Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 0.9% on Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price rose 0.9% on Thursday after Wells Fargo & Company raised their price target on the stock from $13.50 to $22.00. Wells Fargo & Company currently has an equal weight rating on the stock. Rocket Lab USA traded as high as $23.96 and last traded at $23.55. Approximately 3,968,457 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 12,012,441 shares. The stock had previously closed at $23.35.

Other analysts also recently issued reports about the company. Stifel Nicolaus raised their target price on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. KeyCorp lifted their price target 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. JMP Securities started coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They set a “market perform” rating on the stock. 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 report on Thursday, November 14th. Finally, The Goldman Sachs Group raised their target price on Rocket Lab USA from $5.00 to $12.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $17.44.

Insider Activity at Rocket Lab USA

In other news, insider Frank Klein sold 35,968 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $868,627.20. Following the completion of the transaction, the insider now owns 1,464,032 shares of the company’s stock, valued at $35,356,372.80. This represents a 2.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA stock in a transaction that occurred 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 sale, 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. In the last ninety days, insiders sold 2,114,530 shares of company stock worth $38,168,400. 13.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rocket Lab USA

Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its stake in 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 worth $92,000 after acquiring an additional 8,992 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Rocket Lab USA in the 2nd quarter worth about $46,000. Smith Anglin Financial LLC purchased a new stake in shares of Rocket Lab USA during the 3rd quarter valued at about $104,000. Franklin Resources Inc. bought a new position in shares of Rocket Lab USA in the 3rd quarter valued at about $107,000. Finally, Schneider Downs Wealth Management Advisors LP bought a new stake in shares of Rocket Lab USA during the 3rd quarter worth approximately $107,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

Rocket Lab USA Trading Up 1.4 %

The stock has a fifty day moving average of $16.01 and a 200-day moving average of $9.32. The company has a market cap of $11.84 billion, a PE ratio of -63.65 and a beta of 1.94. 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.