Rocket Lab USA (NASDAQ:RKLB) Shares Down 1.4% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares dropped 1.4% during mid-day trading on Thursday . The stock traded as low as $27.12 and last traded at $27.23. Approximately 7,307,569 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 19,431,959 shares. The stock had previously closed at $27.62.

Wall Street Analysts Forecast Growth

RKLB has been the subject of several research reports. The Goldman Sachs Group upped their target price on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Wells Fargo & Company upped 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. Stifel Nicolaus upped their price target 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. Bank of America boosted their target price on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, 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, January 21st. Five research 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 company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.28.

Rocket Lab USA Trading Down 1.0 %

The firm has a fifty day simple moving average of $26.74 and a two-hundred day simple moving average of $16.38. The firm has a market cap of $14.01 billion, a PE ratio of -75.73 and a beta of 1.99. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Insider Buying and Selling

In other Rocket Lab USA news, Director Alexander R. Slusky sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were 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 in the company, valued at $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Arjun Kampani sold 28,562 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $689,772.30. Following the completion of the transaction, the general counsel now owns 608,996 shares of the company’s stock, valued at approximately $14,707,253.40. The trade was a 4.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 124,530 shares of company stock valued at $2,944,700 over the last quarter. 13.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors and hedge funds have recently added to or reduced their stakes in RKLB. FMR LLC lifted its position in Rocket Lab USA by 30,853.3% during the 4th quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer’s stock valued at $94,141,000 after acquiring an additional 3,684,195 shares during the period. Renaissance Technologies LLC raised its stake in Rocket Lab USA by 1,765.4% during the fourth quarter. Renaissance Technologies LLC now owns 1,818,800 shares of the rocket manufacturer’s stock valued at $46,325,000 after buying an additional 1,721,300 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Rocket Lab USA by 3,592.0% in the 4th quarter. Hsbc Holdings PLC now owns 1,534,265 shares of the rocket manufacturer’s stock worth $39,477,000 after purchasing an additional 1,492,708 shares during the last quarter. Mizuho Markets Americas LLC purchased a new position in shares of Rocket Lab USA in the 3rd quarter worth about $8,930,000. Finally, Geode Capital Management LLC raised its position in shares of Rocket Lab USA by 12.2% in the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after purchasing an additional 898,223 shares during 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.