Rocket Lab USA (NASDAQ:RKLB) Shares Down 1.9% – Here’s What Happened

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) dropped 1.9% on Wednesday . The stock traded as low as $25.39 and last traded at $25.87. Approximately 4,488,237 shares traded hands during trading, a decline of 63% from the average daily volume of 12,094,605 shares. The stock had previously closed at $26.37.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Citigroup boosted their price objective on Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a report on Monday, November 18th. Wells Fargo & Company raised their price target 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. Bank of America lifted their price objective on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. KeyCorp lifted 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. Finally, JMP Securities assumed coverage on Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating for the company. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $17.44.

Rocket Lab USA Price Performance

The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The stock has a market cap of $12.46 billion, a PE ratio of -67.35 and a beta of 1.96. The stock has a 50 day moving average of $17.23 and a two-hundred day moving average of $9.93.

Insider Transactions at Rocket Lab USA

In related news, General Counsel Arjun Kampani sold 28,562 shares of the business’s 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 transaction, the general counsel now directly owns 608,996 shares of the company’s stock, 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 is accessible through the SEC website. Also, insider Frank Klein sold 35,968 shares of the company’s 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 $868,627.20. Following the completion of the transaction, the insider now owns 1,464,032 shares in the company, valued at approximately $35,356,372.80. This represents a 2.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,114,530 shares of company stock valued at $38,168,400 over the last ninety days. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Institutional investors and hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC acquired a new position in Rocket Lab USA during the 2nd quarter valued at $46,000. Amalgamated Bank increased its stake in Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after acquiring an additional 2,538 shares during the period. CIBC Asset Management Inc acquired a new position in Rocket Lab USA in the 2nd quarter valued at approximately $67,000. Sanctuary Advisors LLC bought a new stake in shares of Rocket Lab USA in the 2nd quarter worth approximately $76,000. Finally, National Bank of Canada FI grew its holdings in shares of Rocket Lab USA by 97.8% during the 2nd 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 in the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

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.