Citigroup Boosts Rocket Lab USA (NASDAQ:RKLB) Price Target to $22.00

Rocket Lab USA (NASDAQ:RKLB) had its target price raised by equities researchers at Citigroup from $13.00 to $22.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the rocket manufacturer’s stock. Citigroup’s price target points to a potential upside of 7.32% from the company’s previous close.

Several other equities research analysts have also commented on RKLB. The Goldman Sachs Group upped their target price on Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. JMP Securities assumed coverage on Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating on the stock. 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. 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. Finally, KeyCorp increased their price target on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $16.50.

Rocket Lab USA Price Performance

Shares of RKLB opened at $20.50 on Monday. The business has a 50-day simple moving average of $10.64 and a two-hundred day simple moving average of $7.03. Rocket Lab USA has a 12-month low of $3.47 and a 12-month high of $22.55. The stock has a market cap of $10.18 billion, a PE ratio of -55.59 and a beta of 1.29. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

Insider Transactions at Rocket Lab USA

In other news, General Counsel Arjun Kampani sold 28,563 shares of the 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 sale, the general counsel now directly owns 637,558 shares of the company’s stock, valued at $4,437,403.68. This represents a 4.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael D. Griffin sold 39,446 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the completion of the sale, the director now directly owns 42,353 shares of the company’s stock, valued at approximately $292,235.70. This trade represents a 48.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,130,521 shares of company stock valued at $36,366,059 over the last ninety days. 13.70% of the stock is currently owned by insiders.

Institutional Trading of Rocket Lab USA

A number of institutional investors and hedge funds have recently modified their holdings of RKLB. Janney Montgomery Scott LLC purchased a new stake in shares of Rocket Lab USA during the first quarter valued at approximately $192,000. ProShare Advisors LLC increased its position in Rocket Lab USA by 10.2% in the first quarter. ProShare Advisors LLC now owns 50,879 shares of the rocket manufacturer’s stock worth $209,000 after buying an additional 4,713 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Rocket Lab USA by 2.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 294,054 shares of the rocket manufacturer’s stock worth $1,209,000 after buying an additional 6,534 shares during the last quarter. Vanguard Group Inc. increased its position in 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 worth $119,192,000 after buying an additional 2,448,789 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in Rocket Lab USA by 59.4% in the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after buying an additional 4,032 shares during the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.