Rocket Lab USA (NASDAQ:RKLB) Shares Down 1.7% - Here's What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price dropped 1.7% during trading on Thursday . The company traded as low as $26.75 and last traded at $26.89. Approximately 3,972,869 shares changed hands during trading, a decline of 77% from the average daily volume of 16,961,820 shares. The stock had previously closed at $27.36.

Analyst Ratings Changes

RKLB has been the subject of a number of analyst reports. The Goldman Sachs Group increased their target price on Rocket Lab USA from $14.35 to $16.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Cantor Fitzgerald raised their target price on shares of Rocket Lab USA from $29.00 to $35.00 and gave the stock an "overweight" rating in a research report on Tuesday. TD Cowen raised shares of Rocket Lab USA to a "strong-buy" rating in a research note on Monday, February 24th. Needham & Company LLC upped their price target on Rocket Lab USA from $28.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Finally, Wells Fargo & Company decreased their price target on Rocket Lab USA from $21.00 to $18.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $26.18.

Rocket Lab USA Stock Down 1.8%

The stock has a market cap of $11.76 billion, a P/E ratio of -70.06 and a beta of 2.08. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The stock's 50-day moving average is $23.38 and its 200-day moving average is $23.79.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The firm had revenue of $122.57 million during the quarter, compared to analysts' expectations of $120.74 million. During the same quarter last year, the company posted ($0.09) EPS. The firm's revenue was up 32.1% compared to the same quarter last year. As a group, research analysts anticipate that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at Rocket Lab USA

In related news, insider Arjun Kampani sold 28,988 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.66, for a total transaction of $772,820.08. Following the transaction, the insider now owns 540,618 shares of the company's stock, valued at approximately $14,412,875.88. The trade was a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Frank Klein sold 1,835 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.93, for a total value of $36,571.55. Following the sale, the insider now owns 1,417,644 shares in the company, valued at approximately $28,253,644.92. This represents a 0.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 100,124 shares of company stock valued at $2,707,506 over the last three months. 13.70% of the stock is owned by corporate insiders.

Institutional Trading of Rocket Lab USA

Several institutional investors have recently made changes to their positions in RKLB. Spectrum Wealth Counsel LLC bought a new stake in shares of Rocket Lab USA during the fourth quarter worth $25,000. Sandy Spring Bank acquired a new position in shares of Rocket Lab USA during the fourth quarter worth approximately $26,000. Versant Capital Management Inc increased its holdings in shares of Rocket Lab USA by 118.1% in the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock valued at $28,000 after purchasing an additional 860 shares in the last quarter. MassMutual Private Wealth & Trust FSB bought a new position in Rocket Lab USA in the 1st quarter worth approximately $29,000. Finally, Farther Finance Advisors LLC lifted its holdings in Rocket Lab USA by 181.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock worth $35,000 after buying an additional 1,226 shares in the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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.