Rocket Lab USA (NASDAQ:RKLB) Given New $22.00 Price Target at Citigroup

Rocket Lab USA (NASDAQ:RKLB) had its price target raised by Citigroup from $13.00 to $22.00 in a report issued on Monday,Benzinga reports. They currently have a buy rating on the rocket manufacturer’s stock.

A number of other research firms have also recently commented on RKLB. JMP Securities started coverage on Rocket Lab USA in a research report on Thursday, September 12th. They issued a “market perform” rating for the company. The Goldman Sachs Group upped their target price on Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Cantor Fitzgerald upped their target price on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. KeyCorp upped their price target on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, Stifel Nicolaus upped their price target on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.50.

Rocket Lab USA Trading Up 10.9 %

Shares of NASDAQ:RKLB opened at $22.37 on Monday. Rocket Lab USA has a 12-month low of $3.47 and a 12-month high of $22.55. The company has a market capitalization of $11.11 billion, a PE ratio of -58.57 and a beta of 1.29. The business has a 50 day moving average of $11.20 and a two-hundred day moving average of $7.23. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Insider Activity

In other news, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA 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 completion of the sale, the director now owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. The trade was a 45.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Rocket Lab USA by 9.2% in the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after purchasing an additional 2,448,789 shares during the last quarter. Ieq Capital LLC bought a new position in Rocket Lab USA during the 2nd quarter worth approximately $5,469,000. Mizuho Markets Americas LLC acquired a new stake in shares of Rocket Lab USA during the 3rd quarter worth approximately $8,930,000. Geode Capital Management LLC raised its position in shares of Rocket Lab USA by 12.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after purchasing an additional 898,223 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Rocket Lab USA by 22.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after purchasing an additional 532,207 shares during the period. Hedge funds and other 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.