Rocket Lab USA (NASDAQ:RKLB) Trading 0.9% Higher – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) rose 0.9% on Thursday . The company traded as high as $27.20 and last traded at $25.67. Approximately 26,547,281 shares traded hands during trading, an increase of 129% from the average daily volume of 11,610,826 shares. The stock had previously closed at $25.44.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RKLB. The Goldman Sachs Group increased their target price on Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Bank of America increased their price objective 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. Wells Fargo & Company boosted their target price on shares of Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald increased their target price on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Finally, Citigroup lifted their price target 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. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Rocket Lab USA currently has an average rating of “Moderate Buy” and a consensus target price of $16.50.

Rocket Lab USA Trading Up 0.9 %

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 stock has a market cap of $12.83 billion, a P/E ratio of -69.38 and a beta of 1.29. The business’s fifty day simple moving average is $12.89 and its 200 day simple moving average is $7.93.

Insider Transactions at Rocket Lab USA

In other news, insider Frank Klein sold 35,968 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $868,627.20. Following the completion of the sale, the insider now owns 1,464,032 shares in the company, valued at $35,356,372.80. The trade was a 2.40 % decrease in their ownership of the stock. The transaction 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 company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $17.73, for a total value of $35,460,000.00. Following the transaction, 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,064,530 shares of company stock worth $37,018,400. Corporate insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP boosted its stake in shares of Rocket Lab USA by 1,827.6% in the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after purchasing an additional 8,992 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Rocket Lab USA in the second quarter valued at approximately $46,000. Baxter Bros Inc. bought a new position in Rocket Lab USA in the second quarter valued at approximately $48,000. Smith Anglin Financial LLC acquired a new stake in Rocket Lab USA during the 3rd quarter worth $104,000. Finally, Advisors Asset Management Inc. grew its holdings in Rocket Lab USA by 59.4% during the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after acquiring an additional 4,032 shares during the period. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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.