Rocket Lab USA (NASDAQ:RKLB) Trading Down 0.4% - Here's What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) was down 0.4% during trading on Thursday . The company traded as low as $28.51 and last traded at $29.50. Approximately 6,919,620 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 19,950,371 shares. The stock had previously closed at $29.62.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RKLB. Citigroup boosted their price target on shares of Rocket Lab USA from $22.00 to $35.00 and gave the company a "buy" rating in a research report on Tuesday. Bank of America upped their target price on Rocket Lab USA from $10.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Cantor Fitzgerald lifted their price target on Rocket Lab USA from $7.00 to $24.00 and gave the stock an "overweight" rating in a research report on Thursday, November 14th. The Goldman Sachs Group raised their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a "neutral" rating in a research report on Thursday, January 16th. Finally, Stifel Nicolaus upped their price target on shares of Rocket Lab USA from $26.00 to $31.00 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $20.06.

Rocket Lab USA Stock Down 3.8 %

The firm has a 50 day moving average of $25.29 and a two-hundred day moving average of $14.12. The stock has a market capitalization of $15.18 billion, a PE ratio of -82.05 and a beta of 1.98. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Insider Transactions at Rocket Lab USA

In related news, Director Alexander R. Slusky sold 50,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the sale, the director now owns 534,675 shares of the company's stock, valued at $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Arjun Kampani sold 28,562 shares of Rocket Lab USA stock in a transaction dated 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,114,530 shares of company stock valued at $38,168,400 in the last 90 days. 13.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Lab USA

A number of institutional investors have recently added to or reduced their stakes in the company. New Millennium Group LLC grew its holdings in shares of Rocket Lab USA by 105.0% during the 4th quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer's stock worth $52,000 after purchasing an additional 1,050 shares during the period. Amalgamated Bank boosted its position 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 purchasing an additional 2,538 shares during the period. Sanctuary Advisors LLC acquired a new stake in Rocket Lab USA in the 2nd quarter valued at $76,000. Allworth Financial LP lifted its stake in shares of Rocket Lab USA by 1,827.6% during the third quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer's stock worth $92,000 after purchasing an additional 8,992 shares in the last quarter. Finally, Smith Anglin Financial LLC purchased a new stake in shares of Rocket Lab USA in the third quarter worth about $104,000. 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.