Rocket Lab USA (NASDAQ:RKLB) Shares Down 6.3% – Time to Sell?

Rocket Lab USA, Inc. (NASDAQ:RKLB) was down 6.3% during trading on Thursday . The stock traded as low as $23.87 and last traded at $24.30. Approximately 12,712,295 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 19,470,230 shares. The stock had previously closed at $25.93.

Analyst Upgrades and Downgrades

Several research firms have issued reports on RKLB. The Goldman Sachs Group upped their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Bank of America increased 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. TD Cowen raised shares of Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company boosted their target price on shares of Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 11th. Finally, Citigroup raised their price target on Rocket Lab USA from $22.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.28.

Rocket Lab USA Price Performance

The firm has a 50 day moving average price of $27.10 and a 200 day moving average price of $17.14. The stock has a market capitalization of $11.77 billion, a PE ratio of -63.65 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.

Insider Buying and Selling at Rocket Lab USA

In other Rocket Lab USA news, 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 transaction, the general counsel now owns 608,996 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through the SEC website. Also, Director Nina Armagno sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total transaction of $236,300.00. Following the completion of the transaction, the director now owns 132,294 shares of the company’s stock, valued at approximately $3,126,107.22. The trade was a 7.03 % 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. Company insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RKLB. Citigroup Inc. increased its stake in Rocket Lab USA by 46.8% in the 3rd quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after buying an additional 220,432 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position 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 purchasing an additional 532,207 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Rocket Lab USA by 12.2% during the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after purchasing an additional 898,223 shares in the last quarter. FORA Capital LLC bought a new stake in Rocket Lab USA during the 3rd quarter valued at approximately $449,000. Finally, National Bank of Canada FI lifted its holdings in Rocket Lab USA by 149.2% in the 3rd quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock worth $490,000 after purchasing an additional 30,178 shares in the last quarter. Hedge funds and other 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.