Rocket Lab USA (NASDAQ:RKLB) Trading Up 0.9% After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price rose 0.9% during trading on Thursday after Wells Fargo & Company raised their price target on the stock from $13.50 to $22.00. Wells Fargo & Company currently has an equal weight rating on the stock. Rocket Lab USA traded as high as $23.96 and last traded at $23.55. Approximately 3,968,457 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 12,012,441 shares. The stock had previously closed at $23.35.

Other equities analysts have also recently issued reports about the stock. Citigroup lifted their price target on shares of Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. KeyCorp boosted their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Stifel Nicolaus raised their price target on shares of Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group raised their target price on shares of Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Finally, JMP Securities assumed coverage on Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating on the stock. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $17.44.

Insiders Place Their Bets

In other news, Director Alexander R. Slusky sold 50,000 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value 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 represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $17.73, for a total value of $35,460,000.00. Following the completion of the sale, the director now owns 2,351,135 shares in the company, valued at approximately $41,685,623.55. This represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,114,530 shares of company stock valued at $38,168,400. 13.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Lab USA

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RKLB. Geode Capital Management LLC increased its holdings in shares of Rocket Lab USA by 12.2% during 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 purchasing an additional 898,223 shares in the last quarter. ARK Investment Management LLC boosted its stake in shares of Rocket Lab USA by 6.6% during the 2nd quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock worth $30,226,000 after acquiring an additional 391,778 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Rocket Lab USA by 22.7% during 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. American Century Companies Inc. boosted its position in 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. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Rocket Lab USA by 25.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock valued at $10,193,000 after purchasing an additional 432,501 shares during the period. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab USA Stock Down 3.3 %

The business’s 50 day moving average is $16.28 and its 200-day moving average is $9.41. The stock has a market cap of $11.29 billion, a price-to-earnings ratio of -61.03 and a beta of 1.94. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

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.