Rocket Lab USA (NASDAQ:RKLB) Shares Down 2.1% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

RKLB has been the topic of several analyst reports. Cantor Fitzgerald lifted their target price on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Wells Fargo & Company lifted their target price on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 11th. Citigroup lifted their target price on shares of Rocket Lab USA from $22.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Bank of America lifted their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, KeyCorp boosted their price objective on shares of Rocket Lab USA from $27.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Five 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.28.

Rocket Lab USA Stock Down 7.2 %

The stock’s 50-day moving average price is $27.10 and its two-hundred day moving average price is $17.14. The stock has a market capitalization of $11.72 billion, a PE ratio of -63.32 and a beta of 1.99. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

Insider Transactions at Rocket Lab USA

In related news, Director Nina Armagno sold 10,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $23.63, for a total value of $236,300.00. Following the transaction, the director now owns 132,294 shares in the company, valued at $3,126,107.22. The trade was a 7.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Alexander R. Slusky sold 50,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the completion of the transaction, the director now owns 534,675 shares in the company, valued at approximately $12,297,525. The trade was a 8.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 124,530 shares of company stock valued at $2,944,700 in the last three months. 13.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

Hedge funds have recently bought and sold shares of the company. Spectrum Wealth Counsel LLC bought a new position in Rocket Lab USA in the 4th quarter worth about $25,000. Sandy Spring Bank bought a new position in Rocket Lab USA during the 4th quarter valued at about $26,000. Wingate Wealth Advisors Inc. bought a new position in Rocket Lab USA during the 4th quarter valued at about $40,000. Quarry LP bought a new position in Rocket Lab USA during the 4th quarter valued at about $48,000. Finally, NewEdge Advisors LLC lifted its stake in Rocket Lab USA by 1,000.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer’s stock valued at $49,000 after acquiring an additional 1,750 shares during the period. 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.