Rocket Lab USA (NASDAQ:RKLB) Shares Down 1% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) fell 1% during mid-day trading on Monday . The stock traded as low as $27.04 and last traded at $28.02. 15,154,841 shares were traded during mid-day trading, a decline of 20% from the average session volume of 18,918,424 shares. The stock had previously closed at $28.30.

Analysts Set New Price Targets

A number of research firms have recently commented on RKLB. Bank of America boosted their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group boosted their price objective on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Citigroup raised their target price on Rocket Lab USA from $22.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. KeyCorp increased their price objective on Rocket Lab USA from $27.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Finally, Cantor Fitzgerald raised their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Rocket Lab USA presently has an average rating of “Moderate Buy” and an average target price of $22.28.

Rocket Lab USA Price Performance

The stock has a market cap of $14.01 billion, a PE ratio of -75.73 and a beta of 1.99. The stock’s fifty day moving average is $26.80 and its 200-day moving average is $16.69. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Insider Buying and Selling at Rocket Lab USA

In other Rocket Lab USA news, Director Alexander R. Slusky sold 50,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total value of $1,150,000.00. Following the transaction, the director now owns 534,675 shares of the company’s stock, valued at $12,297,525. This represents a 8.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Arjun Kampani sold 28,562 shares of the 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 directly owns 608,996 shares of the company’s stock, valued at approximately $14,707,253.40. This trade 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 worth $2,944,700 in the last ninety days. 13.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocket Lab USA

A number of hedge funds have recently made changes to their positions in the stock. Spectrum Wealth Counsel LLC acquired a new position in Rocket Lab USA during the fourth quarter worth $25,000. Sandy Spring Bank acquired a new position in Rocket Lab USA during the 4th quarter worth about $26,000. Wingate Wealth Advisors Inc. purchased a new position in Rocket Lab USA during the 4th quarter valued at about $40,000. Quarry LP acquired a new position in Rocket Lab USA in the 4th quarter valued at about $48,000. Finally, NewEdge Advisors LLC increased its stake in Rocket Lab USA by 1,000.0% during the fourth quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer’s stock worth $49,000 after purchasing an additional 1,750 shares during the period. Hedge funds and other institutional investors 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.