Rocket Lab USA (NASDAQ:RKLB) Trading 3% Higher – Still a Buy?

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) shot up 3% on Tuesday . The stock traded as high as $26.57 and last traded at $26.35. 4,679,493 shares were traded during mid-day trading, a decline of 62% from the average session volume of 12,206,382 shares. The stock had previously closed at $25.59.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Cantor Fitzgerald raised their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. KeyCorp raised their target price 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. Stifel Nicolaus boosted their price target on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company increased their price target on Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 11th. Finally, Bank of America lifted 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. Five equities 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 stock. Based on data from MarketBeat.com, Rocket Lab USA currently has an average rating of “Moderate Buy” and an average target price of $17.44.

Rocket Lab USA Trading Up 3.9 %

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 business’s 50-day simple moving average is $18.73 and its two-hundred day simple moving average is $10.65. The stock has a market capitalization of $13.30 billion, a price-to-earnings ratio of -71.89 and a beta of 1.96.

Insider Buying and Selling

In other news, insider Frank Klein sold 35,968 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $868,627.20. Following the completion of the sale, the insider now directly owns 1,464,032 shares in the company, valued at $35,356,372.80. This trade represents a 2.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alexander R. Slusky sold 50,000 shares of Rocket Lab USA stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value of $1,150,000.00. Following the sale, the director now directly owns 534,675 shares in the company, valued at approximately $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. In the last three months, insiders sold 2,114,530 shares of company stock valued at $38,168,400. Company insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP increased its position in shares of Rocket Lab USA by 1,827.6% in the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock worth $92,000 after purchasing an additional 8,992 shares during the last quarter. International Assets Investment Management LLC bought a new position in Rocket Lab USA during the 2nd quarter worth approximately $46,000. Smith Anglin Financial LLC acquired a new stake in shares of Rocket Lab USA during the 3rd quarter valued at approximately $104,000. Franklin Resources Inc. acquired a new position in Rocket Lab USA in the third quarter worth $107,000. Finally, Schneider Downs Wealth Management Advisors LP bought a new stake in Rocket Lab USA during the third quarter valued at $107,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

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.