Rocket Lab USA (NASDAQ:RKLB) Given New $35.00 Price Target at Citigroup

Rocket Lab USA (NASDAQ:RKLB) had its price target hoisted by Citigroup from $22.00 to $35.00 in a research note issued to investors on Tuesday,Benzinga reports. Citigroup currently has a buy rating on the rocket manufacturer’s stock.

RKLB has been the subject of several other reports. Wells Fargo & Company lifted their price target on shares of Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 11th. KeyCorp lifted their target price on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. The Goldman Sachs Group increased their price target on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Bank of America boosted their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald increased their target price on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and an average price target of $20.06.

Rocket Lab USA Stock Performance

RKLB stock opened at $31.27 on Tuesday. The firm has a market cap of $15.63 billion, a P/E ratio of -84.51 and a beta of 1.98. The stock’s 50 day simple moving average is $24.23 and its 200 day simple moving average is $13.52. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. Rocket Lab USA has a 12-month low of $3.47 and a 12-month high of $31.64.

Insider Activity at Rocket Lab USA

In other news, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was 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 $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Arjun Kampani sold 28,562 shares of Rocket Lab USA stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $689,772.30. Following the transaction, the general counsel now directly owns 608,996 shares in the company, valued at approximately $14,707,253.40. The trade was a 4.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,114,530 shares of company stock worth $38,168,400 over the last ninety days. 13.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab USA

Several large investors have recently made changes to their positions in RKLB. Avior Wealth Management LLC lifted its stake in Rocket Lab USA by 478.6% during the fourth quarter. Avior Wealth Management LLC now owns 6,966 shares of the rocket manufacturer’s stock valued at $177,000 after purchasing an additional 5,762 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Rocket Lab USA by 134.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 9,290 shares of the rocket manufacturer’s stock valued at $237,000 after buying an additional 5,325 shares in the last quarter. Allworth Financial LP lifted its position in shares of Rocket Lab USA by 1,827.6% during the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after acquiring an additional 8,992 shares during the last quarter. Smith Anglin Financial LLC bought a new stake in shares of Rocket Lab USA during the 3rd quarter worth $104,000. Finally, Franklin Resources Inc. acquired a new position in shares of Rocket Lab USA in the 3rd quarter worth $107,000. 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.