Rocket Lab USA (NASDAQ:RKLB) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Rocket Lab USA (NASDAQ:RKLB) had its price objective increased by Wells Fargo & Company from $5.25 to $13.50 in a report issued on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the rocket manufacturer’s stock.

A number of other brokerages have also issued reports on RKLB. The Goldman Sachs Group increased their target price on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Cantor Fitzgerald restated an “overweight” rating and set a $7.00 target price on shares of Rocket Lab USA in a research report on Monday, September 30th. Citigroup upped their price target on shares of Rocket Lab USA from $7.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. KeyCorp upped their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, JMP Securities assumed coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They set a “market perform” rating for the company. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Rocket Lab USA has a consensus rating of “Moderate Buy” and an average price target of $14.72.

Rocket Lab USA Stock Performance

Shares of NASDAQ:RKLB opened at $19.00 on Wednesday. The company’s 50 day moving average price is $10.38 and its two-hundred day moving average price is $6.87. Rocket Lab USA has a 12-month low of $3.47 and a 12-month high of $22.55. The firm has a market cap of $9.44 billion, a PE ratio of -51.35 and a beta of 1.29. The company has a quick ratio of 2.43, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, Director Michael D. Griffin sold 39,446 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total value 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Adam C. Spice sold 62,512 shares of the company’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 $435,083.52. Following the completion of the transaction, the chief financial officer now owns 1,321,165 shares of the company’s stock, valued at approximately $9,195,308.40. This trade represents a 4.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,521 shares of company stock valued at $906,059 in the last quarter. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Rocket Lab USA by 9.2% in the 1st quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after acquiring an additional 2,448,789 shares during the period. Geode Capital Management LLC increased its position 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 valued at $80,317,000 after acquiring an additional 898,223 shares during the period. ARK Investment Management LLC increased its position in Rocket Lab USA by 6.6% in the 2nd 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 during the period. Charles Schwab Investment Management Inc. increased its position in Rocket Lab USA by 22.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after acquiring an additional 532,207 shares during the period. Finally, American Century Companies Inc. increased its position in Rocket Lab USA by 11.1% in the 2nd quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock valued at $13,713,000 after acquiring an additional 284,360 shares during the period. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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.