Rocket Lab USA (NASDAQ:RKLB) Shares Gap Down to $5.04

Rocket Lab USA, Inc. (NASDAQ:RKLB) gapped down prior to trading on Tuesday . The stock had previously closed at $5.04, but opened at $4.26. Rocket Lab USA shares last traded at $4.56, with a volume of 7,198,319 shares trading hands.

Wall Street Analyst Weigh In

RKLB has been the topic of several analyst reports. Citigroup upped their target price on shares of Rocket Lab USA from $4.55 to $7.40 and gave the stock a “neutral” rating in a report on Wednesday, August 9th. Roth Mkm reaffirmed a “buy” rating and set a $10.00 price objective on shares of Rocket Lab USA in a research note on Tuesday. Finally, Wells Fargo & Company raised their price objective on shares of Rocket Lab USA from $5.50 to $6.75 and gave the stock an “equal weight” rating in a report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $9.27.

Rocket Lab USA Stock Performance

The stock’s 50-day moving average is $6.41 and its 200 day moving average is $5.20. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.50 and a current ratio of 1.83. The firm has a market cap of $2.24 billion, a P/E ratio of -12.86 and a beta of 1.06.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings data on Tuesday, August 8th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.10). The company had revenue of $62.05 million during the quarter, compared to the consensus estimate of $61.68 million. Rocket Lab USA had a negative net margin of 70.47% and a negative return on equity of 24.98%. On average, research analysts predict that Rocket Lab USA, Inc. will post -0.37 earnings per share for the current year.

Insider Activity

In related news, CFO Adam C. Spice sold 61,377 shares of Rocket Lab USA stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $5.74, for a total value of $352,303.98. Following the sale, the chief financial officer now owns 1,566,293 shares of the company’s stock, valued at approximately $8,990,521.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Rocket Lab USA news, CFO Adam C. Spice sold 61,377 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $5.74, for a total transaction of $352,303.98. Following the transaction, the chief financial officer now owns 1,566,293 shares of the company’s stock, valued at approximately $8,990,521.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Peter Beck sold 3,600,000 shares of the firm’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $5.62, for a total transaction of $20,232,000.00. Following the completion of the transaction, the chief executive officer now directly owns 50,951,250 shares of the company’s stock, valued at $286,346,025. The disclosure for this sale can be found here. Insiders have sold a total of 3,720,142 shares of company stock worth $20,944,469 over the last three months. Corporate insiders own 15.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System lifted its position in Rocket Lab USA by 47.8% during the second quarter. California State Teachers Retirement System now owns 302,928 shares of the rocket manufacturer’s stock worth $1,818,000 after acquiring an additional 98,021 shares during the last quarter. GTS Securities LLC acquired a new stake in Rocket Lab USA during the 2nd quarter worth approximately $293,000. Alliancebernstein L.P. grew its holdings in Rocket Lab USA by 32.4% in the 2nd quarter. Alliancebernstein L.P. now owns 288,830 shares of the rocket manufacturer’s stock valued at $1,733,000 after buying an additional 70,730 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Rocket Lab USA by 58.7% in the second quarter. Wells Fargo & Company MN now owns 242,252 shares of the rocket manufacturer’s stock valued at $1,454,000 after acquiring an additional 89,580 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Rocket Lab USA by 49.8% in the second quarter. Goldman Sachs Group Inc. now owns 380,809 shares of the rocket manufacturer’s stock valued at $2,285,000 after buying an additional 126,548 shares during the period. Institutional investors and hedge funds own 54.19% of the company’s stock.

Rocket Lab USA Company Profile

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.