Rocket Lab USA (NASDAQ:RKLB) Shares Down 4.7% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price traded down 4.7% during trading on Thursday . The company traded as low as $17.48 and last traded at $17.57. 4,206,463 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 14,388,621 shares. The stock had previously closed at $18.43.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Morgan Stanley boosted their price objective on Rocket Lab USA from $18.00 to $20.00 and gave the company an “equal weight” rating in a research report on Monday, March 10th. The Goldman Sachs Group lifted their price target on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Wells Fargo & Company lowered their price target on Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Monday, March 3rd. KeyCorp lowered their price target on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Finally, TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Rocket Lab USA presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.06.

Rocket Lab USA Price Performance

The stock has a 50 day simple moving average of $25.10 and a two-hundred day simple moving average of $18.66. The company has a market cap of $8.53 billion, a price-to-earnings ratio of -50.84 and a beta of 2.06. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Rocket Lab USA (NASDAQ:RKLB) last posted its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The business had revenue of $132.39 million during the quarter, compared to analysts’ expectations of $130.58 million. On average, equities research analysts predict that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rocket Lab USA

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RKLB. Spectrum Wealth Counsel LLC purchased a new stake in Rocket Lab USA in the fourth quarter valued at $25,000. Sandy Spring Bank purchased a new stake in shares of Rocket Lab USA in the 4th quarter valued at $26,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Rocket Lab USA in the 4th quarter valued at $40,000. Quarry LP purchased a new stake in shares of Rocket Lab USA in the 4th quarter valued at $48,000. Finally, NewEdge Advisors LLC raised its holdings in shares of Rocket Lab USA by 1,000.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer’s stock valued at $49,000 after buying an additional 1,750 shares during the period. 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.