Rocket Lab USA (NASDAQ:RKLB) Trading Down 8.7% – Time to Sell?

Rocket Lab USA, Inc. (NASDAQ:RKLB) fell 8.7% during mid-day trading on Monday . The company traded as low as $24.20 and last traded at $24.56. 8,510,079 shares changed hands during trading, a decline of 50% from the average session volume of 16,958,236 shares. The stock had previously closed at $26.91.

Wall Street Analyst Weigh In

RKLB has been the subject of a number of recent analyst reports. Wells Fargo & Company increased their target price on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 11th. The Goldman Sachs Group raised their price objective on shares of Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Bank of America boosted their target price on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. Finally, KeyCorp boosted their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.44.

Rocket Lab USA Stock Performance

The firm has a fifty day moving average of $22.88 and a 200-day moving average of $12.69. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The firm has a market cap of $11.98 billion, a P/E ratio of -64.76 and a beta of 1.98.

Insider Activity

In related news, Director Matthew Ocko sold 2,000,000 shares of the company’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 completion of the sale, the director now owns 2,351,135 shares in the company, valued at approximately $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 can be accessed through this link. Also, Director Alexander R. Slusky sold 50,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total value of $1,150,000.00. Following the completion of 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 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. 13.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Lab USA

Hedge funds have recently bought and sold shares of the company. Allworth Financial LP increased its position in shares of Rocket Lab USA by 1,827.6% in the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after buying an additional 8,992 shares in the last quarter. Smith Anglin Financial LLC acquired a new position in Rocket Lab USA in the third quarter valued at about $104,000. Franklin Resources Inc. bought a new stake in shares of Rocket Lab USA in the third quarter worth about $107,000. Schneider Downs Wealth Management Advisors LP acquired a new stake in shares of Rocket Lab USA during the third quarter worth about $107,000. Finally, Arete Wealth Advisors LLC bought a new position in shares of Rocket Lab USA during the 3rd quarter valued at about $106,000. 71.78% of the stock is currently 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.