Rocket Lab USA (NASDAQ:RKLB) Trading Down 3.5% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price traded down 3.5% during mid-day trading on Tuesday . The company traded as low as $28.60 and last traded at $28.39. 6,881,817 shares were traded during mid-day trading, a decline of 66% from the average session volume of 20,219,502 shares. The stock had previously closed at $29.43.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Wells Fargo & Company boosted 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. The Goldman Sachs Group raised their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Cantor Fitzgerald raised their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. 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 report on Wednesday, January 8th. Finally, TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Five 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.28.

Rocket Lab USA Stock Down 1.2 %

The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The business’s 50-day simple moving average is $25.84 and its 200-day simple moving average is $14.68. The company has a market capitalization of $14.26 billion, a PE ratio of -77.11 and a beta of 1.98.

Insider Buying and Selling at Rocket Lab USA

In other news, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction dated 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 sale, the director now directly owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This represents a 45.97 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Alexander R. Slusky sold 50,000 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 534,675 shares of the company’s stock, valued at $12,297,525. The trade was a 8.55 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,114,530 shares of company stock valued at $38,168,400. 13.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Wingate Wealth Advisors Inc. acquired a new stake in shares of Rocket Lab USA in the 4th quarter worth $40,000. New Millennium Group LLC raised its position in shares of Rocket Lab USA by 105.0% during the 4th quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer’s stock valued at $52,000 after buying an additional 1,050 shares during the period. Amalgamated Bank lifted its holdings in Rocket Lab USA by 26.7% in the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after acquiring an additional 2,538 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Rocket Lab USA during the second quarter worth $76,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Rocket Lab USA in the fourth quarter valued at $76,000. Institutional investors and hedge funds 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.