Rocket Lab USA (NASDAQ:RKLB) Shares Up 5.2% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) was up 5.2% during trading on Wednesday . The stock traded as high as $21.28 and last traded at $21.34. Approximately 6,510,065 shares traded hands during trading, a decline of 67% from the average daily volume of 19,580,816 shares. The stock had previously closed at $20.28.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Citigroup increased their price target on Rocket Lab USA from $22.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Stifel Nicolaus upped 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 note on Wednesday, January 8th. Bank of America raised their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald increased 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 note on Thursday, November 14th. Finally, Wells Fargo & Company boosted their price target 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. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.28.

Rocket Lab USA Trading Up 2.7 %

The firm has a market cap of $10.42 billion, a PE ratio of -56.69 and a beta of 1.99. The company’s 50-day moving average is $26.90 and its 200 day moving average is $17.68. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Insider Transactions at Rocket Lab USA

In other news, Director Nina Armagno sold 10,000 shares of Rocket Lab USA stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $23.63, for a total value of $236,300.00. Following the sale, the director now directly owns 132,294 shares in the company, valued at $3,126,107.22. This trade represents a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alexander R. Slusky sold 50,000 shares of Rocket Lab USA stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the transaction, the director now directly owns 534,675 shares of the company’s stock, valued at approximately $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Creative Planning increased its stake in Rocket Lab USA by 39.1% in the 3rd quarter. Creative Planning now owns 83,547 shares of the rocket manufacturer’s stock worth $813,000 after purchasing an additional 23,504 shares during the period. International Assets Investment Management LLC boosted its stake in Rocket Lab USA by 934.5% in the 3rd quarter. International Assets Investment Management LLC now owns 98,176 shares of the rocket manufacturer’s stock worth $10,090,000 after purchasing an additional 88,686 shares during the period. Allworth Financial LP lifted its stake in shares of Rocket Lab USA by 1,827.6% in the 3rd 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. Van ECK Associates Corp increased its stake in Rocket Lab USA by 33.1% in the 3rd quarter. Van ECK Associates Corp now owns 131,076 shares of the rocket manufacturer’s stock worth $1,275,000 after buying an additional 32,618 shares during the period. Finally, AlphaCentric Advisors LLC bought a new position in Rocket Lab USA in the third quarter worth about $146,000. 71.78% of the stock is currently 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.