Rocket Lab USA (NASDAQ:RKLB) Trading Down 1% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price fell 1% on Monday . The stock traded as low as $27.04 and last traded at $28.02. 15,154,841 shares changed hands during trading, a decline of 20% from the average session volume of 18,918,424 shares. The stock had previously closed at $28.30.

Analysts Set New Price Targets

Several brokerages have issued reports on RKLB. Wells Fargo & Company upped their price target on shares of Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 11th. Citigroup upped their target price on Rocket Lab USA from $22.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. The Goldman Sachs Group increased their target price on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. Stifel Nicolaus boosted 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. Finally, KeyCorp increased their price objective on Rocket Lab USA from $27.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Five investment 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.28.

Rocket Lab USA Stock Performance

The company has a market cap of $12.96 billion, a price-to-earnings ratio of -70.08 and a beta of 1.99. 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 stock’s 50 day moving average price is $26.90 and its 200 day moving average price is $16.86.

Insider Buying and Selling

In other news, General Counsel Arjun Kampani sold 28,562 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $24.15, for a total transaction of $689,772.30. Following the completion of the sale, the general counsel now directly owns 608,996 shares of the company’s stock, valued at $14,707,253.40. The trade was a 4.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Alexander R. Slusky sold 50,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was 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 directly owns 534,675 shares in the company, valued at $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 124,530 shares of company stock valued at $2,944,700. Insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Institutional investors have recently modified their holdings of the company. Spectrum Wealth Counsel LLC acquired a new position in Rocket Lab USA during the fourth quarter valued at approximately $25,000. Sandy Spring Bank purchased a new position in shares of Rocket Lab USA in the 4th quarter valued at $26,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Rocket Lab USA during the 4th quarter valued at $40,000. Quarry LP purchased a new stake in Rocket Lab USA during the 4th quarter worth $48,000. Finally, NewEdge Advisors LLC boosted its position in Rocket Lab USA by 1,000.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer’s stock worth $49,000 after purchasing an additional 1,750 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.