Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 2.1% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares traded down 2.1% during trading on Thursday . The stock traded as low as $25.89 and last traded at $27.36. 18,702,073 shares traded hands during mid-day trading, a decline of 3% from the average session volume of 19,207,133 shares. The stock had previously closed at $27.95.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 11th. Stifel Nicolaus increased their target price on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday. The Goldman Sachs Group lifted their price target on Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. KeyCorp increased their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Finally, 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, November 14th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.44.

Rocket Lab USA Trading Down 2.1 %

The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The business’s 50 day moving average price is $22.23 and its 200-day moving average price is $12.33. The company has a market cap of $13.68 billion, a price-to-earnings ratio of -73.94 and a beta of 1.98.

Insiders Place Their Bets

In other news, General Counsel Arjun Kampani sold 28,562 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $689,772.30. Following the sale, the general counsel now owns 608,996 shares of the company’s stock, valued at approximately $14,707,253.40. This represents a 4.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the transaction, the director now directly owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,114,530 shares of company stock worth $38,168,400 over the last quarter. Company insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RKLB. Everence Capital Management Inc. acquired a new stake in shares of Rocket Lab USA during the 4th quarter worth approximately $286,000. Franklin Resources Inc. acquired a new stake in shares of Rocket Lab USA during the third quarter worth about $107,000. Sanctuary Advisors LLC lifted its holdings in shares of Rocket Lab USA by 34.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 21,226 shares of the rocket manufacturer’s stock valued at $207,000 after purchasing an additional 5,381 shares in the last quarter. Arete Wealth Advisors LLC acquired a new position in shares of Rocket Lab USA in the 3rd quarter valued at approximately $106,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Rocket Lab USA by 12.2% in the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after buying an additional 898,223 shares during the period. Institutional investors and hedge funds 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.