Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 7.1% – Should You Sell?

Rocket Lab USA, Inc. (NASDAQ:RKLB) fell 7.1% during mid-day trading on Thursday . The company traded as low as $17.34 and last traded at $17.49. 23,134,391 shares traded hands during mid-day trading, an increase of 116% from the average session volume of 10,702,277 shares. The stock had previously closed at $18.83.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RKLB. Cantor Fitzgerald upped their target price on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday. Citigroup boosted their price target on shares of Rocket Lab USA from $7.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Stifel Nicolaus raised their price objective on shares of Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday. Bank of America boosted their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Wells Fargo & Company raised their price target on shares of Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a report on Wednesday. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Rocket Lab USA presently has an average rating of “Moderate Buy” and an average target price of $14.72.

Rocket Lab USA Price Performance

The company has a market capitalization of $9.44 billion, a P/E ratio of -51.35 and a beta of 1.29. The stock’s fifty day simple moving average is $10.38 and its 200-day simple moving average is $6.87. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.43.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings data on Tuesday, November 12th. The rocket manufacturer reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.01. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The business had revenue of $104.81 million during the quarter, compared to analysts’ expectations of $102.74 million. On average, equities analysts forecast that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current fiscal year.

Insider Transactions at Rocket Lab USA

In other news, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $198,798.48. Following the sale, the general counsel now owns 637,558 shares of the company’s stock, valued at approximately $4,437,403.68. This trade represents a 4.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the transaction, the chief financial officer now owns 1,321,165 shares of the company’s stock, valued at $9,195,308.40. The trade was a 4.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,521 shares of company stock worth $906,059 over the last three months. 13.70% of the stock is currently owned by insiders.

Institutional Trading of Rocket Lab USA

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Rocket Lab USA by 9.2% in the 1st quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after purchasing an additional 2,448,789 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Rocket Lab USA by 12.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after purchasing an additional 898,223 shares during the last quarter. ARK Investment Management LLC boosted its position in Rocket Lab USA by 6.6% in the second quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock valued at $30,226,000 after buying an additional 391,778 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Rocket Lab USA by 22.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after buying an additional 532,207 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Rocket Lab USA by 11.1% during the second quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock worth $13,713,000 after buying an additional 284,360 shares in the last quarter. 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.