Rocket Lab USA (NASDAQ:RKLB) Shares Down 2.5% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares traded down 2.5% on Thursday . The company traded as low as $23.70 and last traded at $24.83. 5,925,562 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 12,281,271 shares. The stock had previously closed at $25.47.

Analyst Ratings Changes

Several research analysts have recently weighed in on RKLB shares. JMP Securities began coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating for the company. Cantor Fitzgerald increased their target price on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. KeyCorp boosted their price target on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Wells Fargo & Company increased their price objective on Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 11th. Finally, The Goldman Sachs Group upped their price target on Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. 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 stock has a consensus rating of “Moderate Buy” and an average price target of $17.44.

Rocket Lab USA Trading Up 15.1 %

The stock has a market cap of $14.37 billion, a price-to-earnings ratio of -77.67 and a beta of 1.98. The business’s 50 day simple moving average is $21.22 and its 200 day simple moving average is $11.79. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

Insider Buying and Selling

In other 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 transaction of $1,150,000.00. Following the completion of the sale, the director now owns 534,675 shares in the company, valued at approximately $12,297,525. This trade represents a 8.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Frank Klein sold 35,968 shares of Rocket Lab USA stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $868,627.20. Following the sale, the insider now directly owns 1,464,032 shares of the company’s stock, valued at $35,356,372.80. The trade was a 2.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,114,530 shares of company stock worth $38,168,400. Company insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in shares of Rocket Lab USA during the second quarter worth $46,000. Amalgamated Bank raised its stake in Rocket Lab USA by 26.7% in the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after purchasing 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 valued at about $67,000. Sanctuary Advisors LLC acquired a new position in shares of Rocket Lab USA during the 2nd quarter worth approximately $76,000. Finally, National Bank of Canada FI increased its holdings in shares of Rocket Lab USA by 97.8% during the second quarter. National Bank of Canada FI now owns 20,230 shares of the rocket manufacturer’s stock worth $92,000 after purchasing an additional 10,000 shares during the period. 71.78% of the stock is currently owned by institutional investors.

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.