Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 6.5% Following Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price rose 6.5% during mid-day trading on Tuesday after The Goldman Sachs Group raised their price target on the stock from $5.00 to $12.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rocket Lab USA traded as high as $20.73 and last traded at $20.55. Approximately 11,380,476 shares were traded during trading, an increase of 3% from the average daily volume of 11,018,506 shares. The stock had previously closed at $19.29.

Several other equities research analysts have also recently weighed in on RKLB. KeyCorp increased their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Citigroup raised their target price on Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday. Wells Fargo & Company raised their target price on Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. JMP Securities assumed coverage on Rocket Lab USA in a research report on Thursday, September 12th. They issued a “market perform” rating for the company. Finally, Stifel Nicolaus raised their target price on Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.50.

Insider Buying and Selling

In related news, CFO Adam C. Spice sold 62,512 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the sale, the chief financial officer now directly owns 1,321,165 shares in the company, valued at $9,195,308.40. The trade was a 4.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction 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 sale, the director now owns 2,351,135 shares of the company’s stock, valued at approximately $41,685,623.55. The trade was a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,130,521 shares of company stock valued at $36,366,059. 13.70% of the stock is owned by insiders.

Institutional Trading of Rocket Lab USA

A number of institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. raised its holdings in shares of Rocket Lab USA by 59.4% during the 1st 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 in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Rocket Lab USA during the 2nd quarter worth $46,000. Baxter Bros Inc. acquired a new position in shares of Rocket Lab USA during the 2nd quarter worth $48,000. Amalgamated Bank raised its holdings in shares of Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after buying an additional 2,538 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new position in shares of Rocket Lab USA during the 2nd quarter worth $67,000. 71.78% of the stock is currently owned by institutional investors.

Rocket Lab USA Price Performance

The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The company has a market cap of $10.18 billion, a price-to-earnings ratio of -55.59 and a beta of 1.29. The business has a fifty day moving average price of $10.64 and a 200 day moving average price of $7.03.

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.