Rocket Lab USA (NASDAQ:RKLB) Trading Up 3.9% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares traded up 3.9% on Wednesday . The company traded as high as $26.60 and last traded at $26.60. 8,689,609 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 12,227,551 shares. The stock had previously closed at $25.59.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RKLB shares. Wells Fargo & Company upped their price target on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 11th. Cantor Fitzgerald raised their target price on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. The Goldman Sachs Group lifted their price target on Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. JMP Securities assumed coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating for the company. Finally, Citigroup lifted their target price on shares of Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.44.

Rocket Lab USA Price Performance

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’s fifty day moving average is $19.39 and its two-hundred day moving average is $10.88. The stock has a market cap of $14.22 billion, a price-to-earnings ratio of -76.86 and a beta of 1.96.

Insider Activity at Rocket Lab USA

In related news, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction that occurred on 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 $41,685,623.55. This represents a 45.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alexander R. Slusky sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total transaction 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 $12,297,525. This represents a 8.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,114,530 shares of company stock worth $38,168,400. 13.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RKLB. Victory Capital Management Inc. boosted its stake in shares of Rocket Lab USA by 4.4% in the 3rd quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock valued at $395,000 after buying an additional 1,709 shares during the period. Wellington Shields & Co. LLC lifted its stake in Rocket Lab USA by 3.8% in the second quarter. Wellington Shields & Co. LLC now owns 69,142 shares of the rocket manufacturer’s stock worth $332,000 after acquiring an additional 2,503 shares during the last quarter. Amalgamated Bank grew its holdings in Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after acquiring an additional 2,538 shares in the last quarter. Lakeridge Wealth Management LLC increased its position in shares of Rocket Lab USA by 30.0% in the 3rd quarter. Lakeridge Wealth Management LLC now owns 13,000 shares of the rocket manufacturer’s stock valued at $126,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of Rocket Lab USA by 28.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 14,438 shares of the rocket manufacturer’s stock valued at $140,000 after purchasing an additional 3,220 shares in the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

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.