Rocket Lab USA (NASDAQ:RKLB) Trading Down 2.5% - Time to Sell?

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) dropped 2.5% on Thursday . The company traded as low as $22.77 and last traded at $23.52. Approximately 8,982,360 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 15,706,891 shares. The stock had previously closed at $24.13.

Analysts Set New Price Targets

RKLB has been the topic of a number of research reports. Morgan Stanley upped their target price on shares of Rocket Lab USA from $18.00 to $20.00 and gave the company an "equal weight" rating in a research report on Monday, March 10th. KeyCorp dropped their target price on shares of Rocket Lab USA from $32.00 to $28.00 and set an "overweight" rating for the company in a research report on Friday, February 28th. Citigroup decreased their price objective on Rocket Lab USA from $35.00 to $33.00 and set a "buy" rating for the company in a research note on Friday, February 28th. Wells Fargo & Company decreased their target price on Rocket Lab USA from $21.00 to $18.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Finally, TD Cowen raised shares of Rocket Lab USA to a "strong-buy" rating in a research note on Monday, February 24th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $23.50.

Rocket Lab USA Price Performance

The business's 50-day simple moving average is $19.88 and its two-hundred day simple moving average is $22.21. The stock has a market cap of $11.09 billion, a price-to-earnings ratio of -66.05 and a beta of 2.04. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last posted its quarterly earnings data 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). Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The firm had revenue of $122.57 million for the quarter, compared to analyst estimates of $120.74 million. During the same quarter last year, the company earned ($0.09) earnings per share. The company's quarterly revenue was up 32.1% compared to the same quarter last year. Research analysts expect that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at Rocket Lab USA

In related news, insider Frank Klein sold 1,835 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.93, for a total transaction of $36,571.55. Following the transaction, the insider now directly owns 1,417,644 shares in the company, valued at approximately $28,253,644.92. The trade was a 0.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 13.70% of the company's stock.

Hedge Funds Weigh In On Rocket Lab USA

A number of hedge funds and other institutional investors have recently modified their holdings of RKLB. Chicago Partners Investment Group LLC raised its stake in shares of Rocket Lab USA by 0.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 79,943 shares of the rocket manufacturer's stock valued at $2,187,000 after buying an additional 334 shares during the period. Wellington Shields & Co. LLC boosted its position in Rocket Lab USA by 0.5% during the fourth quarter. Wellington Shields & Co. LLC now owns 74,522 shares of the rocket manufacturer's stock worth $1,898,000 after purchasing an additional 383 shares during the period. Allworth Financial LP raised its position in shares of Rocket Lab USA by 4.0% in the first quarter. Allworth Financial LP now owns 11,888 shares of the rocket manufacturer's stock valued at $213,000 after purchasing an additional 458 shares during the period. Atria Wealth Solutions Inc. boosted its holdings in Rocket Lab USA by 1.4% in the 1st quarter. Atria Wealth Solutions Inc. now owns 35,085 shares of the rocket manufacturer's stock worth $627,000 after buying an additional 500 shares during the period. Finally, Signaturefd LLC lifted its position in shares of Rocket Lab USA by 12.2% during the fourth quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer's stock worth $153,000 after acquiring an additional 653 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.