Rocket Lab USA (NASDAQ:RKLB) Shares Up 0.7% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) traded up 0.7% during trading on Tuesday . The stock traded as high as $24.86 and last traded at $24.07. 5,618,724 shares changed hands during trading, a decline of 66% from the average session volume of 16,755,844 shares. The stock had previously closed at $23.91.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RKLB. Cantor Fitzgerald raised their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. KeyCorp boosted their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Citigroup increased their price target on Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Finally, The Goldman Sachs Group boosted their price objective on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.61.

Rocket Lab USA Price Performance

The business has a fifty day simple moving average of $23.84 and a 200-day simple moving average of $13.13. The stock has a market capitalization of $12.32 billion, a P/E ratio of -66.59 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

Insider Buying and Selling

In related news, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the transaction, the director now directly owns 2,351,135 shares of the company’s stock, valued at approximately $41,685,623.55. This represents a 45.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 sale, the general counsel now directly owns 608,996 shares of the company’s stock, valued at $14,707,253.40. This trade represents a 4.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,114,530 shares of company stock valued at $38,168,400 over the last ninety days. 13.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Allworth Financial LP grew its holdings in shares of 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 valued at $92,000 after buying an additional 8,992 shares during the last quarter. Smith Anglin Financial LLC acquired a new position in Rocket Lab USA during the 3rd quarter valued at about $104,000. Franklin Resources Inc. bought a new stake in Rocket Lab USA during the 3rd quarter worth approximately $107,000. Schneider Downs Wealth Management Advisors LP purchased a new stake in shares of Rocket Lab USA in the third quarter worth approximately $107,000. Finally, Arete Wealth Advisors LLC bought a new position in shares of Rocket Lab USA in the third quarter valued at approximately $106,000. 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.