Rocket Lab USA (NASDAQ:RKLB) Shares Up 2.9% Following Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price shot up 2.9% during mid-day trading on Friday after The Goldman Sachs Group raised their price target on the stock from $12.00 to $13.50. The Goldman Sachs Group currently has a neutral rating on the stock. Rocket Lab USA traded as high as $25.65 and last traded at $25.35. 5,940,573 shares changed hands during trading, a decline of 63% from the average session volume of 15,856,883 shares. The stock had previously closed at $24.64.

RKLB has been the subject of a number of other research reports. KeyCorp boosted their price objective on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Bank of America increased their price target 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. Citigroup lifted their price target on Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a report on Monday, November 18th. Cantor Fitzgerald increased their price objective 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. Finally, Stifel Nicolaus boosted their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.61.

Insiders Place Their Bets

In related news, General Counsel Arjun Kampani sold 28,562 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $689,772.30. Following the transaction, the general counsel now directly owns 608,996 shares of the company’s stock, valued at approximately $14,707,253.40. The trade was a 4.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of the 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 sale, the director now directly owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This trade represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,114,530 shares of company stock worth $38,168,400 over the last ninety days. 13.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RKLB. Smith Anglin Financial LLC lifted its holdings 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 buying an additional 1,096 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Rocket Lab USA by 4.4% during the third quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock worth $395,000 after acquiring an additional 1,709 shares during the last quarter. Amalgamated Bank increased its position in shares of Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after acquiring an additional 2,538 shares during the last quarter. Lakeridge Wealth Management LLC lifted its stake in shares of Rocket Lab USA by 30.0% in the third quarter. Lakeridge Wealth Management LLC now owns 13,000 shares of the rocket manufacturer’s stock worth $126,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in Rocket Lab USA by 28.7% in the third quarter. Advisors Asset Management Inc. now owns 14,438 shares of the rocket manufacturer’s stock valued at $140,000 after purchasing an additional 3,220 shares during the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab USA Trading Up 2.7 %

The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The business has a 50 day simple moving average of $23.84 and a two-hundred day simple moving average of $13.13. The stock has a market cap of $12.65 billion, a price-to-earnings ratio of -68.52 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.