Rocket Lab USA (NASDAQ:RKLB) Trading Down 4.3% – Here’s Why

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) traded down 4.3% during mid-day trading on Wednesday . The stock traded as low as $26.20 and last traded at $26.75. 8,781,765 shares traded hands during trading, a decline of 49% from the average session volume of 17,068,922 shares. The stock had previously closed at $27.95.

Analysts Set New Price Targets

A number of research analysts have commented on RKLB shares. The Goldman Sachs Group boosted their price objective on Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. KeyCorp upped their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Stifel Nicolaus upped their price target on shares of Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Wells Fargo & Company boosted their target price on 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. 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.44.

Rocket Lab USA Stock Down 1.6 %

The company has a market capitalization of $13.45 billion, a P/E ratio of -72.73 and a beta of 1.98. The firm’s 50 day moving average price is $22.57 and its two-hundred day moving average price is $12.43. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Insider Buying and Selling

In other Rocket Lab USA news, Director Alexander R. Slusky sold 50,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value of $1,150,000.00. Following the sale, the director now owns 534,675 shares of the company’s stock, valued at approximately $12,297,525. This trade represents a 8.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Frank Klein sold 35,968 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $868,627.20. Following the transaction, the insider now owns 1,464,032 shares of the company’s stock, valued at $35,356,372.80. This trade represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,114,530 shares of company stock worth $38,168,400. Company insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

A number of institutional investors have recently modified their holdings of the company. Ieq Capital LLC bought a new position in shares of Rocket Lab USA in the second quarter worth $5,469,000. Mizuho Markets Americas LLC purchased a new position in shares of Rocket Lab USA during the third quarter worth about $8,930,000. Geode Capital Management LLC grew its position in 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 worth $80,317,000 after acquiring an additional 898,223 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of 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 acquiring an additional 532,207 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Rocket Lab USA by 11.1% in 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 during the period. 71.78% of the stock is owned by institutional investors and hedge funds.

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.