Rocket Lab USA (NASDAQ:RKLB) Trading Up 0.5% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price was up 0.5% during mid-day trading on Thursday . The company traded as high as $24.70 and last traded at $23.04. Approximately 7,125,783 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 12,139,553 shares. The stock had previously closed at $22.92.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on RKLB shares. Wells Fargo & Company boosted their target price on Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 11th. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a report on Thursday. Cantor Fitzgerald upped their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Bank of America lifted their price target 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. Finally, KeyCorp boosted their price target on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $17.44.

Rocket Lab USA Stock Up 7.1 %

The firm has a market capitalization of $12.43 billion, a PE ratio of -67.21 and a beta of 1.96. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The stock has a 50-day simple moving average of $18.08 and a 200-day simple moving average of $10.26.

Insider Buying and Selling at Rocket Lab USA

In other news, insider Frank Klein sold 35,968 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $868,627.20. Following the transaction, the insider now directly owns 1,464,032 shares in the company, valued at $35,356,372.80. The trade was a 2.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the 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 transaction, the director now owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,114,530 shares of company stock worth $38,168,400 over the last 90 days. Corporate insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Hedge funds have recently added to or reduced their stakes in the business. ARK Investment Management LLC raised its stake in Rocket Lab USA by 6.6% in the 2nd quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock worth $30,226,000 after acquiring an additional 391,778 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Rocket Lab USA by 54.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,690 shares of the rocket manufacturer’s stock worth $282,000 after purchasing an additional 20,636 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Rocket Lab USA in the second quarter valued at $95,000. Principal Financial Group Inc. grew its holdings in Rocket Lab USA by 23.4% during the 2nd quarter. Principal Financial Group Inc. now owns 47,002 shares of the rocket manufacturer’s stock worth $226,000 after acquiring an additional 8,928 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Rocket Lab USA during the 2nd quarter worth about $46,000. 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.