Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 0.9% After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price traded up 0.9% on Thursday after Wells Fargo & Company raised their price target on the stock from $13.50 to $22.00. Wells Fargo & Company currently has an equal weight rating on the stock. Rocket Lab USA traded as high as $23.96 and last traded at $23.55. 3,968,457 shares were traded during trading, a decline of 67% from the average session volume of 12,012,441 shares. The stock had previously closed at $23.35.

Other equities research analysts have also issued reports about the company. JMP Securities started coverage on Rocket Lab USA in a research report on Thursday, September 12th. They issued a “market perform” rating on the stock. Bank of America lifted 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. The Goldman Sachs Group upped their price objective on shares of Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. 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 research note on Monday, November 18th. Finally, Cantor Fitzgerald raised their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.44.

Insider Buying and Selling

In other news, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $17.73, for a total value 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Alexander R. Slusky sold 50,000 shares of the firm’s stock in a transaction on 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 transaction, the director now owns 534,675 shares of the company’s stock, valued at $12,297,525. The trade was a 8.55 % 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 over the last quarter. Corporate insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in Rocket Lab USA in the 2nd quarter worth approximately $46,000. Amalgamated Bank raised its stake in shares of Rocket Lab USA by 26.7% in the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after purchasing an additional 2,538 shares during the last quarter. CIBC Asset Management Inc bought a new position in shares of Rocket Lab USA during the second quarter valued at $67,000. Sanctuary Advisors LLC purchased a new stake in shares of Rocket Lab USA during the second quarter valued at $76,000. Finally, National Bank of Canada FI boosted its position in shares of Rocket Lab USA by 97.8% during the second quarter. National Bank of Canada FI now owns 20,230 shares of the rocket manufacturer’s stock valued at $92,000 after buying an additional 10,000 shares during the last quarter. Institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Price Performance

The firm has a fifty day moving average of $16.28 and a 200 day moving average of $9.41. 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 company has a market capitalization of $12.21 billion, a P/E ratio of -66.00 and a beta of 1.96.

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.