Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 1.3% – Here’s What Happened

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) were down 1.3% during mid-day trading on Tuesday . The company traded as low as $25.51 and last traded at $25.99. Approximately 4,233,442 shares changed hands during trading, a decline of 65% from the average daily volume of 12,244,378 shares. The stock had previously closed at $26.32.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. JMP Securities assumed coverage on Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating for the company. The Goldman Sachs Group raised their price target on Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. KeyCorp increased their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Bank of America lifted their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Cantor Fitzgerald increased their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Five investment 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 company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.44.

Rocket Lab USA Stock Performance

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 50 day moving average price of $20.02 and a 200 day moving average price of $11.28. The stock has a market cap of $12.65 billion, a PE ratio of -68.38 and a beta of 1.96.

Insider Buying and Selling at Rocket Lab USA

In other news, insider Frank Klein sold 35,968 shares of Rocket Lab USA stock in a transaction on Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $868,627.20. Following the transaction, the insider now directly owns 1,464,032 shares in the company, valued at approximately $35,356,372.80. This trade represents a 2.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Arjun Kampani sold 28,562 shares of the business’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 transaction, the general counsel now directly owns 608,996 shares of the company’s stock, valued at approximately $14,707,253.40. The trade was a 4.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,114,530 shares of company stock valued at $38,168,400. Company insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC purchased a new position in Rocket Lab USA in the second quarter worth $46,000. Amalgamated Bank grew its stake in 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 buying an additional 2,538 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in Rocket Lab USA in the second quarter worth about $67,000. Sanctuary Advisors LLC purchased a new stake in shares of Rocket Lab USA during the second quarter worth about $76,000. Finally, National Bank of Canada FI increased its holdings in shares of Rocket Lab USA by 97.8% during the second 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 in the last quarter. Hedge funds and other institutional investors 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.