Rocket Lab USA (NASDAQ:RKLB) Given New $30.00 Price Target at Bank of America

Rocket Lab USA (NASDAQ:RKLB) had its target price raised by Bank of America from $10.00 to $30.00 in a research note released on Thursday,Benzinga reports. Bank of America currently has a buy rating on the rocket manufacturer’s stock.

A number of other equities research analysts have also commented on the company. Cantor Fitzgerald increased their price target on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday. The Goldman Sachs Group increased their target price on Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. JMP Securities initiated coverage on Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating for the company. Wells Fargo & Company upped their price target on shares of Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, KeyCorp raised 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. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.72.

Rocket Lab USA Price Performance

Shares of Rocket Lab USA stock opened at $19.00 on Thursday. The stock has a market capitalization of $9.44 billion, a price-to-earnings ratio of -51.35 and a beta of 1.29. The firm’s 50-day moving average price is $10.38 and its two-hundred day moving average price is $6.90. The company has a current ratio of 2.58, a quick ratio of 2.43 and a debt-to-equity ratio of 0.97. Rocket Lab USA has a 1-year low of $3.47 and a 1-year high of $22.55.

Insider Buying and Selling at Rocket Lab USA

In other news, Director Michael D. Griffin sold 39,446 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the completion of the sale, the director now directly owns 42,353 shares of the company’s stock, valued at $292,235.70. This represents a 48.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the completion of the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at $9,195,308.40. This represents a 4.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,521 shares of company stock worth $906,059. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in 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 worth $92,000 after acquiring an additional 8,992 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Rocket Lab USA during the second quarter worth about $46,000. Baxter Bros Inc. bought a new position in shares of Rocket Lab USA during the 2nd quarter valued at about $48,000. Smith Anglin Financial LLC acquired a new position in shares of Rocket Lab USA in the 3rd quarter valued at approximately $104,000. Finally, Advisors Asset Management Inc. grew its position in shares of Rocket Lab USA by 59.4% in the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after purchasing an additional 4,032 shares during the period. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.