Rocket Lab USA (NASDAQ:RKLB) Shares Gap Down – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $17.12, but opened at $16.31. Rocket Lab USA shares last traded at $17.22, with a volume of 2,837,942 shares.

Analyst Ratings Changes

Several research firms recently weighed in on RKLB. Bank of America increased their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Wells Fargo & Company reduced their target price on shares of Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating for the company in a research report on Monday, March 3rd. Cantor Fitzgerald lifted their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Citigroup dropped their price objective on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Finally, Morgan Stanley raised their target price on Rocket Lab USA from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Monday. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $23.06.

Rocket Lab USA Price Performance

The business’s 50 day moving average is $25.45 and its two-hundred day moving average is $18.58. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The firm has a market capitalization of $8.36 billion, a PE ratio of -49.81 and a beta of 2.06.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $132.39 million during the quarter, compared to analysts’ expectations of $130.58 million. Equities research analysts anticipate 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

Several hedge funds and other institutional investors have recently modified their holdings of RKLB. Spectrum Wealth Counsel LLC purchased a new position in shares of Rocket Lab USA during the 4th quarter valued at $25,000. Sandy Spring Bank purchased a new position in Rocket Lab USA during the fourth quarter worth about $26,000. Wingate Wealth Advisors Inc. purchased a new position in Rocket Lab USA during the fourth quarter worth about $40,000. Quarry LP bought a new position in Rocket Lab USA in the 4th quarter worth about $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 acquiring an additional 1,750 shares in the last quarter. 71.78% of the stock is currently 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.