Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 3.5% – Time to Sell?

Rocket Lab USA, Inc. (NASDAQ:RKLB) dropped 3.5% on Friday . The company traded as low as $26.80 and last traded at $27.45. Approximately 8,039,126 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 12,239,016 shares. The stock had previously closed at $28.44.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RKLB. Cantor Fitzgerald raised their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Wells Fargo & Company increased their target price on 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. The Goldman Sachs Group boosted their price target on shares of Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Bank of America increased their price objective 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. Finally, KeyCorp boosted their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.44.

Rocket Lab USA Trading Down 4.3 %

The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $13.61 billion, a PE ratio of -73.57 and a beta of 1.96. The business’s 50-day moving average is $19.72 and its two-hundred day moving average is $11.08.

Insiders Place Their Bets

In related news, General Counsel Arjun Kampani sold 28,562 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $689,772.30. Following the completion of the sale, the general counsel now owns 608,996 shares in the company, valued at $14,707,253.40. This trade represents a 4.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Ocko sold 2,000,000 shares of the company’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 completion of the sale, the director now owns 2,351,135 shares in the company, valued at approximately $41,685,623.55. This represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,114,530 shares of company stock worth $38,168,400. 13.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RKLB. Allworth Financial LP lifted its stake in Rocket Lab USA by 1,827.6% in the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after buying an additional 8,992 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Rocket Lab USA in the second quarter valued at $46,000. Smith Anglin Financial LLC acquired a new stake in shares of Rocket Lab USA during the third quarter valued at $104,000. Franklin Resources Inc. purchased a new stake in Rocket Lab USA during the 3rd quarter worth about $107,000. Finally, Schneider Downs Wealth Management Advisors LP acquired a new position in Rocket Lab USA in the 3rd quarter valued at about $107,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.