Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 28.3% on Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB) rose 28.3% during trading on Tuesday after Citigroup raised their price target on the stock from $22.00 to $35.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA traded as high as $31.64 and last traded at $30.80. Approximately 32,998,601 shares were traded during trading, an increase of 92% from the average daily volume of 17,228,502 shares. The stock had previously closed at $24.00.

Other research analysts have also recently issued research reports about the stock. KeyCorp upped their target price 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 lifted their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Wells Fargo & Company raised their price objective on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 11th. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Finally, Cantor Fitzgerald lifted their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.06.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, Director Alexander R. Slusky sold 50,000 shares of Rocket Lab USA stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total value of $1,150,000.00. Following the transaction, the director now owns 534,675 shares of the company’s stock, valued at approximately $12,297,525. The trade was a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Arjun Kampani sold 28,562 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $689,772.30. Following the completion of the transaction, the general counsel now owns 608,996 shares of the company’s stock, valued at approximately $14,707,253.40. This represents a 4.48 % 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. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Amalgamated Bank raised its stake 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 valued at $58,000 after acquiring an additional 2,538 shares during the last quarter. DRW Securities LLC bought a new position in shares of Rocket Lab USA during the second quarter valued at about $125,000. Xponance Inc. increased its position in shares of 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 purchasing an additional 4,997 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Rocket Lab USA by 21.2% during the second quarter. The Manufacturers Life Insurance Company now owns 205,190 shares of the rocket manufacturer’s stock valued at $985,000 after purchasing an additional 35,849 shares during the period. Finally, Scientech Research LLC raised its position in shares of Rocket Lab USA by 135.4% in the second quarter. Scientech Research LLC now owns 182,520 shares of the rocket manufacturer’s stock valued at $876,000 after purchasing an additional 104,980 shares during the period. Institutional investors and hedge funds own 71.78% of the company’s stock.

Rocket Lab USA Trading Up 28.9 %

The firm has a market cap of $15.46 billion, a P/E ratio of -83.24 and a beta of 1.98. The firm has a 50 day simple moving average of $24.23 and a 200 day simple moving average of $13.52. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

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.