Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 1.6% – Here’s Why

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) dropped 1.6% during mid-day trading on Tuesday . The stock traded as low as $27.42 and last traded at $28.35. Approximately 7,217,295 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 16,072,510 shares. The stock had previously closed at $28.80.

Analyst Upgrades and Downgrades

RKLB has been the topic of a number of analyst reports. Cantor Fitzgerald raised their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Bank of America raised their price target on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Wells Fargo & Company increased their price objective on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 11th. KeyCorp boosted their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Finally, The Goldman Sachs Group increased 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 report on Tuesday, November 19th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Rocket Lab USA currently has an average rating of “Moderate Buy” and an average price target of $18.44.

Rocket Lab USA Stock Down 2.1 %

The company has a market capitalization of $13.68 billion, a price-to-earnings ratio of -73.94 and a beta of 1.98. 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 fifty day moving average price is $22.23 and its 200-day moving average price is $12.33.

Insiders Place Their Bets

In related news, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction on 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 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Alexander R. Slusky sold 50,000 shares of Rocket Lab USA 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 transaction, the director now directly owns 534,675 shares in the company, valued at $12,297,525. The trade was a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,114,530 shares of company stock valued at $38,168,400 in the last 90 days. Corporate insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Several large investors have recently modified their holdings of the stock. Everence Capital Management Inc. bought a new stake in Rocket Lab USA in the 4th quarter valued at about $286,000. Franklin Resources Inc. acquired a new stake in Rocket Lab USA in the third quarter valued at approximately $107,000. Sanctuary Advisors LLC increased its holdings in shares of Rocket Lab USA by 34.0% during the third quarter. Sanctuary Advisors LLC now owns 21,226 shares of the rocket manufacturer’s stock valued at $207,000 after acquiring an additional 5,381 shares in the last quarter. Arete Wealth Advisors LLC bought a new position in shares of Rocket Lab USA in the 3rd quarter worth $106,000. Finally, Geode Capital Management LLC lifted its stake in shares of Rocket Lab USA by 12.2% in 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 in the last quarter. Institutional investors and hedge funds 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.