Rocket Lab USA (NASDAQ:RKLB) Shares Down 3.1% – Time to Sell?

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) fell 3.1% during trading on Tuesday . The stock traded as low as $24.53 and last traded at $25.10. 5,924,167 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 12,085,798 shares. The stock had previously closed at $25.90.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RKLB. Bank of America increased their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Citigroup increased their target price on shares of Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a report on Monday, November 18th. Stifel Nicolaus increased their target price on shares of Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. The Goldman Sachs Group increased 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. Finally, 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 report on Thursday, November 14th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.44.

Rocket Lab USA Price Performance

The stock has a market cap of $12.97 billion, a PE ratio of -67.84 and a beta of 1.96. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The firm’s 50 day moving average price is $16.89 and its two-hundred day moving average price is $9.78.

Insider Transactions at Rocket Lab USA

In other news, General Counsel Arjun Kampani sold 28,562 shares of the firm’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 value 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 trade represents a 4.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frank Klein sold 35,968 shares of the firm’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 of the company’s stock, valued at $35,356,372.80. This trade represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,114,530 shares of company stock worth $38,168,400 over the last quarter. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

A number of large investors have recently modified their holdings of RKLB. Ieq Capital LLC bought a new stake in Rocket Lab USA during the second quarter valued at approximately $5,469,000. Mizuho Markets Americas LLC bought a new stake in Rocket Lab USA during the third quarter valued at approximately $8,930,000. Geode Capital Management LLC lifted its position in 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 valued at $80,317,000 after purchasing an additional 898,223 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in 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 valued at $28,006,000 after purchasing an additional 532,207 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Rocket Lab USA by 25.6% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock worth $10,193,000 after acquiring an additional 432,501 shares in the last quarter. 71.78% of the stock is currently owned by 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.