Rocket Lab USA (NASDAQ:RKLB) Shares Down 3.5% – Should You Sell?

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price was down 3.5% during mid-day trading on Tuesday . The company traded as low as $28.60 and last traded at $28.39. Approximately 6,881,817 shares were traded during trading, a decline of 66% from the average daily volume of 20,219,502 shares. The stock had previously closed at $29.43.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 11th. Citigroup lifted their price objective on Rocket Lab USA from $22.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Cantor Fitzgerald raised their target price on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. Finally, The Goldman Sachs Group lifted their price objective on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. 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 company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.28.

Rocket Lab USA Stock Down 1.2 %

The company has a market capitalization of $14.26 billion, a price-to-earnings ratio of -77.11 and a beta of 1.98. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The firm’s 50 day simple moving average is $25.84 and its 200-day simple moving average is $14.68.

Insider Transactions at Rocket Lab USA

In related news, insider Frank Klein sold 35,968 shares of Rocket Lab USA stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $868,627.20. Following the completion of the transaction, the insider now directly owns 1,464,032 shares in the company, valued at $35,356,372.80. The trade was a 2.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction on 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 sale, the director now owns 2,351,135 shares in the company, valued at approximately $41,685,623.55. This trade represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,114,530 shares of company stock valued at $38,168,400. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

A number of institutional investors have recently modified their holdings of the company. Chicago Partners Investment Group LLC increased its stake in Rocket Lab USA by 0.4% during the fourth quarter. Chicago Partners Investment Group LLC now owns 79,943 shares of the rocket manufacturer’s stock worth $2,187,000 after acquiring an additional 334 shares during the last quarter. New Millennium Group LLC lifted its position in Rocket Lab USA by 105.0% during the fourth quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer’s stock valued at $52,000 after buying an additional 1,050 shares in the last quarter. Smith Anglin Financial LLC raised its stake in shares of Rocket Lab USA by 10.3% in the 4th quarter. Smith Anglin Financial LLC now owns 11,746 shares of the rocket manufacturer’s stock valued at $299,000 after acquiring an additional 1,096 shares during the period. Spire Wealth Management boosted its position in Rocket Lab USA by 14.0% during the 4th quarter. Spire Wealth Management now owns 11,400 shares of the rocket manufacturer’s stock worth $290,000 after purchasing an additional 1,400 shares during the period. Finally, Wingate Wealth Advisors Inc. acquired a new stake in Rocket Lab USA in the 4th quarter valued at $40,000. Institutional investors and hedge funds 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.