Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 2.1% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price fell 2.1% during mid-day trading on Thursday . The company traded as low as $25.89 and last traded at $27.36. Approximately 18,702,073 shares traded hands during trading, a decline of 3% from the average session volume of 19,207,133 shares. The stock had previously closed at $27.95.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RKLB shares. Cantor Fitzgerald boosted their target price on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. Wells Fargo & Company raised their price target on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 11th. The Goldman Sachs Group upped their price objective on shares of Rocket Lab USA from $5.00 to $12.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Finally, Bank of America lifted their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.44.

Rocket Lab USA Price Performance

The stock’s fifty day moving average is $22.88 and its 200-day moving average is $12.58. 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 stock has a market capitalization of $13.45 billion, a P/E ratio of -72.73 and a beta of 1.98.

Insider Activity

In other news, Director Alexander R. Slusky sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value of $1,150,000.00. Following the sale, the director now directly owns 534,675 shares of the company’s stock, valued at approximately $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $17.73, for a total value of $35,460,000.00. Following the transaction, the director now directly owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,114,530 shares of company stock valued at $38,168,400. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RKLB. Citigroup Inc. raised its stake in Rocket Lab USA by 46.8% during the 3rd quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock valued at $6,727,000 after purchasing an additional 220,432 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Rocket Lab USA by 22.7% during the 3rd 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 during the period. Geode Capital Management LLC raised 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 valued at $80,317,000 after buying an additional 898,223 shares during the last quarter. FORA Capital LLC bought a new stake in shares of Rocket Lab USA in the third quarter valued at about $449,000. Finally, National Bank of Canada FI grew its position in Rocket Lab USA by 149.2% during the third quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock worth $490,000 after buying an additional 30,178 shares in the last quarter. 71.78% of the stock is owned by institutional investors.

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.