset Management Inc acquired a new stake in shares of Rocket Lab USA during the second quarter worth $67,000. 71.78% of the stock is owned by institutional investors.

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.