Rocket Lab USA (NASDAQ:RKLB) Shares Down 3.5% - Here's What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price traded down 3.5% during mid-day trading on Tuesday . The stock traded as low as $28.60 and last traded at $28.39. 6,881,817 shares were traded during trading, a decline of 66% from the average session volume of 20,219,502 shares. The stock had previously closed at $29.43.

Analyst Upgrades and Downgrades

RKLB has been the subject of a number of research analyst reports. Stifel Nicolaus upped their price objective on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a "buy" rating in a research report on Wednesday, January 8th. Bank of America increased their price target on Rocket Lab USA from $10.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. The Goldman Sachs Group boosted 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. Cantor Fitzgerald lifted their price target on Rocket Lab USA from $7.00 to $24.00 and gave the company an "overweight" rating in a research note on Thursday, November 14th. Finally, TD Cowen upgraded Rocket Lab USA to a "strong-buy" rating in a report on Thursday, December 19th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $20.06.

Rocket Lab USA Price Performance

The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The business's 50-day simple moving average is $25.49 and its two-hundred day simple moving average is $14.41. The firm has a market cap of $14.49 billion, a price-to-earnings ratio of -78.32 and a beta of 1.98.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, Director Matthew Ocko sold 2,000,000 shares of the business's stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $17.73, for a total value of $35,460,000.00. Following the transaction, the director now directly owns 2,351,135 shares of the company's stock, valued at approximately $41,685,623.55. The trade was a 45.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Arjun Kampani sold 28,562 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $689,772.30. Following the sale, the general counsel now directly owns 608,996 shares of the company's stock, valued at approximately $14,707,253.40. This trade 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 worth $38,168,400 over the last three months. 13.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

Institutional investors have recently made changes to their positions in the stock. Mizuho Markets Americas LLC acquired a new position in Rocket Lab USA during the 3rd quarter worth approximately $8,930,000. Geode Capital Management LLC increased its holdings in shares of Rocket Lab USA by 12.2% during the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer's stock valued at $80,317,000 after acquiring an additional 898,223 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Rocket Lab USA by 22.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer's stock worth $28,006,000 after purchasing an additional 532,207 shares during the period. Quadrature Capital Ltd bought a new position in shares of Rocket Lab USA in the 3rd quarter worth $2,651,000. Finally, Citigroup Inc. grew its position in Rocket Lab USA by 46.8% in the 3rd quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer's stock valued at $6,727,000 after purchasing an additional 220,432 shares during the period. Institutional investors and hedge funds 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.

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