Rocket Lab USA (NASDAQ:RKLB) Trading Down 1.4% - Here's What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price was down 1.4% on Friday . The company traded as low as $25.46 and last traded at $26.03. Approximately 5,181,809 shares changed hands during trading, a decline of 69% from the average daily volume of 16,988,945 shares. The stock had previously closed at $26.40.

Analyst Ratings Changes

RKLB has been the topic of several recent research reports. TD Cowen raised Rocket Lab USA to a "strong-buy" rating in a report on Monday, February 24th. Cantor Fitzgerald upped their target price on shares of Rocket Lab USA from $29.00 to $35.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Roth Capital upped their price objective on shares of Rocket Lab USA from $25.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. The Goldman Sachs Group upped their price objective on shares of Rocket Lab USA from $14.35 to $16.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Finally, Needham & Company LLC upped their price objective on shares of Rocket Lab USA from $28.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Five equities research 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 company. According to data from MarketBeat, Rocket Lab USA has a consensus rating of "Moderate Buy" and a consensus target price of $26.18.

Rocket Lab USA Stock Up 1.8%

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 firm has a market cap of $11.74 billion, a P/E ratio of -70.01 and a beta of 2.08. The stock's fifty day moving average is $23.54 and its two-hundred day moving average is $23.76.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $120.74 million. During the same period last year, the company posted ($0.09) earnings per share. The business's revenue for the quarter 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 year.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, insider Arjun Kampani sold 5,277 shares of Rocket Lab USA stock in a transaction dated 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 of the company's stock, valued at $17,071,091.82. The trade was a 0.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Frank Klein sold 44,885 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $26.66, for a total value of $1,196,634.10. Following the completion of the transaction, the insider now directly owns 1,370,190 shares of the company's stock, valued at $36,529,265.40. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 98,289 shares of company stock worth $2,670,934. Insiders own 13.70% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its holdings in Rocket Lab USA by 9.6% in the 1st quarter. Rhumbline Advisers now owns 525,018 shares of the rocket manufacturer's stock worth $9,387,000 after acquiring an additional 45,889 shares during the period. Strs Ohio bought a new position in Rocket Lab USA during the first quarter valued at about $1,150,000. Intech Investment Management LLC boosted its position in shares of Rocket Lab USA by 36.3% in the 1st 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 lifted its stake in Rocket Lab USA by 1.0% in the 1st quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer's stock worth $1,206,000 after acquiring an additional 681 shares in the last quarter. Finally, Integrity Alliance LLC. purchased a new stake in shares of Rocket Lab USA during the 1st quarter worth about $179,000. 71.78% of the stock is currently owned by hedge funds and other 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.