Rocket Lab USA (NASDAQ:RKLB) Trading 0.9% Higher After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price rose 0.9% during trading 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. Approximately 3,968,457 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 12,012,441 shares. The stock had previously closed at $23.35.

Other analysts have also recently issued research reports about the company. Bank of America upped their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. JMP Securities initiated coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating for the company. Stifel Nicolaus raised their price objective on shares of Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Cantor Fitzgerald upped 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. Finally, Citigroup increased their price target on shares of Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.44.

Insider Buying and Selling at Rocket Lab USA

In other Rocket Lab USA news, Director Alexander R. Slusky sold 50,000 shares of the stock in a transaction dated 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 owns 534,675 shares of the company’s stock, valued at $12,297,525. This represents a 8.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA stock in a transaction dated 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 completion of the sale, the director now directly owns 2,351,135 shares in the company, valued at $41,685,623.55. This trade represents a 45.97 % 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 90 days. 13.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab USA

Institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in Rocket Lab USA in the second quarter worth $46,000. Amalgamated Bank lifted its position in Rocket Lab USA by 26.7% during the second 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 last quarter. CIBC Asset Management Inc purchased a new position in shares of Rocket Lab USA in the 2nd quarter worth $67,000. Sanctuary Advisors LLC bought a new stake in shares of Rocket Lab USA in the 2nd quarter worth about $76,000. Finally, National Bank of Canada FI raised its position in shares of Rocket Lab USA by 97.8% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Trading Up 8.1 %

The stock has a market cap of $12.21 billion, a P/E ratio of -66.00 and a beta of 1.96. 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’s fifty day moving average is $16.28 and its 200 day moving average is $9.41.

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.