Rocket Lab USA (NASDAQ:RKLB) Trading Down 0.8% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price dropped 0.8% on Wednesday . The company traded as low as $27.85 and last traded at $28.44. Approximately 5,900,925 shares were traded during trading, a decline of 70% from the average daily volume of 19,542,783 shares. The stock had previously closed at $28.68.

Wall Street Analysts Forecast Growth

RKLB has been the subject of a number of analyst reports. KeyCorp raised their price objective on shares of Rocket Lab USA from $27.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. TD Cowen raised shares of Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. Bank of America boosted their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Stifel Nicolaus boosted their target price 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, Cantor Fitzgerald boosted their target price 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. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.28.

Rocket Lab USA Trading Down 1.0 %

The stock has a market cap of $13.70 billion, a P/E ratio of -74.08 and a beta of 1.99. The stock’s 50-day moving average is $26.32 and its two-hundred day moving average is $15.57. 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 shares were sold at an average price of $23.63, for a total value of $236,300.00. Following the completion of the transaction, the director now directly owns 132,294 shares of the company’s stock, valued at $3,126,107.22. This trade represents a 7.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the firm’s stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,124,530 shares of company stock valued at $38,404,700. 13.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors have recently made changes to their positions in RKLB. Spectrum Wealth Counsel LLC acquired a new stake in Rocket Lab USA during the 4th quarter worth $25,000. Wingate Wealth Advisors Inc. acquired a new stake in Rocket Lab USA during the 4th quarter worth $40,000. New Millennium Group LLC boosted its stake in 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 worth $52,000 after purchasing an additional 1,050 shares during the last quarter. AlphaQuest LLC acquired a new stake in Rocket Lab USA during the 4th quarter worth $52,000. Finally, Smartleaf Asset Management LLC boosted its stake in Rocket Lab USA by 1,565.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,015 shares of the rocket manufacturer’s stock worth $53,000 after purchasing an additional 1,894 shares during the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.