Rocket Lab USA (NASDAQ:RKLB) Trading Down 3% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) traded down 3% during mid-day trading on Tuesday . The company traded as low as $22.50 and last traded at $23.43. 13,938,734 shares traded hands during trading, an increase of 18% from the average session volume of 11,779,763 shares. The stock had previously closed at $24.16.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RKLB. The Goldman Sachs Group boosted their price objective on Rocket Lab USA from $5.00 to $12.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Citigroup lifted their price target on Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Cantor Fitzgerald raised their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. KeyCorp lifted their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, JMP Securities assumed coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They set a “market perform” rating on the stock. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.50.

Rocket Lab USA Trading Down 5.7 %

The firm has a market cap of $11.39 billion, a price-to-earnings ratio of -63.32 and a beta of 1.94. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The company has a 50 day moving average price of $13.99 and a 200 day moving average price of $8.41.

Insider Buying and Selling at Rocket Lab USA

In other Rocket Lab USA news, insider Frank Klein sold 35,968 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $868,627.20. Following the transaction, the insider now directly owns 1,464,032 shares in the company, valued at $35,356,372.80. This represents a 2.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Arjun Kampani sold 28,562 shares of Rocket Lab USA stock in a transaction 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 sale, the general counsel now directly 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 disclosure for this sale can be found here. Insiders have sold 2,064,530 shares of company stock valued at $37,018,400 over the last 90 days. 13.70% of the stock is owned by insiders.

Institutional Trading of Rocket Lab USA

Several hedge funds have recently made changes to their positions in the business. Franklin Resources Inc. purchased a new stake in Rocket Lab USA during the 3rd quarter worth approximately $107,000. Sanctuary Advisors LLC increased its position 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 worth $207,000 after acquiring an additional 5,381 shares during the period. Arete Wealth Advisors LLC acquired a new stake in shares of Rocket Lab USA in the third quarter valued at $106,000. Geode Capital Management LLC boosted its holdings in 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 purchasing an additional 898,223 shares during the period. Finally, Nomura Asset Management Co. Ltd. grew its stake in Rocket Lab USA by 22.4% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 227,438 shares of the rocket manufacturer’s stock worth $2,213,000 after purchasing an additional 41,551 shares in the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.