Rocket Lab USA (NASDAQ:RKLB) Shares Down 0.8% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price traded down 0.8% on Wednesday . The stock traded as low as $27.85 and last traded at $28.44. 5,900,925 shares traded hands during trading, a decline of 70% from the average session volume of 19,542,783 shares. The stock had previously closed at $28.68.

Analyst Ratings Changes

Several brokerages recently issued reports on RKLB. KeyCorp increased their price objective on Rocket Lab USA from $27.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Citigroup increased their price target on Rocket Lab USA from $22.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. Stifel Nicolaus increased their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, The Goldman Sachs Group boosted their price target on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. 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 company. Based on data from MarketBeat, Rocket Lab USA has a consensus rating of “Moderate Buy” and a consensus target price of $22.28.

Rocket Lab USA Stock Performance

The firm has a fifty day moving average price of $26.23 and a 200 day moving average price of $15.40. 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 stock has a market cap of $14.46 billion, a PE ratio of -78.11 and a beta of 1.99.

Insiders Place Their Bets

In related news, Director Alexander R. Slusky sold 50,000 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $12,297,525. This represents a 8.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the firm’s 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 transaction, the director now owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This trade represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,114,530 shares of company stock valued at $38,168,400. 13.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab USA

A number of institutional investors have recently bought and sold shares of RKLB. Chicago Partners Investment Group LLC lifted its holdings in shares of Rocket Lab USA by 0.4% in the 4th quarter. Chicago Partners Investment Group LLC now owns 79,943 shares of the rocket manufacturer’s stock valued at $2,187,000 after buying an additional 334 shares during the period. CIBC Asset Management Inc increased its holdings in shares of Rocket Lab USA by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 15,078 shares of the rocket manufacturer’s stock valued at $384,000 after purchasing an additional 746 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Rocket Lab USA by 12.3% in the 4th quarter. IFP Advisors Inc now owns 6,885 shares of the rocket manufacturer’s stock valued at $175,000 after purchasing an additional 753 shares during the period. New Millennium Group LLC boosted its holdings in Rocket Lab USA by 105.0% during the fourth quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer’s stock worth $52,000 after buying an additional 1,050 shares in the last quarter. Finally, Smith Anglin Financial LLC grew its position in Rocket Lab USA by 10.3% during the fourth quarter. Smith Anglin Financial LLC now owns 11,746 shares of the rocket manufacturer’s stock valued at $299,000 after buying an additional 1,096 shares during the period. 71.78% of the stock is owned by hedge funds and other 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.