Rocket Lab USA (NASDAQ:RKLB) Shares Down 2.5% – Here’s Why

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) were down 2.5% during mid-day trading on Thursday . The company traded as low as $23.70 and last traded at $24.83. Approximately 5,925,562 shares were traded during trading, a decline of 52% from the average daily volume of 12,281,271 shares. The stock had previously closed at $25.47.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RKLB. Citigroup raised their price objective on Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Stifel Nicolaus upped their price objective on shares of Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Cantor Fitzgerald lifted their target price on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Bank of America upped their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, JMP Securities assumed coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating for the company. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.44.

Rocket Lab USA Stock Performance

The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The firm’s fifty day moving average price is $20.60 and its two-hundred day moving average price is $11.53. The stock has a market capitalization of $12.23 billion, a PE ratio of -66.11 and a beta of 1.96.

Insiders Place Their Bets

In other Rocket Lab USA news, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the transaction, the director now directly 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Alexander R. Slusky sold 50,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the sale, 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 2,114,530 shares of company stock worth $38,168,400. Company insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

A number of hedge funds have recently made changes to their positions in RKLB. International Assets Investment Management LLC acquired a new position in Rocket Lab USA in the 2nd quarter valued at $46,000. Amalgamated Bank lifted its stake in shares of Rocket Lab USA by 26.7% in the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after buying an additional 2,538 shares in the last quarter. CIBC Asset Management Inc purchased a new position in shares of Rocket Lab USA in the second quarter worth about $67,000. Sanctuary Advisors LLC acquired a new position in Rocket Lab USA during the second quarter worth about $76,000. Finally, National Bank of Canada FI raised its holdings in Rocket Lab USA by 97.8% in the 2nd quarter. National Bank of Canada FI now owns 20,230 shares of the rocket manufacturer’s stock valued at $92,000 after acquiring an additional 10,000 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.