Citigroup Issues Positive Forecast for Rocket Lab USA (NASDAQ:RKLB) Stock Price

Rocket Lab USA (NASDAQ:RKLB) had its target price upped by research analysts at Citigroup from $13.00 to $22.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the rocket manufacturer’s stock. Citigroup’s target price would suggest a potential upside of 7.32% from the company’s current price.

A number of other equities analysts have also commented on RKLB. 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 report on Wednesday, November 13th. KeyCorp raised their price target on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. The Goldman Sachs Group raised their price target on Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. JMP Securities started coverage on Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating for the company. Finally, Wells Fargo & Company raised their price target on Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Rocket Lab USA has a consensus rating of “Moderate Buy” and an average target price of $16.50.

Rocket Lab USA Price Performance

Rocket Lab USA stock opened at $20.50 on Monday. Rocket Lab USA has a one year low of $3.47 and a one year high of $22.55. The business has a fifty day moving average price of $10.64 and a 200-day moving average price of $7.03. 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 firm has a market capitalization of $10.18 billion, a P/E ratio of -55.59 and a beta of 1.29.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $435,083.52. Following the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at $9,195,308.40. This trade represents a 4.52 % decrease in their ownership of the stock. The transaction 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 firm’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 sale, the director now owns 2,351,135 shares in the company, valued at $41,685,623.55. The trade was a 45.97 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,130,521 shares of company stock valued at $36,366,059. Company insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of large investors have recently added to or reduced their stakes in RKLB. Vanguard Group Inc. raised its position in Rocket Lab USA by 9.2% during the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after purchasing an additional 2,448,789 shares in the last quarter. Ieq Capital LLC purchased a new position in shares of Rocket Lab USA in the second quarter worth about $5,469,000. Mizuho Markets Americas LLC purchased a new position in shares of Rocket Lab USA in the third quarter worth about $8,930,000. Geode Capital Management LLC increased its holdings in shares of Rocket Lab USA by 12.2% in the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after buying an additional 898,223 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Rocket Lab USA by 22.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after buying an additional 532,207 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.