Rocket Lab USA (NASDAQ:RKLB) Hits New 1-Year High – What’s Next?

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $23.68 and last traded at $23.22, with a volume of 5384544 shares. The stock had previously closed at $22.41.

Wall Street Analyst Weigh In

RKLB has been the subject of a number of analyst reports. Stifel Nicolaus lifted their price objective on Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Wells Fargo & Company upped their price target on Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. JMP Securities began coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating on the stock. Citigroup upped their target price on shares of Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Finally, KeyCorp increased their target price 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. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.50.

Rocket Lab USA Trading Up 3.8 %

The firm has a market capitalization of $11.63 billion, a price-to-earnings ratio of -62.86 and a beta of 1.29. The business’s fifty day moving average is $11.82 and its 200 day moving average is $7.47. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

Insiders Place Their Bets

In other news, Director Matthew Ocko sold 2,000,000 shares of the firm’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 transaction of $35,460,000.00. Following the completion of the transaction, the director now directly owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This trade represents a 45.97 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. grew its holdings in shares of Rocket Lab USA by 59.4% in the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after acquiring 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 approximately $46,000. Baxter Bros Inc. bought a new stake in shares of Rocket Lab USA during the 2nd quarter worth approximately $48,000. Amalgamated Bank boosted its holdings in shares of Rocket Lab USA by 26.7% in the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after buying an additional 2,538 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new position in shares of Rocket Lab USA in the second quarter valued at $67,000. Institutional investors own 71.78% of the company’s stock.

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.