Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 7.7% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price dropped 7.7% during mid-day trading on Wednesday . The stock traded as low as $28.60 and last traded at $28.86. Approximately 13,716,994 shares traded hands during trading, a decline of 31% from the average daily volume of 19,880,191 shares. The stock had previously closed at $31.27.

Analysts Set New Price Targets

A number of research firms recently issued reports on RKLB. Stifel Nicolaus raised their price target on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. Bank of America increased their price target on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. The Goldman Sachs Group boosted their price objective 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. Finally, Cantor Fitzgerald boosted 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 note on Thursday, November 14th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $20.06.

Rocket Lab USA Trading Down 6.0 %

The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The business has a 50-day moving average price of $24.56 and a two-hundred day moving average price of $13.71. The firm has a market cap of $14.70 billion, a PE ratio of -79.32 and a beta of 1.98.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, Director Matthew Ocko sold 2,000,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 2,351,135 shares in the company, valued at $41,685,623.55. The trade was a 45.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Frank Klein sold 35,968 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $868,627.20. Following the completion of the sale, the insider now owns 1,464,032 shares of the company’s stock, valued at approximately $35,356,372.80. This trade represents a 2.40 % 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. 13.70% of the stock is currently owned by insiders.

Institutional Trading of Rocket Lab USA

Hedge funds have recently made changes to their positions in the company. Citigroup Inc. lifted its holdings in Rocket Lab USA by 46.8% in the 3rd quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after buying an additional 220,432 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Rocket Lab USA by 22.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after purchasing an additional 532,207 shares during the last quarter. Geode Capital Management LLC grew its stake in Rocket Lab USA by 12.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after purchasing an additional 898,223 shares in the last quarter. FORA Capital LLC purchased a new stake in Rocket Lab USA during the 3rd quarter worth approximately $449,000. Finally, National Bank of Canada FI boosted its stake in shares of Rocket Lab USA by 149.2% during the 3rd quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock valued at $490,000 after buying an additional 30,178 shares during the last quarter. Hedge funds and other 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.