Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 1.6% - Here's What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) dropped 1.6% on Tuesday . The company traded as low as $27.42 and last traded at $28.35. Approximately 7,217,295 shares were traded during trading, a decline of 55% from the average daily volume of 16,072,510 shares. The stock had previously closed at $28.80.

Analyst Ratings Changes

RKLB has been the topic of several research analyst reports. Wells Fargo & Company boosted 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 report on Wednesday, December 11th. TD Cowen raised shares of Rocket Lab USA to a "strong-buy" rating in a research note on Thursday, December 19th. The Goldman Sachs Group increased their price objective on shares of Rocket Lab USA from $5.00 to $12.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 19th. KeyCorp boosted their target price on Rocket Lab USA from $11.00 to $12.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Finally, Stifel Nicolaus raised their price target on Rocket Lab USA from $15.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Five research 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 stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $17.44.

Rocket Lab USA Price Performance

The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The company's 50 day simple moving average is $21.58 and its 200 day simple moving average is $12.06. The company has a market capitalization of $13.97 billion, a PE ratio of -75.54 and a beta of 1.98.

Insider Activity at Rocket Lab USA

In related news, Director Alexander R. Slusky sold 50,000 shares of the business's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value of $1,150,000.00. Following the transaction, the director now owns 534,675 shares in the company, valued at $12,297,525. The trade was a 8.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Frank Klein sold 35,968 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 1,464,032 shares of the company's stock, valued at $35,356,372.80. The trade was a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,114,530 shares of company stock valued at $38,168,400 in the last ninety days. Insiders own 13.70% of the company's stock.

Institutional Investors Weigh In On Rocket Lab USA

Large investors have recently modified their holdings of the stock. Amalgamated Bank raised its position in Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer's stock worth $58,000 after buying an additional 2,538 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in Rocket Lab USA in the second quarter valued at about $67,000. Sanctuary Advisors LLC purchased a new stake in Rocket Lab USA in the 2nd quarter valued at approximately $76,000. National Bank of Canada FI increased its position in Rocket Lab USA by 97.8% during the 2nd quarter. National Bank of Canada FI now owns 20,230 shares of the rocket manufacturer's stock worth $92,000 after purchasing an additional 10,000 shares during the period. Finally, Allworth Financial LP raised its stake in shares of Rocket Lab USA by 1,827.6% during the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer's stock worth $92,000 after buying an additional 8,992 shares in the last quarter. 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.