Rocket Lab USA (NASDAQ:RKLB) Trading Down 8.7% – What’s Next?

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price traded down 8.7% during mid-day trading on Monday . The stock traded as low as $24.20 and last traded at $24.56. 8,510,079 shares were traded during mid-day trading, a decline of 50% from the average session volume of 16,958,236 shares. The stock had previously closed at $26.91.

Wall Street Analyst Weigh In

RKLB has been the topic of several recent analyst reports. Stifel Nicolaus lifted their price target on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Bank of America lifted their target price on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald raised their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company increased their price objective on shares of Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 11th. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.44.

Rocket Lab USA Trading Up 2.9 %

The business’s 50-day moving average is $23.38 and its two-hundred day moving average is $12.96. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The firm has a market cap of $12.43 billion, a P/E ratio of -67.21 and a beta of 1.98.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA stock in a transaction on 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 completion of the transaction, the director now directly owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. The trade was a 45.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Alexander R. Slusky sold 50,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the completion of the transaction, the director now directly owns 534,675 shares in the company, valued at approximately $12,297,525. This represents a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,114,530 shares of company stock valued at $38,168,400. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

A number of hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP raised its holdings in Rocket Lab USA by 1,827.6% in the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after buying an additional 8,992 shares during the last quarter. Smith Anglin Financial LLC bought a new stake in shares of Rocket Lab USA during the third quarter worth about $104,000. Franklin Resources Inc. purchased a new stake in shares of Rocket Lab USA in the third quarter worth approximately $107,000. Schneider Downs Wealth Management Advisors LP bought a new position in shares of Rocket Lab USA during the third quarter valued at about $107,000. Finally, Arete Wealth Advisors LLC bought a new position in Rocket Lab USA in the 3rd quarter valued at $106,000. Institutional investors 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.