Rocket Lab USA (NASDAQ:RKLB) Trading Down 0.4% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price dropped 0.4% during trading on Thursday . The company traded as low as $28.51 and last traded at $29.50. Approximately 6,919,620 shares changed hands during trading, a decline of 65% from the average daily volume of 19,950,371 shares. The stock had previously closed at $29.62.

Wall Street Analyst Weigh In

Several research firms have weighed in on RKLB. Citigroup raised their price target on Rocket Lab USA from $22.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday. TD Cowen raised shares of Rocket Lab USA to a “strong-buy” rating in a research note on Thursday, December 19th. Wells Fargo & Company raised their price target on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 11th. Stifel Nicolaus boosted their price objective on shares of Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, Bank of America raised 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 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.06.

Rocket Lab USA Stock Performance

The company has a market cap of $15.18 billion, a PE ratio of -82.05 and a beta of 1.98. The stock’s 50 day simple moving average is $25.06 and its two-hundred day simple moving average is $13.94. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

Insider Buying and Selling

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,562 shares of Rocket Lab USA stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $24.15, for a total transaction of $689,772.30. Following the transaction, the general counsel now directly owns 608,996 shares of the company’s stock, valued at $14,707,253.40. The trade was a 4.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,114,530 shares of company stock valued at $38,168,400. 13.70% of the stock is currently owned by company insiders.

Institutional Trading of Rocket Lab USA

Institutional investors have recently added to or reduced their stakes in the business. Tempus Wealth Planning LLC purchased a new position in Rocket Lab USA in the fourth quarter valued at about $214,000. WJ Wealth Management LLC acquired a new position in shares of Rocket Lab USA in the fourth quarter worth about $235,000. Jennison Associates LLC purchased a new position in Rocket Lab USA in the fourth quarter valued at about $1,102,000. Spire Wealth Management grew its stake in Rocket Lab USA by 14.0% during the 4th quarter. Spire Wealth Management now owns 11,400 shares of the rocket manufacturer’s stock valued at $290,000 after purchasing an additional 1,400 shares in the last quarter. Finally, Chicago Partners Investment Group LLC grew its stake in Rocket Lab USA by 0.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 79,943 shares of the rocket manufacturer’s stock valued at $2,187,000 after purchasing an additional 334 shares in the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.