Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 0.8% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price traded down 0.8% during trading on Wednesday . The stock traded as low as $24.73 and last traded at $25.23. 15,344,802 shares were traded during trading, an increase of 33% from the average session volume of 11,547,206 shares. The stock had previously closed at $25.44.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. JMP Securities started coverage on Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating for the company. The Goldman Sachs Group lifted their price target on shares of Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Citigroup raised their target price on Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Wells Fargo & Company upped their price target on Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Finally, Cantor Fitzgerald boosted their target price on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $16.50.

Rocket Lab USA Price Performance

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 firm has a market capitalization of $12.76 billion, a PE ratio of -67.54 and a beta of 1.29. The firm’s fifty day moving average price is $12.52 and its 200 day moving average price is $7.81.

Insider Buying and Selling 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 shares were sold at an average price of $17.73, for a total value of $35,460,000.00. Following the completion of the sale, the director now directly owns 2,351,135 shares in the company, valued at $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RKLB. Advisors Asset Management Inc. lifted its stake in Rocket Lab USA by 59.4% in the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after acquiring an additional 4,032 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Rocket Lab USA during the 2nd quarter worth about $46,000. Baxter Bros Inc. acquired a new position in shares of Rocket Lab USA during the 2nd quarter worth about $48,000. Amalgamated Bank increased its holdings in shares of Rocket Lab USA by 26.7% in the 2nd 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 last quarter. Finally, CIBC Asset Management Inc acquired a new stake in shares of Rocket Lab USA during the 2nd quarter worth about $67,000. 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.