Rocket Lab USA (NASDAQ:RKLB) Shares Down 1.6% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares were down 1.6% during trading on Wednesday . The stock traded as low as $19.89 and last traded at $20.18. Approximately 5,758,208 shares were traded during trading, a decline of 48% from the average daily volume of 11,082,629 shares. The stock had previously closed at $20.50.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on RKLB shares. Wells Fargo & Company lifted their price objective on shares of Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald upped their price target on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Stifel Nicolaus increased their price objective on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. KeyCorp boosted their target price on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, Bank of America increased their price target on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Rocket Lab USA has a consensus rating of “Moderate Buy” and an average price target of $16.50.

Rocket Lab USA Stock Performance

The firm’s 50 day moving average price is $10.93 and its 200-day moving average price is $7.14. The firm has a market cap of $9.90 billion, a price-to-earnings ratio of -54.54 and a beta of 1.29. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Insiders Place Their Bets

In other news, General Counsel Arjun Kampani sold 28,563 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $198,798.48. Following the completion of the transaction, the general counsel now owns 637,558 shares in the company, valued at approximately $4,437,403.68. This represents a 4.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the sale, the director now owns 42,353 shares in the company, valued at approximately $292,235.70. This trade represents a 48.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,130,521 shares of company stock worth $36,366,059 in the last ninety days. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. raised its stake in Rocket Lab USA by 4.4% during the third quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock worth $395,000 after acquiring an additional 1,709 shares in the last quarter. Wellington Shields & Co. LLC grew its holdings in shares of Rocket Lab USA by 3.8% in the 2nd quarter. Wellington Shields & Co. LLC now owns 69,142 shares of the rocket manufacturer’s stock worth $332,000 after purchasing an additional 2,503 shares during the last quarter. Amalgamated Bank increased its position in shares of Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after purchasing an additional 2,538 shares in the last quarter. 180 Wealth Advisors LLC lifted its holdings in Rocket Lab USA by 7.5% during the 2nd quarter. 180 Wealth Advisors LLC now owns 40,180 shares of the rocket manufacturer’s stock valued at $214,000 after purchasing an additional 2,807 shares during the last quarter. Finally, Lakeridge Wealth Management LLC boosted its position in Rocket Lab USA by 30.0% in the third quarter. Lakeridge Wealth Management LLC now owns 13,000 shares of the rocket manufacturer’s stock valued at $126,000 after buying an additional 3,000 shares in the last quarter. 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.