Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 3.7% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares shot up 3.7% on Monday . The stock traded as high as $25.58 and last traded at $24.11. 21,203,754 shares traded hands during mid-day trading, an increase of 87% from the average session volume of 11,321,251 shares. The stock had previously closed at $23.26.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RKLB. The Goldman Sachs Group boosted their target price on Rocket Lab USA from $5.00 to $12.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. JMP Securities initiated coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating for the company. Bank of America boosted their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Wells Fargo & Company raised their target price on Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Finally, Stifel Nicolaus increased their price target on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

Rocket Lab USA Stock Performance

The company has a market cap of $12.83 billion, a P/E ratio of -67.54 and a beta of 1.29. 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 company’s 50-day moving average is $12.52 and its two-hundred day moving average is $7.81.

Insider Buying and Selling

In related news, General Counsel Arjun Kampani sold 28,562 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 $689,772.30. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the completion of 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. In the last quarter, insiders have sold 2,064,530 shares of company stock valued at $37,018,400. 13.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

A number of large investors have recently made changes to their positions in the stock. Allworth Financial LP boosted its position in shares of 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 valued at $92,000 after acquiring an additional 8,992 shares during the period. International Assets Investment Management LLC bought a new position in Rocket Lab USA in the 2nd quarter valued at $46,000. Baxter Bros Inc. purchased a new position in shares of Rocket Lab USA during the 2nd quarter valued at $48,000. Smith Anglin Financial LLC bought a new position in shares of Rocket Lab USA in the third quarter worth $104,000. Finally, Advisors Asset Management Inc. raised its position in shares of Rocket Lab USA by 59.4% in the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after buying an additional 4,032 shares in the last quarter. 71.78% of the stock is owned by 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.