Rocket Lab USA (NASDAQ:RKLB) Price Target Raised to $24.00

Rocket Lab USA (NASDAQ:RKLB) had its price target raised by Cantor Fitzgerald from $7.00 to $24.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the rocket manufacturer’s stock.

RKLB has been the subject of several other research reports. Stifel Nicolaus raised their price target on Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday. KeyCorp lifted their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Wells Fargo & Company upped their target price on shares of Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a report on Wednesday. The Goldman Sachs Group lifted their price target on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Finally, Citigroup upped their price objective on shares of Rocket Lab USA from $7.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.72.

Rocket Lab USA Trading Up 9.4 %

Shares of RKLB opened at $19.00 on Thursday. Rocket Lab USA has a 1-year low of $3.47 and a 1-year high of $22.55. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.43. The firm has a 50 day simple moving average of $10.38 and a 200-day simple moving average of $6.90. The stock has a market cap of $9.44 billion, a price-to-earnings ratio of -51.35 and a beta of 1.29.

Insider Buying and Selling

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $198,798.48. Following the completion of the sale, the general counsel now directly owns 637,558 shares in the company, valued at $4,437,403.68. The trade was a 4.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael D. Griffin sold 39,446 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the transaction, the director now directly owns 42,353 shares in the company, valued at approximately $292,235.70. This represents a 48.22 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 130,521 shares of company stock valued at $906,059. 13.70% of the stock is currently owned by company insiders.

Institutional Trading of Rocket Lab USA

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Rocket Lab USA by 9.2% during the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock worth $119,192,000 after purchasing an additional 2,448,789 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Rocket Lab USA by 12.2% in the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after acquiring an additional 898,223 shares during the period. ARK Investment Management LLC grew its position in Rocket Lab USA by 6.6% in the second quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock valued at $30,226,000 after acquiring an additional 391,778 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Rocket Lab USA by 22.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after purchasing an additional 532,207 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of Rocket Lab USA by 11.1% during the second quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock worth $13,713,000 after purchasing an additional 284,360 shares in the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

Rocket Lab USA Company Profile

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.