Rocket Lab USA (NASDAQ:RKLB) Trading Down 4.6% After Insider Selling

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price fell 4.6% during trading on Tuesday following insider selling activity. The stock traded as low as $18.08 and last traded at $18.23. 3,251,625 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 14,419,403 shares. The stock had previously closed at $19.10.

Specifically, insider Frank Klein sold 1,835 shares of Rocket Lab USA stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.93, for a total value of $36,571.55. Following the completion of the transaction, the insider now owns 1,417,644 shares in the company, valued at approximately $28,253,644.92. The trade was a 0.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Frank Klein sold 44,553 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $18.18, for a total value of $809,973.54. Following the sale, the insider now owns 1,419,479 shares in the company, valued at $25,806,128.22. The trade was a 3.04 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

RKLB has been the subject of several research reports. KeyCorp lowered their price objective on shares of Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Wells Fargo & Company lowered their price target on shares of Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating for the company in a report on Monday, March 3rd. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a report on Monday, February 24th. The Goldman Sachs Group boosted their target price on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Finally, Morgan Stanley raised their target price on shares of Rocket Lab USA from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Monday, March 10th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.06.

Rocket Lab USA Stock Performance

The stock’s fifty day moving average is $24.54 and its 200-day moving average is $19.01. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of -50.76 and a beta of 2.06.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.01). Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The business had revenue of $132.39 million for the quarter, compared to analyst estimates of $130.58 million. On average, analysts forecast that Rocket Lab USA, Inc. will post -0.38 EPS for the current year.

Institutional Trading of Rocket Lab USA

A number of large investors have recently bought and sold shares of the business. Spectrum Wealth Counsel LLC bought a new stake in shares of Rocket Lab USA during the fourth quarter worth $25,000. Sandy Spring Bank bought a new stake in shares of Rocket Lab USA in the fourth quarter valued at about $26,000. Wingate Wealth Advisors Inc. bought a new position in shares of Rocket Lab USA during the fourth quarter worth about $40,000. Quarry LP bought a new stake in Rocket Lab USA in the 4th quarter valued at approximately $48,000. Finally, NewEdge Advisors LLC grew its stake in shares of 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 worth $49,000 after acquiring an additional 1,750 shares in the last quarter. 71.78% of the stock is owned by 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.