Rocket Lab USA, Inc. (NASDAQ:RKLB – Get Free Report)’s stock price gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $4.71, but opened at $4.42. Rocket Lab USA shares last traded at $4.40, with a volume of 3,023,223 shares changing hands.
The rocket manufacturer reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The company had revenue of $59.99 million during the quarter, compared to the consensus estimate of $62.90 million. Rocket Lab USA had a negative return on equity of 26.98% and a negative net margin of 71.62%. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.08) earnings per share.
Analysts Set New Price Targets
Several research analysts have issued reports on the stock. KeyCorp assumed coverage on shares of Rocket Lab USA in a report on Wednesday, January 17th. They set an “overweight” rating and a $8.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $6.00 target price on shares of Rocket Lab USA in a report on Friday, December 22nd. Finally, Citigroup reiterated a “buy” rating and set a $6.00 target price on shares of Rocket Lab USA in a report on Monday, February 12th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.88.
Institutional Trading of Rocket Lab USA
Several hedge funds have recently modified their holdings of RKLB. JPMorgan Chase & Co. lifted its position in shares of Rocket Lab USA by 490.1% during the first quarter. JPMorgan Chase & Co. now owns 800,962 shares of the rocket manufacturer’s stock valued at $6,447,000 after buying an additional 665,221 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Rocket Lab USA in the 1st quarter valued at approximately $119,000. BlackRock Inc. raised its position in shares of Rocket Lab USA by 165.6% in the 1st quarter. BlackRock Inc. now owns 6,444,486 shares of the rocket manufacturer’s stock valued at $51,878,000 after purchasing an additional 4,017,797 shares during the last quarter. Vontobel Holding Ltd. purchased a new position in shares of Rocket Lab USA in the 1st quarter valued at approximately $138,000. Finally, Blair William & Co. IL raised its position in shares of Rocket Lab USA by 5.9% in the 1st quarter. Blair William & Co. IL now owns 426,519 shares of the rocket manufacturer’s stock valued at $3,433,000 after purchasing an additional 23,677 shares during the last quarter. 54.19% of the stock is owned by hedge funds and other institutional investors.
Rocket Lab USA Stock Down 8.1 %
The stock has a market capitalization of $2.10 billion, a PE ratio of -13.08 and a beta of 1.25. The company has a current ratio of 1.67, a quick ratio of 1.33 and a debt-to-equity ratio of 0.03. The company’s 50-day moving average is $4.92 and its 200 day moving average is $4.87.
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.