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

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares 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 traded hands during mid-day trading, an increase of 3% from the average daily volume of 11,018,506 shares. The stock had previously closed at $19.29.

RKLB has been the topic of a number of other research reports. JMP Securities initiated coverage on Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating on the stock. KeyCorp raised their target price on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Stifel Nicolaus raised their target price on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Citigroup raised their target price on Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a report on Monday. Finally, 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 report on Thursday, November 14th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.50.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $198,798.48. Following the transaction, the general counsel now owns 637,558 shares in the company, valued at approximately $4,437,403.68. This represents a 4.29 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of the company’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 value of $35,460,000.00. Following the completion of the transaction, the director now directly owns 2,351,135 shares in the company, valued at $41,685,623.55. This trade represents a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,130,521 shares of company stock valued at $36,366,059 over the last three months. Company insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

A number of institutional investors and hedge funds have recently modified their holdings of the company. Allworth Financial LP raised its holdings in Rocket Lab USA by 1,827.6% in the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock worth $92,000 after purchasing an additional 8,992 shares during the period. International Assets Investment Management LLC bought a new stake in Rocket Lab USA during the second quarter valued at about $46,000. Baxter Bros Inc. bought a new stake in Rocket Lab USA during the second quarter valued at about $48,000. Smith Anglin Financial LLC bought a new stake in Rocket Lab USA during the third quarter valued at about $104,000. Finally, Advisors Asset Management Inc. raised its holdings in Rocket Lab USA by 59.4% during the first 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 during the period. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab USA Trading Up 6.3 %

The firm has a market capitalization of $10.18 billion, a P/E ratio of -55.59 and a beta of 1.29. The stock has a fifty day simple moving average of $10.64 and a 200 day simple moving average of $7.03. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

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.