Rocket Lab USA (NASDAQ:RKLB) Shares Down 7.7% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price traded down 7.7% during trading on Wednesday . The stock traded as low as $28.60 and last traded at $28.86. 13,716,994 shares changed hands during trading, a decline of 31% from the average session volume of 19,880,191 shares. The stock had previously closed at $31.27.

Wall Street Analyst Weigh In

RKLB has been the topic of a number of research reports. Cantor Fitzgerald boosted their price objective 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. The Goldman Sachs Group raised their price objective on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Bank of America increased their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Wells Fargo & Company increased their price target on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 11th. Finally, TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.06.

Rocket Lab USA Price Performance

The company’s fifty day moving average is $25.06 and its two-hundred day moving average is $13.94. 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 has a market capitalization of $15.18 billion, a price-to-earnings ratio of -82.05 and a beta of 1.98.

Insider Buying and Selling

In other news, Director Alexander R. Slusky sold 50,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were 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 of the company’s stock, valued at $12,297,525. The trade was a 8.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Arjun Kampani sold 28,562 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $24.15, for a total transaction of $689,772.30. Following the completion of the sale, the general counsel now owns 608,996 shares of the company’s stock, valued at approximately $14,707,253.40. This represents a 4.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,114,530 shares of company stock valued at $38,168,400 over the last three months. Company insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

Large investors have recently modified their holdings of the business. Tempus Wealth Planning LLC acquired a new position in shares of Rocket Lab USA in the fourth quarter valued at approximately $214,000. WJ Wealth Management LLC bought a new stake in Rocket Lab USA in the 4th quarter valued at $235,000. Jennison Associates LLC acquired a new position in Rocket Lab USA in the 4th quarter worth $1,102,000. Spire Wealth Management increased its holdings in Rocket Lab USA by 14.0% during the 4th quarter. Spire Wealth Management now owns 11,400 shares of the rocket manufacturer’s stock worth $290,000 after purchasing an additional 1,400 shares in the last quarter. Finally, Chicago Partners Investment Group LLC raised its stake 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 purchasing an additional 334 shares during the period. 71.78% of the stock is currently owned by institutional investors.

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.