Rocket Lab USA (NASDAQ:RKLB) Shares Gap Up Following Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB) gapped up prior to trading on Tuesday after Citigroup raised their price target on the stock from $22.00 to $35.00. The stock had previously closed at $24.00, but opened at $26.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA shares last traded at $28.73, with a volume of 10,294,357 shares.

RKLB has been the topic of a number of other research reports. TD Cowen raised shares of Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. Bank of America boosted their price objective 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. Cantor Fitzgerald raised their price target 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. KeyCorp upped their target price on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, Wells Fargo & Company upped their target price on Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 11th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.06.

Insider Buying and Selling at Rocket Lab USA

In other Rocket Lab USA news, Director Matthew Ocko sold 2,000,000 shares of the business’s 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 transaction, the director now directly owns 2,351,135 shares of the company’s stock, valued at approximately $41,685,623.55. The trade was a 45.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frank Klein sold 35,968 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $868,627.20. Following the completion of the transaction, the insider now directly owns 1,464,032 shares of the company’s stock, valued at approximately $35,356,372.80. The trade was a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,114,530 shares of company stock worth $38,168,400. 13.70% of the stock is currently owned by company insiders.

Institutional Trading of Rocket Lab USA

A number of hedge funds have recently modified their holdings of RKLB. Amalgamated Bank increased its stake in shares of Rocket Lab USA by 26.7% in the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after acquiring an additional 2,538 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of Rocket Lab USA during the second quarter valued at approximately $76,000. Allworth Financial LP lifted its holdings in shares of Rocket Lab USA by 1,827.6% during the third quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after purchasing an additional 8,992 shares during the last quarter. Smith Anglin Financial LLC purchased a new stake in shares of Rocket Lab USA in the 3rd quarter worth approximately $104,000. Finally, Xponance Inc. increased its position in Rocket Lab USA by 29.1% during the 2nd quarter. Xponance Inc. now owns 22,185 shares of the rocket manufacturer’s stock valued at $106,000 after buying an additional 4,997 shares in the last quarter. Institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Stock Up 26.5 %

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 has a 50 day simple moving average of $24.23 and a 200-day simple moving average of $13.52. The firm has a market cap of $15.17 billion, a PE ratio of -82.25 and a beta of 1.98.

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.