Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 3.2% - Here's What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s stock price fell 3.2% during trading on Monday . The company traded as low as $28.48 and last traded at $29.38. 8,756,796 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 20,586,492 shares. The stock had previously closed at $30.36.

Analyst Upgrades and Downgrades

RKLB has been the subject of several recent research reports. 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. TD Cowen raised shares of Rocket Lab USA to a "strong-buy" rating in a research note on Thursday, December 19th. Wells Fargo & Company raised 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 research report on Wednesday, December 11th. Bank of America increased their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Finally, Stifel Nicolaus boosted their target price 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. Five investment 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 MarketBeat, Rocket Lab USA currently has a consensus rating of "Moderate Buy" and an average price target of $22.28.

Rocket Lab USA Stock Down 0.4 %

The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The company has a market capitalization of $14.43 billion, a price-to-earnings ratio of -78.02 and a beta of 1.98. The business has a 50-day simple moving average of $25.66 and a two-hundred day simple moving average of $14.58.

Insider Activity

In other news, insider Frank Klein sold 35,968 shares of the company'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 $868,627.20. Following the completion of the transaction, the insider now directly owns 1,464,032 shares of the company's stock, valued at approximately $35,356,372.80. This represents a 2.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of the firm's stock in a transaction that occurred on 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 owns 2,351,135 shares in the company, valued at $41,685,623.55. The trade was a 45.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,114,530 shares of company stock worth $38,168,400 over the last ninety days. 13.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Lab USA

Several hedge funds have recently made changes to their positions in the company. Amalgamated Bank boosted its stake in shares of 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 acquiring an additional 2,538 shares in the last quarter. Xponance Inc. lifted its position in shares of Rocket Lab USA by 29.1% during the 2nd quarter. Xponance Inc. now owns 22,185 shares of the rocket manufacturer's stock worth $106,000 after buying an additional 4,997 shares during the period. The Manufacturers Life Insurance Company boosted its position in Rocket Lab USA by 21.2% in the second quarter. The Manufacturers Life Insurance Company now owns 205,190 shares of the rocket manufacturer's stock valued at $985,000 after buying an additional 35,849 shares in the last quarter. Algert Global LLC bought a new stake in shares of Rocket Lab USA during the second quarter worth $154,000. Finally, Creative Planning increased its holdings in shares of Rocket Lab USA by 63.3% in the second quarter. Creative Planning now owns 60,043 shares of the rocket manufacturer's stock valued at $288,000 after purchasing an additional 23,264 shares in the last quarter. 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.

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