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

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) traded down 4.7% during mid-day trading on Thursday . The stock traded as low as $17.48 and last traded at $17.57. 4,206,463 shares were traded 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.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. Morgan Stanley upped their price target on Rocket Lab USA from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Monday, March 10th. KeyCorp cut their price target on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Stifel Nicolaus upped their price target on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, Citigroup cut their price target on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $23.06.

Rocket Lab USA Trading Up 7.1 %

The company has a 50-day moving average price of $25.10 and a 200-day moving average price of $18.66. The firm has a market capitalization 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 quick ratio of 2.16 and a current ratio of 2.58.

Rocket Lab USA (NASDAQ:RKLB) last released its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The business had revenue of $132.39 million for the quarter, compared to analyst estimates of $130.58 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. As a group, research analysts forecast that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

Institutional Trading of Rocket Lab USA

Large investors have recently made changes to their positions in the company. Spectrum Wealth Counsel LLC acquired a new stake in shares of Rocket Lab USA in the 4th quarter valued at about $25,000. Sandy Spring Bank acquired a new stake in shares of Rocket Lab USA in the 4th quarter valued at about $26,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Rocket Lab USA in the 4th quarter valued at about $40,000. Quarry LP acquired a new stake in shares of Rocket Lab USA in the 4th quarter valued at about $48,000. Finally, NewEdge Advisors LLC boosted its position 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 purchasing an additional 1,750 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.