Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 0.7% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price rose 0.7% during mid-day trading on Tuesday . The stock traded as high as $24.86 and last traded at $24.07. Approximately 5,618,724 shares were traded during trading, a decline of 66% from the average daily volume of 16,755,844 shares. The stock had previously closed at $23.91.

Analyst Upgrades and Downgrades

RKLB has been the subject of several recent research reports. Cantor Fitzgerald increased 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. Bank of America raised their target price on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, November 14th. 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. 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, November 18th. Finally, Wells Fargo & Company raised their target price on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 11th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.44.

Rocket Lab USA Price Performance

The stock has a market cap of $11.79 billion, a price-to-earnings ratio of -63.73 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The stock’s 50 day simple moving average is $23.13 and its two-hundred day simple moving average is $12.83.

Insider Activity

In other Rocket Lab USA news, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $17.73, for a total value of $35,460,000.00. Following the sale, the director now directly owns 2,351,135 shares in the company, valued at $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Arjun Kampani sold 28,562 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $689,772.30. Following the transaction, the general counsel now owns 608,996 shares of the company’s stock, valued at $14,707,253.40. This represents a 4.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,114,530 shares of company stock worth $38,168,400. Corporate insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RKLB. Ieq Capital LLC bought a new position in shares of Rocket Lab USA in the second quarter valued at about $5,469,000. Mizuho Markets Americas LLC bought a new stake in Rocket Lab USA during the 3rd quarter worth about $8,930,000. 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 worth $80,317,000 after purchasing an additional 898,223 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Rocket Lab USA by 22.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after purchasing an additional 532,207 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in Rocket Lab USA by 11.1% during the 2nd quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock worth $13,713,000 after purchasing an additional 284,360 shares during the last quarter. 71.78% of the stock is owned by 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.