Rocket Lab USA (NASDAQ:RKLB) Shares Down 2.9% – Here’s What Happened

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) dropped 2.9% on Friday . The company traded as low as $26.01 and last traded at $26.58. Approximately 8,288,956 shares traded hands during trading, a decline of 52% from the average daily volume of 17,183,021 shares. The stock had previously closed at $27.36.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RKLB. Cantor Fitzgerald upped their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. KeyCorp lifted their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Citigroup increased their target price on shares of Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, November 18th. JMP Securities started coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating for the company. Finally, Stifel Nicolaus increased their price target on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.44.

Rocket Lab USA Trading Down 2.9 %

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 firm has a market capitalization of $13.28 billion, a P/E ratio of -71.81 and a beta of 1.98. The firm’s 50-day simple moving average is $22.57 and its 200-day simple moving average is $12.43.

Insider Buying and Selling

In related news, General Counsel Arjun Kampani sold 28,562 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $689,772.30. Following the completion of the sale, the general counsel now owns 608,996 shares of the company’s stock, valued at $14,707,253.40. This trade represents a 4.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the completion of the transaction, the director now owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This trade represents a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,114,530 shares of company stock worth $38,168,400 in the last 90 days. 13.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ieq Capital LLC bought a new stake in Rocket Lab USA during the 2nd quarter valued at about $5,469,000. Mizuho Markets Americas LLC bought a new position in Rocket Lab USA during the third quarter valued at approximately $8,930,000. Geode Capital Management LLC lifted its position in Rocket Lab USA by 12.2% during the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after purchasing an additional 898,223 shares during the period. Charles Schwab Investment Management Inc. grew its position in Rocket Lab USA by 22.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after purchasing an additional 532,207 shares during the period. Finally, American Century Companies Inc. grew its holdings in shares of Rocket Lab USA by 11.1% in the second quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock worth $13,713,000 after acquiring an additional 284,360 shares during the period. Hedge funds and other institutional investors 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.