Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 6.3% – What’s Next?

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price dropped 6.3% on Thursday . The company traded as low as $23.87 and last traded at $24.30. Approximately 12,712,295 shares traded hands during trading, a decline of 35% from the average daily volume of 19,470,230 shares. The stock had previously closed at $25.93.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Bank of America upped their price target 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. Citigroup increased their target price on Rocket Lab USA from $22.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Cantor Fitzgerald raised their target price on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Stifel Nicolaus upped their price target on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.28.

Rocket Lab USA Trading Down 4.5 %

The business has a 50-day moving average price of $27.05 and a 200-day moving average price of $17.08. 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 firm has a market capitalization of $12.38 billion, a P/E ratio of -66.86 and a beta of 1.99.

Insider Buying and Selling at Rocket Lab USA

In other news, Director Alexander R. Slusky sold 50,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value of $1,150,000.00. Following the completion of the transaction, the director now directly owns 534,675 shares of the company’s stock, valued at approximately $12,297,525. This represents a 8.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Arjun Kampani sold 28,562 shares of the business’s stock in a transaction 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 sale, the general counsel now directly owns 608,996 shares in the company, valued at approximately $14,707,253.40. This represents a 4.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 124,530 shares of company stock valued at $2,944,700 in the last 90 days. 13.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Lab USA

A number of hedge funds have recently made changes to their positions in RKLB. University of Texas Texas AM Investment Management Co. bought a new stake in Rocket Lab USA during the fourth quarter worth about $84,000. Sunbelt Securities Inc. grew its position in Rocket Lab USA by 911.9% during the 4th quarter. Sunbelt Securities Inc. now owns 5,717 shares of the rocket manufacturer’s stock worth $150,000 after acquiring an additional 5,152 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Rocket Lab USA by 30.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 682,790 shares of the rocket manufacturer’s stock valued at $17,391,000 after purchasing an additional 159,642 shares in the last quarter. Voloridge Investment Management LLC bought a new position in Rocket Lab USA in the 4th quarter valued at $22,331,000. Finally, Vident Advisory LLC boosted its stake in Rocket Lab USA by 8.8% in the fourth quarter. Vident Advisory LLC now owns 203,125 shares of the rocket manufacturer’s stock worth $5,174,000 after purchasing an additional 16,396 shares in the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.