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

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) were down 1.1% during trading on Wednesday . The stock traded as low as $21.93 and last traded at $22.60. Approximately 4,821,029 shares traded hands 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

A number of analysts have weighed in on the company. JMP Securities initiated coverage on Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating on the stock. Cantor Fitzgerald raised their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. The Goldman Sachs Group upped their target price on shares of Rocket Lab USA from $5.00 to $12.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. 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 research report on Wednesday. Finally, Citigroup increased their price objective on Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.44.

Rocket Lab USA Trading Up 8.1 %

The firm has a 50 day moving average price of $16.28 and a two-hundred day moving average price of $9.41. The firm has a market capitalization of $12.21 billion, a P/E ratio of -65.78 and a beta of 1.96. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

Insider Activity at Rocket Lab USA

In other news, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction dated 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 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Arjun Kampani sold 28,562 shares of Rocket Lab USA stock in a transaction that occurred 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 transaction, the general counsel now directly owns 608,996 shares in the company, valued at approximately $14,707,253.40. This represents a 4.48 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,114,530 shares of company stock valued at $38,168,400. Corporate insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Citigroup Inc. increased its position in Rocket Lab USA by 46.8% in the third quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after purchasing an additional 220,432 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Rocket Lab USA by 22.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after buying an additional 532,207 shares during the last quarter. FORA Capital LLC acquired a new position in Rocket Lab USA in the third quarter valued at approximately $449,000. Mizuho Markets Americas LLC bought a new stake in shares of Rocket Lab USA during the 3rd quarter valued at $8,930,000. Finally, International Assets Investment Management LLC lifted its stake in shares of Rocket Lab USA by 934.5% in the 3rd quarter. International Assets Investment Management LLC now owns 98,176 shares of the rocket manufacturer’s stock valued at $10,090,000 after purchasing an additional 88,686 shares during the period. 71.78% of the stock is owned by institutional investors and hedge funds.

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.