Rocket Lab USA (NASDAQ:RKLB) Trading 6.5% Higher Following Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price rose 6.5% on Tuesday after Citigroup raised their price target on the stock from $13.00 to $22.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA traded as high as $20.73 and last traded at $20.55. Approximately 11,380,476 shares traded hands during mid-day trading, an increase of 3% from the average daily volume of 11,018,506 shares. The stock had previously closed at $19.29.

Several other equities analysts have also recently weighed in on the stock. Cantor Fitzgerald lifted their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Bank of America boosted their price objective on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. JMP Securities began coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating on the stock. KeyCorp upped their target price 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. Finally, Stifel Nicolaus raised their price target on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Rocket Lab USA currently has an average rating of “Moderate Buy” and an average price target of $15.72.

Insider Buying and Selling at Rocket Lab USA

In related news, General Counsel Arjun Kampani sold 28,563 shares of the stock in a transaction dated 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 owns 637,558 shares in the company, valued at $4,437,403.68. This trade represents a 4.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the completion of the transaction, the director now owns 2,351,135 shares in the company, valued at approximately $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. Over the last ninety days, insiders have sold 2,130,521 shares of company stock valued at $36,366,059. 13.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Rocket Lab USA

Hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. boosted its holdings in shares of Rocket Lab USA by 59.4% in 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 in the last quarter. International Assets Investment Management LLC acquired a new position in Rocket Lab USA in the second quarter worth $46,000. Baxter Bros Inc. bought a new stake in shares of Rocket Lab USA during the second quarter worth $48,000. Amalgamated Bank increased its stake 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 buying an additional 2,538 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new position in shares of Rocket Lab USA in the second quarter valued at about $67,000. Institutional investors and hedge funds own 71.78% of the company’s stock.

Rocket Lab USA Trading Up 5.5 %

The company’s 50-day moving average is $10.64 and its 200-day moving average is $7.03. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The firm has a market cap of $10.11 billion, a price-to-earnings ratio of -55.54 and a beta of 1.29.

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.