Rocket Lab USA (NASDAQ:RKLB) Shares Down 1.1% – Here’s Why

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) dropped 1.1% during trading on Wednesday . The company traded as low as $21.93 and last traded at $22.60. Approximately 4,821,029 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 12,007,612 shares. The stock had previously closed at $22.85.

Wall Street Analysts Forecast Growth

RKLB has been the topic of a number of research analyst reports. JMP Securities started coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating on the stock. Stifel Nicolaus increased their price target on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their price objective on Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Wells Fargo & Company increased their target price on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, KeyCorp boosted their price target on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.44.

Rocket Lab USA Stock Performance

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 company has a market cap of $11.89 billion, a P/E ratio of -61.08 and a beta of 1.94. The business’s 50 day simple moving average is $15.46 and its 200 day simple moving average is $9.09.

Insider Activity

In related news, General Counsel Arjun Kampani sold 28,562 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $689,772.30. Following the transaction, the general counsel now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Ocko sold 2,000,000 shares of the 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 sale, the director now directly owns 2,351,135 shares of the company’s stock, valued at approximately $41,685,623.55. This trade represents a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,114,530 shares of company stock worth $38,168,400 in the last three months. Company insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC purchased a new position in shares of Rocket Lab USA during the second quarter valued at about $46,000. Amalgamated Bank grew its holdings in Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after buying an additional 2,538 shares in the last quarter. CIBC Asset Management Inc bought a new stake in Rocket Lab USA in the 2nd quarter worth approximately $67,000. Sanctuary Advisors LLC purchased a new stake in shares of Rocket Lab USA during the 2nd quarter worth approximately $76,000. Finally, National Bank of Canada FI raised its holdings in shares of Rocket Lab USA by 97.8% during the 2nd quarter. National Bank of Canada FI now owns 20,230 shares of the rocket manufacturer’s stock worth $92,000 after acquiring an additional 10,000 shares in the last quarter. 71.78% of the stock is currently owned by 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.