Rocket Lab USA (NASDAQ:RKLB) Shares Down 1% - Here's Why

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price was down 1% during mid-day trading on Monday . The stock traded as low as $27.04 and last traded at $28.02. Approximately 15,154,841 shares changed hands during mid-day trading, a decline of 20% from the average daily volume of 18,918,424 shares. The stock had previously closed at $28.30.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Cantor Fitzgerald raised their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an "overweight" rating in a research note on Thursday, November 14th. KeyCorp raised 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 note on Wednesday, January 29th. Citigroup raised their price objective on shares of Rocket Lab USA from $22.00 to $35.00 and gave the company a "buy" rating in a research note on Tuesday, January 21st. TD Cowen upgraded shares of Rocket Lab USA to a "strong-buy" rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company raised 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 note on Wednesday, December 11th. Five equities research 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 has a consensus rating of "Moderate Buy" and an average target price of $22.28.

Rocket Lab USA Stock Performance

The business's fifty day moving average price is $27.05 and its 200-day moving average price is $17.08. 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 stock has a market cap of $12.63 billion, a PE ratio of -68.27 and a beta of 1.99.

Insider Activity

In related news, Director Nina Armagno sold 10,000 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $3,126,107.22. This trade represents a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Alexander R. Slusky sold 50,000 shares of the firm's stock in a transaction that occurred on 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 directly 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 a total of 124,530 shares of company stock valued at $2,944,700 in the last 90 days. 13.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rocket Lab USA

A number of institutional investors and hedge funds have recently made changes to their positions in RKLB. Spectrum Wealth Counsel LLC bought a new stake in Rocket Lab USA during the 4th quarter worth approximately $25,000. Sandy Spring Bank bought a new stake in Rocket Lab USA during the 4th quarter worth approximately $26,000. Wingate Wealth Advisors Inc. bought a new stake in Rocket Lab USA during the 4th quarter worth approximately $40,000. Quarry LP bought a new stake in Rocket Lab USA during the 4th quarter worth approximately $48,000. Finally, NewEdge Advisors LLC raised 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 worth $49,000 after acquiring an additional 1,750 shares during the period. 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.