Rocket Lab USA (NASDAQ:RKLB) Shares Down 0.1% - Here's What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price traded down 0.1% on Wednesday . The stock traded as low as $28.93 and last traded at $28.94. 6,456,918 shares were traded during mid-day trading, a decline of 68% from the average session volume of 20,046,977 shares. The stock had previously closed at $28.98.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Stifel Nicolaus lifted their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the company a "buy" rating in a report on Wednesday, January 8th. Wells Fargo & Company lifted their target price on shares of Rocket Lab USA from $13.50 to $22.00 and gave the company an "equal weight" rating in a report on Wednesday, December 11th. Bank of America lifted their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, November 14th. The Goldman Sachs Group lifted their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a "neutral" rating in a report on Thursday, January 16th. Finally, Cantor Fitzgerald lifted their target price on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an "overweight" rating in a report on Thursday, November 14th. Five research 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $22.28.

Rocket Lab USA Trading Down 0.1 %

The stock has a market capitalization of $14.47 billion, a PE ratio of -78.54 and a beta of 1.98. 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 business's 50-day moving average is $25.66 and its two-hundred day moving average is $14.58.

Insider Activity at Rocket Lab USA

In other news, Director Alexander R. Slusky sold 50,000 shares of the company's stock in a transaction dated 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 sale, the director now directly owns 534,675 shares of the company's stock, valued at approximately $12,297,525. This represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Frank Klein sold 35,968 shares of the company's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $24.15, for a total transaction of $868,627.20. Following the completion of the sale, the insider now directly owns 1,464,032 shares of the company's stock, valued at $35,356,372.80. The trade was a 2.40 % decrease in their ownership of the stock. 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 ninety days. Insiders own 13.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RKLB. Wingate Wealth Advisors Inc. acquired a new position in Rocket Lab USA during the fourth quarter worth about $40,000. New Millennium Group LLC grew its position in Rocket Lab USA by 105.0% during the fourth quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer's stock worth $52,000 after buying an additional 1,050 shares during the period. Newbridge Financial Services Group Inc. acquired a new position in Rocket Lab USA during the fourth quarter worth about $76,000. Avior Wealth Management LLC grew its position in Rocket Lab USA by 478.6% during the fourth quarter. Avior Wealth Management LLC now owns 6,966 shares of the rocket manufacturer's stock worth $177,000 after buying an additional 5,762 shares during the period. Finally, Capital Investment Advisory Services LLC acquired a new position in Rocket Lab USA during the fourth quarter worth about $207,000. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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.

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