Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 1.9% - Here's What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) shares fell 1.9% during trading on Wednesday . The stock traded as low as $25.39 and last traded at $25.87. 4,488,237 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 12,094,605 shares. The stock had previously closed at $26.37.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on RKLB shares. KeyCorp raised their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Citigroup boosted their price objective on shares of Rocket Lab USA from $13.00 to $22.00 and gave the stock a "buy" rating in a research note on Monday, November 18th. JMP Securities initiated coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They issued a "market perform" rating on the stock. Bank of America raised their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Finally, Wells Fargo & Company boosted their target price on 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. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $17.44.

Rocket Lab USA Price Performance

The stock has a market cap of $11.46 billion, a price-to-earnings ratio of -61.94 and a beta of 1.96. The stock's 50 day moving average price is $17.23 and its two-hundred day moving average price is $9.93. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

Insider Activity

In other Rocket Lab USA 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 transaction, the director now owns 534,675 shares in the company, valued at approximately $12,297,525. This represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Matthew Ocko sold 2,000,000 shares of the firm's stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.73, for a total value of $35,460,000.00. Following the sale, the director now owns 2,351,135 shares in the company, valued at $41,685,623.55. This trade represents a 45.97 % 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 in the last quarter. 13.70% of the stock is currently owned by company insiders.

Institutional Trading of Rocket Lab USA

Several institutional investors have recently bought and sold shares of RKLB. International Assets Investment Management LLC acquired a new position in shares of Rocket Lab USA during the 2nd quarter worth about $46,000. Amalgamated Bank increased its position in shares of Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer's stock worth $58,000 after purchasing an additional 2,538 shares in the last quarter. CIBC Asset Management Inc acquired a new position in Rocket Lab USA in the 2nd quarter valued at $67,000. Sanctuary Advisors LLC purchased a new position in Rocket Lab USA in the 2nd quarter valued at $76,000. Finally, National Bank of Canada FI grew 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 worth $92,000 after buying an additional 10,000 shares in the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

About Rocket Lab USA

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.