Rocket Lab USA (NASDAQ:RKLB) Trading Up 0.2% on Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price was up 0.2% on Monday 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 $20.35 and last traded at $19.04. Approximately 11,937,438 shares traded hands during mid-day trading, an increase of 9% from the average daily volume of 10,949,754 shares. The stock had previously closed at $19.00.

Several other equities research analysts also recently issued reports on the company. Bank of America increased their price target on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. The Goldman Sachs Group increased their price target on Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. JMP Securities assumed coverage on Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating for the company. Stifel Nicolaus increased their price target on Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald increased their price target on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $15.72.

Insider Buying and Selling

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $198,798.48. Following the completion of the transaction, the general counsel now directly owns 637,558 shares in the company, valued at $4,437,403.68. This trade represents a 4.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael D. Griffin sold 39,446 shares of the firm’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 owns 42,353 shares of the company’s stock, valued at approximately $292,235.70. This represents a 48.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,130,521 shares of company stock worth $36,366,059. 13.70% of the stock is owned by corporate insiders.

Institutional Trading of Rocket Lab USA

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Rocket Lab USA by 9.2% in the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after buying an additional 2,448,789 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Rocket Lab USA by 12.2% in the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after buying an additional 898,223 shares during the last quarter. ARK Investment Management LLC lifted its position in shares of 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 buying an additional 391,778 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Rocket Lab USA by 22.7% in 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 buying an additional 532,207 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Rocket Lab USA by 11.1% in the second quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock valued at $13,713,000 after buying an additional 284,360 shares during the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab USA Stock Performance

The company has a market capitalization of $9.58 billion, a price-to-earnings ratio of -51.84 and a beta of 1.29. The stock has a 50-day moving average price of $10.38 and a 200-day moving average price of $6.92. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

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.