Rocket Lab USA (NASDAQ:RKLB) Trading 0.2% Higher After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB) was up 0.2% during mid-day trading on Monday after Citigroup raised their price target on the stock from $13.00 to $22.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA traded as high as $20.35 and last traded at $19.04. Approximately 11,937,438 shares changed hands during trading, an increase of 9% from the average daily volume of 10,949,754 shares. The stock had previously closed at $19.00.

RKLB has been the topic of a number of other research reports. 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 report on Thursday, October 24th. The Goldman Sachs Group upped their price target 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. 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 report on Thursday. Cantor Fitzgerald raised their target price on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Stifel Nicolaus boosted their target price on shares of Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Rocket Lab USA has a consensus rating of “Moderate Buy” and a consensus target price of $15.72.

Insider Transactions at Rocket Lab USA

In related news, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. This trade represents a 4.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, General Counsel Arjun Kampani sold 28,563 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $198,798.48. Following the transaction, the general counsel now directly owns 637,558 shares in the company, valued at $4,437,403.68. The trade was a 4.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,521 shares of company stock worth $906,059 over the last quarter. 13.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in Rocket Lab USA by 12.2% in the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after purchasing an additional 898,223 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Rocket Lab USA by 22.4% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 227,438 shares of the rocket manufacturer’s stock valued at $2,213,000 after buying an additional 41,551 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Rocket Lab USA in the third quarter worth $1,403,000. Main Management ETF Advisors LLC purchased a new position in shares of Rocket Lab USA in the 3rd quarter worth $1,570,000. Finally, National Bank of Canada FI raised its position in Rocket Lab USA by 149.2% during the third quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock valued at $490,000 after purchasing an additional 30,178 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Price Performance

The firm’s 50 day simple moving average is $10.38 and its 200 day simple moving average is $6.92. The company has a market capitalization of $9.53 billion, a PE ratio of -53.76 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.

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.