Rocket Lab USA (NASDAQ:RKLB) Shares Down 2.6% – Here’s Why

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) fell 2.6% during mid-day trading on Monday . The stock traded as low as $23.94 and last traded at $24.00. 14,031,539 shares changed hands during trading, a decline of 6% from the average session volume of 14,879,312 shares. The stock had previously closed at $24.64.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group raised their target price on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Thursday. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. Stifel Nicolaus upped their target price on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Cantor Fitzgerald increased their target price on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Finally, Citigroup boosted their price target on shares of Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Five investment 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.61.

Rocket Lab USA Stock Performance

The company has a market cap of $12.00 billion, a price-to-earnings ratio of -64.86 and a beta of 1.98. The firm’s 50 day simple moving average is $24.05 and its 200-day simple moving average is $13.38. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,562 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 value of $689,772.30. Following the completion of the sale, the general counsel now directly owns 608,996 shares in the company, valued at $14,707,253.40. This represents a 4.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexander R. Slusky sold 50,000 shares of the firm’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 completion of the sale, the director now directly owns 534,675 shares of the company’s stock, valued at $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,114,530 shares of company stock valued at $38,168,400. Corporate insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of hedge funds have recently modified their holdings of the company. Geode Capital Management LLC raised its stake in Rocket Lab USA by 12.2% during the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after purchasing an additional 898,223 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Rocket Lab USA by 22.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after buying an additional 532,207 shares during the period. American Century Companies Inc. raised its position in shares of Rocket Lab USA by 11.1% during the 2nd quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock valued at $13,713,000 after buying an additional 284,360 shares during the period. Mizuho Markets Americas LLC acquired a new position in Rocket Lab USA in the third quarter valued at approximately $8,930,000. Finally, Citigroup Inc. grew its position in Rocket Lab USA by 46.8% in the third quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after acquiring an additional 220,432 shares during the period. 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.