Rocket Lab USA (NASDAQ:RKLB) Price Target Raised to $31.00

Rocket Lab USA (NASDAQ:RKLB) had its price objective increased by Stifel Nicolaus from $26.00 to $31.00 in a research report sent to investors on Wednesday,Benzinga reports. Stifel Nicolaus currently has a buy rating on the rocket manufacturer’s stock.

Several other equities research analysts have also recently commented on the company. JMP Securities started coverage on Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating for the company. Citigroup raised their price objective 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. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. The Goldman Sachs Group increased their price target on Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Finally, KeyCorp upped their price objective on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. 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 company. According to MarketBeat.com, Rocket Lab USA has an average rating of “Moderate Buy” and a consensus target price of $18.44.

Rocket Lab USA Stock Performance

Shares of RKLB opened at $26.91 on Wednesday. The firm’s fifty day simple moving average is $22.88 and its two-hundred day simple moving average is $12.58. Rocket Lab USA has a 12 month low of $3.47 and a 12 month high of $30.26. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $13.45 billion, a P/E ratio of -72.73 and a beta of 1.98.

Insiders Place Their Bets

In related news, insider Frank Klein sold 35,968 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $868,627.20. Following the transaction, the insider now owns 1,464,032 shares in the company, valued at approximately $35,356,372.80. This represents a 2.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Ocko sold 2,000,000 shares of the firm’s 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 directly owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,114,530 shares of company stock valued at $38,168,400. Insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

Institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its position in shares of Rocket Lab USA by 23.4% in the second quarter. Principal Financial Group Inc. now owns 47,002 shares of the rocket manufacturer’s stock valued at $226,000 after purchasing an additional 8,928 shares during the period. CIBC Asset Management Inc bought a new stake in Rocket Lab USA during the 2nd quarter valued at $67,000. Rhumbline Advisers lifted its position in shares of Rocket Lab USA by 24.2% during the second quarter. Rhumbline Advisers now owns 480,154 shares of the rocket manufacturer’s stock worth $2,305,000 after acquiring an additional 93,447 shares in the last quarter. National Bank of Canada FI grew its position in shares of Rocket Lab USA by 97.8% in the second quarter. National Bank of Canada FI now owns 20,230 shares of the rocket manufacturer’s stock valued at $92,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Rocket Lab USA by 21.2% during the 2nd quarter. Arizona State Retirement System now owns 89,008 shares of the rocket manufacturer’s stock valued at $427,000 after purchasing an additional 15,565 shares during the period. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.