Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 1.6% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares traded down 1.6% on Tuesday . The stock traded as low as $27.42 and last traded at $28.35. 7,217,295 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 16,072,510 shares. The stock had previously closed at $28.80.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on RKLB shares. Cantor Fitzgerald increased their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. The Goldman Sachs Group upped their price target on Rocket Lab USA from $5.00 to $12.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. JMP Securities began coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating for the company. Wells Fargo & Company increased 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 report on Wednesday, December 11th. Finally, Citigroup lifted their price target on shares of Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a report on Monday, November 18th. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.44.

Rocket Lab USA Price Performance

The company has a market capitalization of $14.43 billion, a price-to-earnings ratio of -78.02 and a beta of 1.98. The business has a fifty day moving average price of $21.58 and a 200 day moving average price of $12.06. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Insider Buying and Selling

In other news, insider Frank Klein sold 35,968 shares of Rocket Lab USA 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 in the company, valued at approximately $35,356,372.80. The trade was a 2.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 value of $35,460,000.00. Following the transaction, the director now directly owns 2,351,135 shares in the company, valued at approximately $41,685,623.55. This trade represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,114,530 shares of company stock worth $38,168,400. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Rocket Lab USA by 54.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,690 shares of the rocket manufacturer’s stock worth $282,000 after purchasing an additional 20,636 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Rocket Lab USA by 23.4% in the 2nd quarter. Principal Financial Group Inc. now owns 47,002 shares of the rocket manufacturer’s stock worth $226,000 after acquiring an additional 8,928 shares during the period. CIBC Asset Management Inc bought a new stake in Rocket Lab USA during the second quarter valued at about $67,000. Rhumbline Advisers grew its position in shares of Rocket Lab USA by 24.2% in the second quarter. Rhumbline Advisers now owns 480,154 shares of the rocket manufacturer’s stock valued at $2,305,000 after purchasing an additional 93,447 shares during the last quarter. Finally, National Bank of Canada FI increased its stake in shares of Rocket Lab USA by 97.8% in the second quarter. National Bank of Canada FI now owns 20,230 shares of the rocket manufacturer’s stock worth $92,000 after purchasing an additional 10,000 shares during the period. 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.