Rocket Lab USA (NASDAQ:RKLB) Shares Down 1.7% – Time to Sell?

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price fell 1.7% during mid-day trading on Thursday . The stock traded as low as $24.27 and last traded at $24.44. 5,167,003 shares traded hands during trading, a decline of 68% from the average session volume of 16,341,609 shares. The stock had previously closed at $24.87.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on RKLB shares. KeyCorp upped their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a research note on Thursday, December 19th. Bank of America lifted their target price 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. Cantor Fitzgerald upped their price target on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Finally, Wells Fargo & Company lifted their price objective 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 investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.61.

Rocket Lab USA Stock Performance

The stock’s 50 day moving average price is $23.61 and its two-hundred day moving average price is $13.05. 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 firm has a market capitalization of $12.60 billion, a price-to-earnings ratio of -68.00 and a beta of 1.98.

Insider Buying and Selling

In other news, General Counsel Arjun Kampani sold 28,562 shares of Rocket Lab USA stock in a transaction on Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $689,772.30. Following the completion of the transaction, the general counsel now owns 608,996 shares of the company’s stock, valued at $14,707,253.40. The trade was a 4.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the completion of the sale, the director now directly owns 2,351,135 shares in the company, valued at approximately $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. Over the last 90 days, 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 Trading of Rocket Lab USA

Several institutional investors and hedge funds have recently modified their holdings of RKLB. Ariose Capital Management Ltd acquired a new position in shares of Rocket Lab USA during the 4th quarter worth approximately $1,871,000. Udine Wealth Management Inc. purchased a new position in Rocket Lab USA during the fourth quarter worth $1,342,000. Hennion & Walsh Asset Management Inc. raised its holdings in shares of Rocket Lab USA by 3.9% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 91,872 shares of the rocket manufacturer’s stock worth $2,340,000 after acquiring an additional 3,479 shares during the last quarter. Connective Portfolio Management LLC acquired a new stake in shares of Rocket Lab USA during the fourth quarter valued at $586,000. Finally, CHURCHILL MANAGEMENT Corp acquired a new stake in shares of Rocket Lab USA during the fourth quarter valued at $1,758,000. Hedge funds and other 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.