Why Shares of Rocket Lab USA Plummeted 10.2% in March
Setting a company record for the quickest turnaround between launches wasn't enough to steady investors' nerves relating to Rocket Lab USA (NASDAQ: RKLB) last month. Instead, an uninspiring forecast for the first quarter of 2023, bearish commentary from analysts, insider selling, and concerns about the company's finances provided investors with enough reasons to keep the space stock grounded.
After falling 9.5% in February, shares of Rocket Lab dipped lower in March and tumbled 10.2%, according to data from S&P Global Market Intelligence.
Beating analysts' estimates of $49.2 million, Rocket Lab announced earnings on Feb. 28, reporting sales of $51.8 million for the fourth quarter of 2022. Investors, however, focused more acutely on what management had to say about the near future. For Q1 2023, management forecasted revenue of $51 million to $54 million, notably lower than the $66.2 million analysts expect the company to book.
Source Fool.com
