Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 0.8% on Insider Selling

Rocket Lab USA, Inc. (NASDAQ:RKLB) was down 0.8% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $24.73 and last traded at $25.23. Approximately 15,344,802 shares changed hands during mid-day trading, an increase of 33% from the average daily volume of 11,547,206 shares. The stock had previously closed at $25.44.

Specifically, General Counsel Arjun Kampani sold 28,562 shares of the company’s stock in a transaction that occurred on 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 transaction, the general counsel now directly owns 608,996 shares in the company, valued at $14,707,253.40. This represents a 4.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 owns 1,464,032 shares of the company’s stock, valued at approximately $35,356,372.80. The trade was a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Stifel Nicolaus upped their price target on shares of Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. KeyCorp upped their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. The Goldman Sachs Group upped their target price on shares of Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Citigroup upped their target price on shares of Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Finally, Wells Fargo & Company upped their target price on shares of Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.50.

Rocket Lab USA Price Performance

The company’s fifty day moving average price is $13.26 and its 200-day moving average price is $8.06. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

Institutional Investors Weigh In On Rocket Lab USA

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its holdings in Rocket Lab USA by 4.4% during the 3rd quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock valued at $395,000 after buying an additional 1,709 shares in the last quarter. Wellington Shields & Co. LLC lifted its holdings in Rocket Lab USA by 3.8% during the 2nd quarter. Wellington Shields & Co. LLC now owns 69,142 shares of the rocket manufacturer’s stock valued at $332,000 after buying an additional 2,503 shares in the last quarter. Amalgamated Bank raised its holdings in shares of Rocket Lab USA by 26.7% in the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after purchasing an additional 2,538 shares in the last quarter. 180 Wealth Advisors LLC raised its holdings in shares of Rocket Lab USA by 7.5% in the 2nd quarter. 180 Wealth Advisors LLC now owns 40,180 shares of the rocket manufacturer’s stock valued at $214,000 after purchasing an additional 2,807 shares in the last quarter. Finally, Lakeridge Wealth Management LLC raised its holdings in shares of Rocket Lab USA by 30.0% in the 3rd quarter. Lakeridge Wealth Management LLC now owns 13,000 shares of the rocket manufacturer’s stock valued at $126,000 after purchasing an additional 3,000 shares in the last quarter. 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.