Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 1.1% – Here’s What Happened

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) traded down 1.1% on Wednesday . The stock traded as low as $21.93 and last traded at $22.60. 4,821,029 shares traded hands during trading, a decline of 60% from the average session volume of 12,007,612 shares. The stock had previously closed at $22.85.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RKLB shares. KeyCorp increased their price objective on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. The Goldman Sachs Group boosted their price target 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. Bank of America raised their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Citigroup boosted their price target on Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. 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 research report on Thursday, November 14th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Rocket Lab USA presently has a consensus rating of “Moderate Buy” and an average target price of $17.44.

Rocket Lab USA Trading Up 8.1 %

The firm’s fifty day moving average price is $16.28 and its two-hundred day moving average price is $9.41. The stock has a market cap of $12.21 billion, a P/E ratio of -65.78 and a beta of 1.96. 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 Transactions 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 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 in the company, valued at approximately $14,707,253.40. This represents a 4.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the completion of the transaction, the director now owns 2,351,135 shares in the company, valued at $41,685,623.55. The trade was a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,114,530 shares of company stock worth $38,168,400. 13.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RKLB. Citigroup Inc. increased its position in shares of Rocket Lab USA by 46.8% during the third quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after purchasing an additional 220,432 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Rocket Lab USA by 22.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after buying an additional 532,207 shares in the last quarter. FORA Capital LLC acquired a new stake in shares of Rocket Lab USA in the 3rd quarter worth $449,000. Mizuho Markets Americas LLC acquired a new position in Rocket Lab USA in the third quarter valued at about $8,930,000. Finally, International Assets Investment Management LLC grew its stake in Rocket Lab USA by 934.5% during the 3rd quarter. International Assets Investment Management LLC now owns 98,176 shares of the rocket manufacturer’s stock worth $10,090,000 after purchasing an additional 88,686 shares in the last quarter. 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.