Rocket Lab USA (NASDAQ:RKLB) Shares Up 0.7% – Time to Buy?

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

Wall Street Analysts Forecast Growth

RKLB has been the subject of several analyst reports. Citigroup increased their target price 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. Wells Fargo & Company increased their price objective on shares of Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 11th. Bank of America boosted their target price on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Stifel Nicolaus increased their price target on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, Cantor Fitzgerald boosted their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.61.

Rocket Lab USA Price Performance

The firm has a 50 day moving average price of $23.84 and a two-hundred day moving average price of $13.13. The company has a market cap of $12.32 billion, a P/E ratio of -66.59 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

Insiders Place Their Bets

In other Rocket Lab USA news, insider Frank Klein sold 35,968 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $24.15, for a total transaction of $868,627.20. Following the sale, the insider now owns 1,464,032 shares of the company’s stock, valued at $35,356,372.80. The trade was a 2.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction, the director now directly owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. The trade was a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,114,530 shares of company stock worth $38,168,400 over the last quarter. 13.70% of the stock is currently owned by company insiders.

Institutional Trading of Rocket Lab USA

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Smith Anglin Financial LLC boosted its stake in Rocket Lab USA by 10.3% in the 4th quarter. Smith Anglin Financial LLC now owns 11,746 shares of the rocket manufacturer’s stock worth $299,000 after purchasing an additional 1,096 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Rocket Lab USA by 4.4% in the third quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock worth $395,000 after buying an additional 1,709 shares in the last quarter. Amalgamated Bank boosted its position in shares of Rocket Lab USA by 26.7% in the second 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 period. Lakeridge Wealth Management LLC grew its stake in Rocket Lab USA by 30.0% during the third quarter. Lakeridge Wealth Management LLC now owns 13,000 shares of the rocket manufacturer’s stock valued at $126,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in Rocket Lab USA by 28.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 14,438 shares of the rocket manufacturer’s stock worth $140,000 after acquiring an additional 3,220 shares during the period. 71.78% of the stock is currently 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.