Rocket Lab USA (NASDAQ:RKLB) Trading 2% Higher – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares rose 2% on Friday . The company traded as high as $23.81 and last traded at $22.85. Approximately 10,833,799 shares were traded during mid-day trading, a decline of 3% from the average daily volume of 11,207,274 shares. The stock had previously closed at $22.41.

Analyst Ratings Changes

RKLB has been the topic of a number of research reports. Stifel Nicolaus raised their target price on shares of Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Citigroup raised their target price on shares of Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday. Cantor Fitzgerald lifted their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Wells Fargo & Company lifted their price target on shares of Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Finally, JMP Securities began coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating on the stock. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.50.

Rocket Lab USA Trading Up 4.5 %

The company’s 50 day simple moving average is $11.51 and its 200 day simple moving average is $7.34. The firm has a market cap of $11.63 billion, a price-to-earnings ratio of -61.76 and a beta of 1.29. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Insiders Place Their Bets

In other news, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA stock in a transaction 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 sale, the director now directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

Several institutional investors have recently modified their holdings of the company. Allworth Financial LP increased its position in Rocket Lab USA by 1,827.6% during the third quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock worth $92,000 after buying an additional 8,992 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Rocket Lab USA during the second quarter worth approximately $46,000. Baxter Bros Inc. acquired a new stake in shares of Rocket Lab USA during the second quarter worth $48,000. Smith Anglin Financial LLC acquired a new position in Rocket Lab USA in the 3rd quarter valued at $104,000. Finally, Advisors Asset Management Inc. lifted its stake 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 worth $44,000 after acquiring an additional 4,032 shares during the period. 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.