Rocket Lab USA (NASDAQ:RKLB) Shares Down 4.3% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price was down 4.3% during mid-day trading on Wednesday . The company traded as low as $26.20 and last traded at $26.75. Approximately 8,781,765 shares changed hands during trading, a decline of 49% from the average daily volume of 17,068,922 shares. The stock had previously closed at $27.95.

Analyst Ratings Changes

A number of research analysts have recently issued reports on RKLB shares. Stifel Nicolaus upped their price target on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a research note on Thursday, December 19th. Citigroup increased their target price on shares of Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Wells Fargo & Company boosted their price target on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 11th. Finally, Bank of America raised their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a 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 company. According to data from MarketBeat, Rocket Lab USA presently has an average rating of “Moderate Buy” and a consensus target price of $18.44.

Rocket Lab USA Stock Down 1.6 %

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 company has a market capitalization of $13.45 billion, a price-to-earnings ratio of -72.73 and a beta of 1.98. The business has a 50 day simple moving average of $22.57 and a 200 day simple moving average of $12.43.

Insider Buying and Selling at Rocket Lab USA

In related news, Director Matthew Ocko sold 2,000,000 shares of the company’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 transaction, the director now owns 2,351,135 shares of the company’s stock, valued at approximately $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Alexander R. Slusky sold 50,000 shares of the company’s stock in a transaction on 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 transaction, the director now owns 534,675 shares of the company’s stock, valued at $12,297,525. The trade was a 8.55 % 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 over the last three months. Insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of hedge funds have recently bought and sold shares of the business. Allworth Financial LP lifted its stake in Rocket Lab USA by 1,827.6% in the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock worth $92,000 after acquiring an additional 8,992 shares in the last quarter. Smith Anglin Financial LLC acquired a new stake in shares of Rocket Lab USA during the 3rd quarter worth approximately $104,000. Franklin Resources Inc. acquired a new position in shares of Rocket Lab USA in the 3rd quarter valued at $107,000. Schneider Downs Wealth Management Advisors LP bought a new stake in Rocket Lab USA in the 3rd quarter valued at approximately $107,000. Finally, Arete Wealth Advisors LLC acquired a new stake in shares of Rocket Lab USA in the third quarter valued at approximately $106,000. Institutional investors and hedge funds 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.