Rocket Lab USA (NASDAQ:RKLB) Shares Down 0.1% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price was down 0.1% during trading on Wednesday . The company traded as low as $28.93 and last traded at $28.94. Approximately 6,456,918 shares traded hands during trading, a decline of 68% from the average daily volume of 20,046,977 shares. The stock had previously closed at $28.98.

Analysts Set New Price Targets

Several brokerages recently weighed in on RKLB. Bank of America increased their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Citigroup boosted their target price on shares of Rocket Lab USA from $22.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Cantor Fitzgerald increased their price target on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Wells Fargo & Company boosted their price objective on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 11th. Finally, TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.28.

Rocket Lab USA Trading Up 1.8 %

The firm has a market capitalization of $14.52 billion, a price-to-earnings ratio of -78.51 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The company has a 50 day moving average price of $25.96 and a two-hundred day moving average price of $14.77.

Insiders Place Their Bets

In related news, insider Frank Klein sold 35,968 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $868,627.20. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Arjun Kampani sold 28,562 shares of the company’s 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 sale, the general counsel now directly 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,114,530 shares of company stock worth $38,168,400. Company insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RKLB. Xponance Inc. lifted its holdings in Rocket Lab USA by 29.1% in the second quarter. Xponance Inc. now owns 22,185 shares of the rocket manufacturer’s stock valued at $106,000 after acquiring an additional 4,997 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake 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 last quarter. Algert Global LLC acquired a new stake in shares of Rocket Lab USA during the 2nd quarter worth about $154,000. Creative Planning raised its holdings in Rocket Lab USA by 63.3% in the 2nd quarter. Creative Planning now owns 60,043 shares of the rocket manufacturer’s stock valued at $288,000 after buying an additional 23,264 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Rocket Lab USA by 24.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 27,334 shares of the rocket manufacturer’s stock valued at $131,000 after buying an additional 5,332 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.