Rocket Lab USA (NASDAQ:RKLB) Shares Down 1.6% - Here's Why

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) shares fell 1.6% on Wednesday . The company traded as low as $19.89 and last traded at $20.18. 5,758,208 shares traded hands during trading, a decline of 48% from the average session volume of 11,082,629 shares. The stock had previously closed at $20.50.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RKLB. Cantor Fitzgerald raised 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 report on Thursday, November 14th. Bank of America raised their price target 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. Stifel Nicolaus boosted their price objective on Rocket Lab USA from $15.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. The Goldman Sachs Group raised their target price on Rocket Lab USA from $5.00 to $12.00 and gave the company a "neutral" rating in a research note on Tuesday. Finally, JMP Securities assumed coverage on Rocket Lab USA in a research note on Thursday, September 12th. They set a "market perform" rating for the company. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $16.50.

Rocket Lab USA Trading Down 2.7 %

The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The business has a fifty day moving average of $10.93 and a 200-day moving average of $7.14. The stock has a market capitalization of $9.90 billion, a price-to-earnings ratio of -54.54 and a beta of 1.29.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, Director Matthew Ocko sold 2,000,000 shares of the company's stock in a transaction dated 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 completion of the sale, the director now directly owns 2,351,135 shares of the company's stock, valued at approximately $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the transaction, the director now directly 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 sold a total of 2,130,521 shares of company stock valued at $36,366,059 over the last ninety days. Insiders own 13.70% of the company's stock.

Institutional Trading of Rocket Lab USA

Several large investors have recently added to or reduced their stakes in RKLB. Advisors Asset Management Inc. lifted its position in Rocket Lab USA by 59.4% in the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer's stock worth $44,000 after buying an additional 4,032 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Rocket Lab USA during the second quarter worth $46,000. Baxter Bros Inc. acquired a new stake in Rocket Lab USA during the second quarter valued at $48,000. Amalgamated Bank grew its stake in Rocket Lab USA by 26.7% in the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer's stock valued at $58,000 after purchasing an additional 2,538 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new position in Rocket Lab USA in the 2nd quarter worth about $67,000. 71.78% of the stock is 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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