Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 6.5% Following Analyst Upgrade

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) traded up 6.5% during mid-day trading on Tuesday after Citigroup raised their price target on the stock from $13.00 to $22.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA traded as high as $20.73 and last traded at $20.55. 11,380,476 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 11,018,506 shares. The stock had previously closed at $19.29.

RKLB has been the topic of several other reports. Wells Fargo & Company upped their price target on shares of Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. KeyCorp boosted their price target on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. JMP Securities started coverage on Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating on the stock. Stifel Nicolaus boosted their target price on shares of Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their price target on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $15.72.

Insider Buying and Selling

In related news, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 2,351,135 shares in the company, valued at $41,685,623.55. This represents a 45.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Adam C. Spice sold 62,512 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the sale, the chief financial officer now owns 1,321,165 shares of the company’s stock, valued at $9,195,308.40. This trade represents a 4.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,130,521 shares of company stock valued at $36,366,059 in the last quarter. Company insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RKLB. Advisors Asset Management Inc. boosted its position in shares of 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 valued at $44,000 after purchasing an additional 4,032 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Rocket Lab USA in the second quarter valued at $46,000. Baxter Bros Inc. acquired a new stake in shares of Rocket Lab USA during the 2nd quarter valued at $48,000. Amalgamated Bank boosted its stake in shares of Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after acquiring an additional 2,538 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new stake in shares of Rocket Lab USA during the 2nd quarter worth $67,000. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab USA Stock Up 5.5 %

The stock has a fifty day moving average of $10.64 and a 200-day moving average of $7.03. The firm has a market capitalization of $10.11 billion, a price-to-earnings ratio of -55.54 and a beta of 1.29. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Rocket Lab USA Company Profile

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.