Citigroup Forecasts Strong Price Appreciation for Rocket Lab USA (NASDAQ:RKLB) Stock

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

RKLB has been the subject of a number of other research reports. The Goldman Sachs Group lifted their price target on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research note on Thursday, January 16th. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company increased their price target on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 11th. Stifel Nicolaus lifted their price objective on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, Cantor Fitzgerald increased their target price on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Rocket Lab USA presently has an average rating of “Moderate Buy” and a consensus price target of $20.06.

Rocket Lab USA Stock Up 6.6 %

Rocket Lab USA stock opened at $31.57 on Tuesday. The firm has a market capitalization of $15.78 billion, a price-to-earnings ratio of -85.32 and a beta of 1.98. The firm’s fifty day moving average price is $24.78 and its two-hundred day moving average price is $13.82. Rocket Lab USA has a 1-year low of $3.47 and a 1-year high of $31.75. 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 Buying and Selling at Rocket Lab USA

In other news, insider Frank Klein sold 35,968 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $868,627.20. Following the transaction, the insider now owns 1,464,032 shares of the company’s stock, valued at $35,356,372.80. This represents a 2.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 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 have sold a total of 2,114,530 shares of company stock worth $38,168,400 over the last three months. 13.70% of the stock is currently owned by insiders.

Institutional Trading of Rocket Lab USA

A number of institutional investors have recently modified their holdings of the business. Geode Capital Management LLC raised its holdings in Rocket Lab USA by 12.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after acquiring an additional 898,223 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Rocket Lab USA by 22.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after purchasing an additional 532,207 shares in the last quarter. Mizuho Markets Americas LLC bought a new stake in shares of Rocket Lab USA during the 3rd quarter valued at $8,930,000. Citigroup Inc. lifted its holdings in Rocket Lab USA by 46.8% during the 3rd quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after purchasing an additional 220,432 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in Rocket Lab USA in the 3rd quarter worth about $2,651,000. 71.78% of the stock is currently 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.