Rocket Lab USA (NASDAQ:RKLB) Hits New 12-Month High – Time to Buy?

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $23.68 and last traded at $23.22, with a volume of 5384544 shares changing hands. The stock had previously closed at $22.41.

Wall Street Analyst Weigh In

RKLB has been the topic of a number of recent analyst reports. JMP Securities began coverage on Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating on the stock. KeyCorp boosted their target price on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Cantor Fitzgerald raised their price target on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Wells Fargo & Company lifted their price objective on shares of Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Finally, Citigroup increased their price objective on shares of Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Rocket Lab USA presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.50.

Rocket Lab USA Stock Up 3.8 %

The stock’s fifty day simple moving average is $11.82 and its 200-day simple moving average is $7.47. The stock has a market cap of $11.63 billion, a P/E ratio of -62.86 and a beta of 1.29. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

Insider Activity

In other news, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction on Thursday, November 14th. The stock was 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 approximately $41,685,623.55. This represents a 45.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 13.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rocket Lab USA

Large investors have recently bought and sold shares of the company. Advisors Asset Management Inc. lifted its holdings in shares of Rocket Lab USA by 59.4% during the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after acquiring an additional 4,032 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Rocket Lab USA in the 2nd quarter valued at $46,000. Baxter Bros Inc. acquired a new position in shares of Rocket Lab USA during the 2nd quarter worth $48,000. Amalgamated Bank lifted its position in shares of 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 buying an additional 2,538 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new position in Rocket Lab USA in the second quarter valued at about $67,000. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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.