Rocket Lab USA (NASDAQ:RKLB) Shares Down 0.5% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) dropped 0.5% on Wednesday . The company traded as low as $27.40 and last traded at $28.09. Approximately 6,775,867 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 19,537,414 shares. The stock had previously closed at $28.22.

Analyst Ratings Changes

Several analysts have weighed in on RKLB shares. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. KeyCorp lifted their target price on shares of Rocket Lab USA from $27.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Wells Fargo & Company increased their price target on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 11th. Bank of America lifted their price objective on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Stifel Nicolaus raised their price target on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Rocket Lab USA currently has an average rating of “Moderate Buy” and a consensus target price of $22.28.

Rocket Lab USA Stock Performance

The firm has a market cap of $13.91 billion, a P/E ratio of -75.28 and a beta of 1.99. The business’s fifty day simple moving average is $26.56 and its 200-day simple moving average is $16.21. 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 Activity at Rocket Lab USA

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,562 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was 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 represents a 4.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Frank Klein sold 35,968 shares of the business’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 $868,627.20. Following the transaction, the insider now owns 1,464,032 shares of the company’s stock, valued at approximately $35,356,372.80. This trade represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,124,530 shares of company stock valued at $38,404,700 in the last 90 days. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several large investors have recently added to or reduced their stakes in RKLB. Spectrum Wealth Counsel LLC purchased a new position in shares of Rocket Lab USA during the 4th quarter valued at $25,000. Sandy Spring Bank bought a new stake in Rocket Lab USA during the fourth quarter valued at about $26,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Rocket Lab USA in the fourth quarter valued at about $40,000. New Millennium Group LLC grew its position in shares of 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 worth $52,000 after purchasing an additional 1,050 shares in the last quarter. Finally, AlphaQuest LLC purchased a new stake in shares of Rocket Lab USA during the fourth quarter worth about $52,000. Hedge funds and other 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.