Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 0.5% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares fell 0.5% on Wednesday . The company traded as low as $27.40 and last traded at $28.09. 6,775,867 shares traded hands during trading, a decline of 65% from the average session volume of 19,537,414 shares. The stock had previously closed at $28.22.

Analyst Upgrades and Downgrades

RKLB has been the subject of a number of recent analyst reports. KeyCorp raised their price objective on Rocket Lab USA from $27.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company increased their price objective on 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. Bank of America increased 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. Finally, Citigroup boosted their target price on shares of Rocket Lab USA from $22.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Five equities 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’s stock. According to data from MarketBeat, Rocket Lab USA presently has an average rating of “Moderate Buy” and a consensus price target of $22.28.

Rocket Lab USA Trading Down 1.4 %

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’s 50-day moving average price is $26.56 and its 200 day moving average price is $16.21. The company has a market capitalization of $13.91 billion, a P/E ratio of -75.28 and a beta of 1.99.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction dated Thursday, November 14th. The shares were 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 trade represents a 45.97 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Alexander R. Slusky sold 50,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now 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. Insiders have sold a total of 2,124,530 shares of company stock valued at $38,404,700 over the last 90 days. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors have recently bought and sold shares of RKLB. Spectrum Wealth Counsel LLC purchased a new position in shares of Rocket Lab USA in the fourth quarter valued at $25,000. Sandy Spring Bank purchased a new position in Rocket Lab USA during the 4th quarter valued at about $26,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Rocket Lab USA during the fourth quarter valued at about $40,000. New Millennium Group LLC increased its position in shares of 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 valued at $52,000 after buying an additional 1,050 shares during the period. Finally, AlphaQuest LLC purchased a new stake in shares of Rocket Lab USA in the fourth quarter worth about $52,000. Hedge funds and other institutional investors 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.