Rocket Lab USA (NASDAQ:RKLB) Shares Down 0.4% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price traded down 0.4% during trading on Thursday . The company traded as low as $28.51 and last traded at $29.50. 6,919,620 shares were traded during trading, a decline of 65% from the average session volume of 19,950,371 shares. The stock had previously closed at $29.62.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RKLB. Cantor Fitzgerald boosted their price target on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. KeyCorp boosted their target price 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. Stifel Nicolaus increased their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. TD Cowen raised shares of Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. Finally, Citigroup increased their price objective on shares of Rocket Lab USA from $22.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $20.06.

Rocket Lab USA Trading Down 3.8 %

The firm’s 50-day simple moving average is $25.06 and its 200 day simple moving average is $13.94. The stock has a market cap of $15.18 billion, a P/E 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 other Rocket Lab USA news, Director Alexander R. Slusky sold 50,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the sale, the director now directly owns 534,675 shares in the company, valued at approximately $12,297,525. The trade was a 8.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 transaction of $35,460,000.00. Following the completion of the sale, the director now directly owns 2,351,135 shares of the company’s stock, valued at approximately $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,114,530 shares of company stock worth $38,168,400. Company insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of institutional investors have recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC grew its holdings in Rocket Lab USA by 0.4% during the fourth quarter. Chicago Partners Investment Group LLC now owns 79,943 shares of the rocket manufacturer’s stock worth $2,187,000 after acquiring an additional 334 shares during the period. New Millennium Group LLC lifted its stake in Rocket Lab USA by 105.0% during the fourth quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer’s stock valued at $52,000 after purchasing an additional 1,050 shares during the last quarter. Smith Anglin Financial LLC boosted its holdings in Rocket Lab USA by 10.3% during the fourth quarter. Smith Anglin Financial LLC now owns 11,746 shares of the rocket manufacturer’s stock worth $299,000 after buying an additional 1,096 shares in the last quarter. Spire Wealth Management grew its position in Rocket Lab USA by 14.0% in the fourth quarter. Spire Wealth Management now owns 11,400 shares of the rocket manufacturer’s stock worth $290,000 after buying an additional 1,400 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Rocket Lab USA by 4.4% in the third 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. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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.