Rocket Lab USA (NASDAQ:RKLB) Shares Up 0.9% After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price rose 0.9% during mid-day trading on Thursday after Wells Fargo & Company raised their price target on the stock from $13.50 to $22.00. Wells Fargo & Company currently has an equal weight rating on the stock. Rocket Lab USA traded as high as $23.96 and last traded at $23.55. Approximately 3,968,457 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 12,012,441 shares. The stock had previously closed at $23.35.

Several other brokerages have also recently issued reports on RKLB. The Goldman Sachs Group increased their price objective on Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 19th. Stifel Nicolaus boosted their target price on shares of Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald raised their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. JMP Securities initiated coverage on Rocket Lab USA in a research report on Thursday, September 12th. They issued a “market perform” rating on the stock. Finally, Bank of America lifted their price target on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.44.

Insider Activity

In related news, Director Alexander R. Slusky sold 50,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value of $1,150,000.00. Following the transaction, the director now owns 534,675 shares in the company, valued at $12,297,525. The trade was a 8.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA stock in a transaction 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 in the company, valued at approximately $41,685,623.55. This trade 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 sold 2,114,530 shares of company stock worth $38,168,400. 13.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

Hedge funds have recently bought and sold shares of the company. Ieq Capital LLC purchased a new stake in shares of Rocket Lab USA in the second quarter valued at about $5,469,000. Mizuho Markets Americas LLC acquired a new stake in shares of Rocket Lab USA during the third quarter valued at about $8,930,000. Geode Capital Management LLC boosted its stake 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 last quarter. Charles Schwab Investment Management Inc. grew 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 acquiring an additional 532,207 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Rocket Lab USA by 25.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock worth $10,193,000 after purchasing an additional 432,501 shares during the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

Rocket Lab USA Trading Up 1.4 %

The firm has a market cap of $11.84 billion, a price-to-earnings ratio of -63.65 and a beta of 1.94. The business’s 50 day moving average price is $16.01 and its 200-day moving average price is $9.32. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

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.