Rocket Lab USA (NASDAQ:RKLB) Trading Down 2.1% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) traded down 2.1% during trading on Friday . The stock traded as low as $24.65 and last traded at $24.73. 4,649,300 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 19,342,760 shares. The stock had previously closed at $25.26.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wells Fargo & Company boosted their price target on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 11th. Bank of America boosted their price target on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. The Goldman Sachs Group boosted their price target on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research note on Thursday, January 16th. 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 research note on Thursday, November 14th. Finally, Stifel Nicolaus boosted their price target on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and an average target price of $22.28.

Rocket Lab USA Trading Down 6.8 %

The company has a fifty day moving average of $27.09 and a two-hundred day moving average of $17.27. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $11.77 billion, a price-to-earnings ratio of -63.65 and a beta of 1.99.

Insider Buying and Selling

In related news, Director Nina Armagno sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total value of $236,300.00. Following the completion of the sale, the director now directly owns 132,294 shares in the company, valued at approximately $3,126,107.22. The trade was a 7.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Alexander R. Slusky sold 50,000 shares of the business’s 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 sale, the director now owns 534,675 shares of the company’s stock, valued at approximately $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 124,530 shares of company stock worth $2,944,700. 13.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Rocket Lab USA during the fourth quarter worth approximately $84,000. Sunbelt Securities Inc. lifted its holdings in shares of Rocket Lab USA by 911.9% during the fourth quarter. Sunbelt Securities Inc. now owns 5,717 shares of the rocket manufacturer’s stock worth $150,000 after buying an additional 5,152 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Rocket Lab USA by 30.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 682,790 shares of the rocket manufacturer’s stock worth $17,391,000 after buying an additional 159,642 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Rocket Lab USA during the fourth quarter worth approximately $22,331,000. Finally, Vident Advisory LLC lifted its holdings in shares of Rocket Lab USA by 8.8% during the fourth quarter. Vident Advisory LLC now owns 203,125 shares of the rocket manufacturer’s stock worth $5,174,000 after buying an additional 16,396 shares during 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.