Rocket Lab USA (NASDAQ:RKLB) Trading Up 6.3% – Should You Buy?

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares were up 6.3% during trading on Monday . The company traded as high as $28.05 and last traded at $27.28. Approximately 19,870,548 shares changed hands during mid-day trading, an increase of 71% from the average daily volume of 11,646,910 shares. The stock had previously closed at $25.67.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RKLB. Citigroup lifted their price target on Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Bank of America upped their price objective on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. KeyCorp lifted their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Wells Fargo & Company upped 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, Cantor Fitzgerald lifted their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.50.

Rocket Lab USA Stock Performance

The business’s 50 day simple moving average is $13.66 and its two-hundred day simple moving average is $8.27. The firm has a market capitalization of $13.64 billion, a P/E ratio of -73.73 and a beta of 1.29. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Insider Activity at Rocket Lab USA

In related news, insider Frank Klein sold 35,968 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $868,627.20. Following the sale, the insider now owns 1,464,032 shares in the company, valued at approximately $35,356,372.80. This trade represents a 2.40 % 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 28,562 shares of Rocket Lab USA stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $689,772.30. Following the completion of the sale, the general counsel now directly owns 608,996 shares of the company’s stock, valued at approximately $14,707,253.40. This trade represents a 4.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,064,530 shares of company stock valued at $37,018,400 over the last 90 days. Corporate 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 boosted its position in Rocket Lab USA by 1,827.6% in the third 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 last quarter. International Assets Investment Management LLC purchased a new position in shares of Rocket Lab USA in the second quarter worth approximately $46,000. Baxter Bros Inc. purchased a new stake in Rocket Lab USA during the second quarter valued at approximately $48,000. Smith Anglin Financial LLC bought a new position in Rocket Lab USA in the third quarter worth approximately $104,000. Finally, Franklin Resources Inc. purchased a new position in shares of Rocket Lab USA during the 3rd quarter worth $107,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

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.