Rocket Lab USA (NASDAQ:RKLB) Sets New 52-Week High After Analyst Upgrade

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) hit a new 52-week high during trading on Wednesday after Citigroup raised their price target on the stock from $22.00 to $35.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA traded as high as $31.64 and last traded at $31.27, with a volume of 61867601 shares. The stock had previously closed at $24.00.

Several other analysts also recently commented on the stock. Wells Fargo & Company raised their target price on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 11th. Bank of America lifted their price objective on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, November 14th. The Goldman Sachs Group lifted their price objective on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. Cantor Fitzgerald lifted their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Finally, TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.06.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,562 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $689,772.30. Following the transaction, the general counsel now directly owns 608,996 shares in the company, valued at $14,707,253.40. The trade was a 4.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Frank Klein sold 35,968 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $24.15, for a total transaction of $868,627.20. Following the completion of 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 disclosure for this sale can be found here. Over the last three months, insiders sold 2,114,530 shares of company stock valued at $38,168,400. 13.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors and hedge funds have recently modified their holdings of RKLB. Amalgamated Bank increased its holdings in shares of Rocket Lab USA by 26.7% in the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after purchasing an additional 2,538 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Rocket Lab USA in the second quarter valued at $76,000. Allworth Financial LP increased its holdings in shares of Rocket Lab USA by 1,827.6% in the third quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after purchasing an additional 8,992 shares during the last quarter. Smith Anglin Financial LLC acquired a new position in shares of Rocket Lab USA in the third quarter valued at $104,000. Finally, Xponance Inc. grew its stake in shares of Rocket Lab USA by 29.1% in the second quarter. Xponance Inc. now owns 22,185 shares of the rocket manufacturer’s stock valued at $106,000 after acquiring an additional 4,997 shares in the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Rocket Lab USA Price Performance

The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The company’s 50 day moving average is $24.23 and its 200 day moving average is $13.52. The firm has a market capitalization of $15.63 billion, a price-to-earnings ratio of -84.51 and a beta of 1.98.

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.