Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 3.6% – Should You Sell?

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares dropped 3.6% during trading on Tuesday . The stock traded as low as $28.89 and last traded at $29.49. Approximately 9,007,690 shares traded hands during trading, a decline of 54% from the average daily volume of 19,575,111 shares. The stock had previously closed at $30.60.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RKLB shares. Stifel Nicolaus lifted their price target on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Cantor Fitzgerald boosted their target price on shares of 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 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. The Goldman Sachs Group boosted their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Finally, KeyCorp boosted their target price on shares of Rocket Lab USA from $27.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, January 29th. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.28.

Rocket Lab USA Price Performance

The firm’s fifty day simple moving average is $26.46 and its two-hundred day simple moving average is $16.05. 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 cap of $14.28 billion, a PE ratio of -77.27 and a beta of 1.99.

Insider Transactions at Rocket Lab USA

In related news, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.73, for a total value of $35,460,000.00. Following the completion of the sale, the director now directly owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Frank Klein sold 35,968 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $24.15, for a total transaction of $868,627.20. Following the sale, the insider now directly owns 1,464,032 shares of the company’s stock, valued at approximately $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. Over the last quarter, insiders have sold 2,124,530 shares of company stock valued at $38,404,700. 13.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab USA

Hedge funds and other institutional investors have recently modified their holdings of the stock. Spectrum Wealth Counsel LLC purchased a new position in shares of Rocket Lab USA in the 4th quarter valued at approximately $25,000. Sandy Spring Bank acquired a new position in Rocket Lab USA in the 4th quarter worth approximately $26,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Rocket Lab USA during the 4th quarter worth approximately $40,000. New Millennium Group LLC grew its stake in shares of Rocket Lab USA by 105.0% during the 4th quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer’s stock worth $52,000 after purchasing an additional 1,050 shares during the period. Finally, AlphaQuest LLC acquired a new stake in shares of Rocket Lab USA during the 4th quarter worth approximately $52,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.