Citigroup Raises Rocket Lab USA (NASDAQ:RKLB) Price Target to $35.00

Rocket Lab USA (NASDAQ:RKLB) had its price objective raised by analysts at Citigroup from $22.00 to $35.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the rocket manufacturer’s stock. Citigroup’s target price would suggest a potential upside of 18.16% from the stock’s current price.

A number of other research firms have also recently commented on RKLB. Bank of America upped their price objective on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. The Goldman Sachs Group raised their price target on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Stifel Nicolaus boosted their price objective on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Wells Fargo & Company lifted their price target on shares of Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 11th. Finally, KeyCorp increased their price objective on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and an average target price of $20.06.

Rocket Lab USA Stock Down 5.3 %

Shares of NASDAQ RKLB opened at $29.62 on Tuesday. Rocket Lab USA has a 52-week low of $3.47 and a 52-week high of $31.64. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The stock has a market cap of $14.81 billion, a P/E ratio of -80.05 and a beta of 1.98. The firm has a 50 day moving average price of $24.56 and a 200 day moving average price of $13.71.

Insider Activity at Rocket Lab USA

In other news, 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 completion of the transaction, the insider now directly owns 1,464,032 shares in the company, valued at $35,356,372.80. This represents a 2.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Arjun Kampani sold 28,562 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $689,772.30. Following the completion of the transaction, the general counsel now owns 608,996 shares of the company’s stock, valued at $14,707,253.40. The trade was a 4.48 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,114,530 shares of company stock valued at $38,168,400. Corporate insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Smith Anglin Financial LLC increased its holdings in Rocket Lab USA by 10.3% during the fourth quarter. Smith Anglin Financial LLC now owns 11,746 shares of the rocket manufacturer’s stock worth $299,000 after buying an additional 1,096 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Rocket Lab USA by 4.4% during the 3rd quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock worth $395,000 after purchasing an additional 1,709 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Rocket Lab USA by 26.7% in the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after purchasing an additional 2,538 shares during the period. Lakeridge Wealth Management LLC lifted its stake in 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. grew its holdings in Rocket Lab USA by 28.7% during the third quarter. Advisors Asset Management Inc. now owns 14,438 shares of the rocket manufacturer’s stock worth $140,000 after purchasing an additional 3,220 shares during the period. Institutional investors 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.