Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 7.7% – What’s Next?

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares fell 7.7% on Wednesday . The company traded as low as $28.60 and last traded at $28.86. 13,716,994 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 19,880,191 shares. The stock had previously closed at $31.27.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Stifel Nicolaus boosted their price objective 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. KeyCorp lifted their price objective on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. The Goldman Sachs Group upped their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Finally, Wells Fargo & Company upped their target price on shares of Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 11th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.06.

Rocket Lab USA Trading Down 6.0 %

The firm has a market cap of $14.70 billion, a PE ratio of -79.32 and a beta of 1.98. The company has a 50-day simple moving average of $24.56 and a 200 day simple moving average of $13.71. 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 Buying and Selling

In other news, Director Alexander R. Slusky sold 50,000 shares of the 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 completion of the sale, the director now directly owns 534,675 shares in the company, valued at $12,297,525. This represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Frank Klein sold 35,968 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 $868,627.20. Following 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,114,530 shares of company stock valued at $38,168,400. Corporate insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

Several large investors have recently added to or reduced their stakes in RKLB. Amalgamated Bank raised its holdings in Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after purchasing an additional 2,538 shares in the last quarter. DRW Securities LLC purchased a new position in shares of Rocket Lab USA during the second quarter worth about $125,000. Xponance Inc. lifted its holdings in shares of Rocket Lab USA by 29.1% in the 2nd quarter. Xponance Inc. now owns 22,185 shares of the rocket manufacturer’s stock valued at $106,000 after purchasing an additional 4,997 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Rocket Lab USA by 21.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 205,190 shares of the rocket manufacturer’s stock valued at $985,000 after purchasing an additional 35,849 shares during the period. Finally, Scientech Research LLC grew its stake in Rocket Lab USA by 135.4% during the 2nd quarter. Scientech Research LLC now owns 182,520 shares of the rocket manufacturer’s stock worth $876,000 after buying an additional 104,980 shares during the last quarter. 71.78% of the stock is owned by hedge funds and other 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.