Rocket Lab USA (NASDAQ:RKLB) Trading Up 3% – Still a Buy?

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) shot up 3% during mid-day trading on Tuesday . The company traded as high as $26.57 and last traded at $26.35. 4,679,493 shares were traded during mid-day trading, a decline of 62% from the average session volume of 12,206,382 shares. The stock had previously closed at $25.59.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RKLB. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Cantor Fitzgerald boosted their price target on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Citigroup increased their price objective on shares of Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a report on Monday, November 18th. Bank of America boosted their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, Stifel Nicolaus upped 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. Five investment 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 company. Based on data from MarketBeat, Rocket Lab USA has an average rating of “Moderate Buy” and an average target price of $17.44.

Rocket Lab USA Stock Up 3.9 %

The firm has a market cap of $13.30 billion, a P/E ratio of -71.89 and a beta of 1.96. The company’s 50-day simple moving average is $18.08 and its 200 day simple moving average is $10.34. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Insider Activity at Rocket Lab USA

In related news, Director Matthew Ocko sold 2,000,000 shares of the firm’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 completion of the sale, the director now directly owns 2,351,135 shares in the company, valued at $41,685,623.55. This trade represents a 45.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Alexander R. Slusky sold 50,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the transaction, the director now owns 534,675 shares in the company, valued at $12,297,525. This trade represents a 8.55 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,114,530 shares of company stock valued at $38,168,400. Insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RKLB. International Assets Investment Management LLC bought a new position in shares of Rocket Lab USA during the second quarter valued at approximately $46,000. Amalgamated Bank grew its position in Rocket Lab USA by 26.7% in the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after acquiring an additional 2,538 shares during the last quarter. CIBC Asset Management Inc purchased a new stake in Rocket Lab USA in the second quarter worth $67,000. Sanctuary Advisors LLC bought a new stake in shares of Rocket Lab USA during the second quarter worth $76,000. Finally, National Bank of Canada FI boosted its stake in shares of Rocket Lab USA by 97.8% during the second quarter. National Bank of Canada FI now owns 20,230 shares of the rocket manufacturer’s stock valued at $92,000 after purchasing an additional 10,000 shares during the period. 71.78% of the stock is owned by hedge funds and other 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.