Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 6.2% – Time to Sell?

by · The Markets Daily

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB – Get Free Report) dropped 6.2% during trading on Monday . The stock traded as low as $24.90 and last traded at $25.54. Approximately 6,586,820 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 12,246,846 shares. The stock had previously closed at $27.22.

Analysts Set New Price Targets

A number of brokerages have recently commented on RKLB. Cantor Fitzgerald lifted their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Citigroup lifted their target price on shares of Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a report on Monday, November 18th. JMP Securities assumed coverage on Rocket Lab USA in a research report on Thursday, September 12th. They issued a “market perform” rating for the company. Bank of America raised their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, KeyCorp lifted their target price on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Five 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 data from MarketBeat, Rocket Lab USA presently has an average rating of “Moderate Buy” and a consensus price target of $17.44.

Read Our Latest Report on Rocket Lab USA

Rocket Lab USA Price Performance

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 company has a 50 day simple moving average of $20.31 and a 200-day simple moving average of $11.43. The stock has a market cap of $12.73 billion, a price-to-earnings ratio of -68.84 and a beta of 1.96.

Insider Activity

In other news, Director Alexander R. Slusky sold 50,000 shares of Rocket Lab USA stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total value of $1,150,000.00. Following the completion of the transaction, the director now directly owns 534,675 shares of the company’s stock, valued at approximately $12,297,525. The trade was a 8.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the sale, the director now directly owns 2,351,135 shares of the company’s stock, valued at approximately $41,685,623.55. This represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,114,530 shares of company stock worth $38,168,400. 13.70% of the stock is currently owned by insiders.

Institutional Trading of Rocket Lab USA

Hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new position in Rocket Lab USA during the 2nd quarter worth $46,000. Amalgamated Bank grew its position in shares of Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after acquiring an additional 2,538 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in shares of Rocket Lab USA in the 2nd quarter worth about $67,000. Sanctuary Advisors LLC bought a new stake in Rocket Lab USA in the 2nd quarter valued at about $76,000. Finally, National Bank of Canada FI boosted its stake 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 valued at $92,000 after purchasing an additional 10,000 shares during the period. Institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Company Profile

(Get Free Report)

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.

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