Rocket Lab USA (NASDAQ:RKLB) Trading Down 3.2% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price fell 3.2% on Wednesday . The company traded as low as $25.18 and last traded at $25.47. 13,057,035 shares changed hands during trading, an increase of 6% from the average session volume of 12,281,271 shares. The stock had previously closed at $26.32.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Wells Fargo & Company lifted their price objective on Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 11th. Citigroup boosted their price target on Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Cantor Fitzgerald raised their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. KeyCorp lifted their price objective on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, Stifel Nicolaus raised their price target on shares of Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.44.

Rocket Lab USA Trading Down 2.0 %

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 company has a market capitalization of $12.48 billion, a P/E ratio of -67.46 and a beta of 1.96. The firm’s 50-day moving average price is $20.87 and its 200 day moving average price is $11.62.

Insiders Place Their Bets

In related news, insider Frank Klein sold 35,968 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 transaction of $868,627.20. Following the transaction, the insider now directly owns 1,464,032 shares of the company’s stock, valued at $35,356,372.80. This trade 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 is available at this link. Also, General Counsel Arjun Kampani sold 28,562 shares of the business’s 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 transaction, the general counsel now owns 608,996 shares in the company, 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. In the last ninety days, insiders sold 2,114,530 shares of company stock valued at $38,168,400. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several hedge funds have recently modified their holdings of the company. Allworth Financial LP increased its position 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 valued at $92,000 after acquiring an additional 8,992 shares during the last quarter. International Assets Investment Management LLC bought a new position in Rocket Lab USA in the 2nd quarter valued at $46,000. Smith Anglin Financial LLC purchased a new stake in shares of Rocket Lab USA during the 3rd quarter valued at $104,000. Franklin Resources Inc. bought a new stake in shares of Rocket Lab USA during the 3rd quarter worth $107,000. Finally, Schneider Downs Wealth Management Advisors LP purchased a new position in shares of Rocket Lab USA in the 3rd quarter worth about $107,000. 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.