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

Rocket Lab USA, Inc. (NASDAQ:RKLB) fell 0.8% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $24.73 and last traded at $25.23. 15,344,802 shares were traded during mid-day trading, an increase of 33% from the average session 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 stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $24.15, for a total transaction of $689,772.30. Following the transaction, the general counsel now 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Frank Klein sold 35,968 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $868,627.20. Following the completion of the sale, the insider now directly owns 1,464,032 shares of the company’s stock, valued at approximately $35,356,372.80. This represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

RKLB has been the subject of several research reports. The Goldman Sachs Group lifted their target price on Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Stifel Nicolaus lifted their price objective on shares of Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company boosted their target price on shares of Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Bank of America raised their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Citigroup boosted their price objective on shares of Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Five investment 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.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.50.

Rocket Lab USA Stock Up 0.9 %

The firm’s 50-day simple moving average is $13.26 and its 200 day simple moving average 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.

Hedge Funds Weigh In On Rocket Lab USA

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RKLB. Vanguard Group Inc. raised its stake in Rocket Lab USA by 9.2% during the 1st quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after acquiring an additional 2,448,789 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Rocket Lab USA by 12.2% during the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after purchasing an additional 898,223 shares during the period. ARK Investment Management LLC raised its stake in shares of Rocket Lab USA by 6.6% during the second quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock valued at $30,226,000 after purchasing an additional 391,778 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Rocket Lab USA by 22.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after purchasing an additional 532,207 shares during the period. Finally, American Century Companies Inc. lifted its holdings in Rocket Lab USA by 11.1% in the second quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock worth $13,713,000 after purchasing an additional 284,360 shares during the period. 71.78% of the stock is owned by institutional investors.

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.