Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 2.9% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price dropped 2.9% during mid-day trading on Friday . The company traded as low as $26.01 and last traded at $26.58. Approximately 8,288,956 shares changed hands during trading, a decline of 52% from the average daily volume of 17,183,021 shares. The stock had previously closed at $27.36.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RKLB. 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. Stifel Nicolaus raised their price objective 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. Cantor Fitzgerald upped their target price on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Citigroup raised their price target on shares of Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a report on Monday, November 18th. Finally, Bank of America upped their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Rocket Lab USA presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.44.

Rocket Lab USA Stock Performance

The company has a 50 day simple moving average of $22.88 and a 200-day simple moving average of $12.64. 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 stock has a market cap of $13.45 billion, a P/E ratio of -72.73 and a beta of 1.98.

Insiders Place Their Bets

In other Rocket Lab USA 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 completion of the sale, the general counsel now owns 608,996 shares in the company, valued at approximately $14,707,253.40. The trade was a 4.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the completion of the transaction, the director now owns 2,351,135 shares in the company, valued at $41,685,623.55. This represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,114,530 shares of company stock valued at $38,168,400 over the last quarter. 13.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rocket Lab USA

A number of large investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. bought a new stake in shares of Rocket Lab USA in the 4th quarter worth approximately $2,395,000. Everence Capital Management Inc. bought a new stake in Rocket Lab USA in the fourth quarter valued at $286,000. Franklin Resources Inc. bought a new stake in Rocket Lab USA in the third quarter valued at $107,000. Sanctuary Advisors LLC increased its position in Rocket Lab USA by 34.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 21,226 shares of the rocket manufacturer’s stock valued at $207,000 after purchasing an additional 5,381 shares during the period. Finally, Arete Wealth Advisors LLC bought a new position in Rocket Lab USA in the 3rd quarter worth $106,000. 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.