Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 1.7% - Here's Why

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price was down 1.7% during mid-day trading on Friday . The stock traded as low as $26.03 and last traded at $26.89. Approximately 5,264,247 shares changed hands during trading, a decline of 71% from the average daily volume of 18,059,480 shares. The stock had previously closed at $27.35.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RKLB shares. Stifel Nicolaus lifted their price target on Rocket Lab USA from $29.00 to $34.00 and gave the company a "buy" rating in a report on Wednesday. Needham & Company LLC lifted their price target on Rocket Lab USA from $28.00 to $32.00 and gave the company a "buy" rating in a report on Wednesday. Morgan Stanley lifted their price target on Rocket Lab USA from $18.00 to $20.00 and gave the company an "equal weight" rating in a report on Monday, March 10th. Wells Fargo & Company reduced their price target on Rocket Lab USA from $21.00 to $18.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Finally, TD Cowen upgraded Rocket Lab USA to a "strong-buy" rating in a report on Monday, February 24th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Rocket Lab USA currently has an average rating of "Moderate Buy" and a consensus price target of $25.18.

Rocket Lab USA Trading Down 2.6%

The company has a fifty day moving average of $21.73 and a two-hundred day moving average of $23.37. 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 has a market capitalization of $12.09 billion, a price-to-earnings ratio of -72.03 and a beta of 2.04.

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

Insiders Place Their Bets

In other Rocket Lab USA news, insider Frank Klein sold 44,553 shares of Rocket Lab USA stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $18.18, for a total value of $809,973.54. Following the transaction, the insider now directly owns 1,419,479 shares of the company's stock, valued at $25,806,128.22. The trade was a 3.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Arjun Kampani sold 5,277 shares of Rocket Lab USA stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $29.97, for a total value of $158,151.69. Following the completion of the transaction, the insider now directly owns 569,606 shares in the company, valued at approximately $17,071,091.82. This represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,234 shares of company stock valued at $1,081,690 in the last three months. Company insiders own 13.70% of the company's stock.

Institutional Trading of Rocket Lab USA

A number of institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers increased its position in shares of Rocket Lab USA by 9.6% during the first quarter. Rhumbline Advisers now owns 525,018 shares of the rocket manufacturer's stock valued at $9,387,000 after purchasing an additional 45,889 shares during the period. Strs Ohio bought a new stake in shares of Rocket Lab USA during the first quarter valued at approximately $1,150,000. Intech Investment Management LLC increased its position in shares of Rocket Lab USA by 36.3% during the first quarter. Intech Investment Management LLC now owns 257,590 shares of the rocket manufacturer's stock valued at $4,606,000 after purchasing an additional 68,573 shares during the period. Focus Partners Wealth increased its position in shares of Rocket Lab USA by 1.0% during the first quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer's stock valued at $1,206,000 after purchasing an additional 681 shares during the period. Finally, Integrity Alliance LLC. bought a new stake in shares of Rocket Lab USA during the first quarter valued at approximately $179,000. 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.