Rocket Lab USA (NASDAQ:RKLB) Shares Down 3% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price fell 3% during mid-day trading on Friday . The company traded as low as $27.04 and last traded at $27.45. 5,960,347 shares changed hands during trading, a decline of 69% from the average session volume of 19,351,092 shares. The stock had previously closed at $28.30.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RKLB. Stifel Nicolaus lifted their price objective on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Citigroup increased their price objective on Rocket Lab USA from $22.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Wells Fargo & Company lifted their target price on 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, 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 report on Thursday, November 14th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.28.

Rocket Lab USA Trading Down 1.0 %

The firm has a fifty day simple moving average of $26.80 and a 200 day simple moving average of $16.61. 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 Activity

In related news, Director Nina Armagno sold 10,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total value of $236,300.00. Following the completion of the sale, the director now owns 132,294 shares of the company’s stock, valued at approximately $3,126,107.22. This trade represents a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 completion of the sale, the director now directly owns 534,675 shares of the company’s stock, valued at $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 124,530 shares of company stock worth $2,944,700 in the last quarter. Corporate insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Institutional investors have recently made changes to their positions in the company. Spectrum Wealth Counsel LLC purchased a new position in Rocket Lab USA during the fourth quarter worth about $25,000. Sandy Spring Bank acquired a new stake in shares of Rocket Lab USA in the fourth quarter valued at $26,000. Wingate Wealth Advisors Inc. acquired a new position in Rocket Lab USA during the 4th quarter worth about $40,000. Quarry LP purchased a new position in Rocket Lab USA during the 4th quarter valued at about $48,000. Finally, NewEdge Advisors LLC grew its position in Rocket Lab USA by 1,000.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer’s stock valued at $49,000 after acquiring an additional 1,750 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Company Profile

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.