Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 2.9% Following Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB) traded up 2.9% on Friday after The Goldman Sachs Group raised their price target on the stock from $12.00 to $13.50. The Goldman Sachs Group currently has a neutral rating on the stock. Rocket Lab USA traded as high as $25.65 and last traded at $25.35. 5,940,573 shares traded hands during trading, a decline of 63% from the average session volume of 15,856,883 shares. The stock had previously closed at $24.64.

RKLB has been the topic of several other research reports. Bank of America boosted their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus boosted their price objective on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. KeyCorp increased their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Wells Fargo & Company increased their price objective on Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 11th. 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 report on Monday, November 18th. Five investment 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.61.

Insider Buying and Selling

In related news, General Counsel Arjun Kampani sold 28,562 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $689,772.30. Following the completion of the sale, the general counsel now directly owns 608,996 shares of the company’s stock, valued at $14,707,253.40. The trade was a 4.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $17.73, for a total value of $35,460,000.00. Following the transaction, the director now directly owns 2,351,135 shares of the company’s stock, 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. In the last quarter, insiders sold 2,114,530 shares of company stock worth $38,168,400. 13.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Smith Anglin Financial LLC lifted its holdings in shares of Rocket Lab USA by 10.3% in the fourth quarter. Smith Anglin Financial LLC now owns 11,746 shares of the rocket manufacturer’s stock valued at $299,000 after buying an additional 1,096 shares during the period. Victory Capital Management Inc. boosted its position in shares of Rocket Lab USA by 4.4% during the 3rd quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock valued at $395,000 after purchasing an additional 1,709 shares in the last quarter. Amalgamated Bank grew its stake in shares of Rocket Lab USA by 26.7% in the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after purchasing an additional 2,538 shares during the last quarter. Lakeridge Wealth Management LLC raised its holdings in shares of Rocket Lab USA by 30.0% in the 3rd quarter. Lakeridge Wealth Management LLC now owns 13,000 shares of the rocket manufacturer’s stock worth $126,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in Rocket Lab USA by 28.7% during the third quarter. Advisors Asset Management Inc. now owns 14,438 shares of the rocket manufacturer’s stock worth $140,000 after buying an additional 3,220 shares in the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

Rocket Lab USA Price Performance

The company has a market cap of $12.00 billion, a P/E ratio of -64.86 and a beta of 1.98. 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 company has a fifty day simple moving average of $24.05 and a 200-day simple moving average of $13.32.

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.