Rocket Lab USA (NASDAQ:RKLB) Shares Up 3.9% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price rose 3.9% during mid-day trading on Wednesday . The stock traded as high as $26.60 and last traded at $26.60. Approximately 8,689,609 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 12,227,551 shares. The stock had previously closed at $25.59.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. JMP Securities began coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating on the stock. Wells Fargo & Company upped their price objective on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 11th. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. KeyCorp upped 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. 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 given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.44.

Rocket Lab USA Price Performance

The firm has a 50-day simple moving average of $18.73 and a 200-day simple moving average of $10.65. The firm has a market capitalization of $13.30 billion, a PE ratio of -71.89 and a beta of 1.96. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Insider Buying and Selling

In related news, insider Frank Klein sold 35,968 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $868,627.20. Following the transaction, the insider now directly owns 1,464,032 shares of the company’s stock, valued at approximately $35,356,372.80. This trade represents a 2.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Ocko sold 2,000,000 shares of the business’s 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 sale, the director now directly owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,114,530 shares of company stock valued at $38,168,400. 13.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Rocket Lab USA

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in Rocket Lab USA by 12.2% during the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after purchasing an additional 898,223 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Rocket Lab USA by 22.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after buying an additional 532,207 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Rocket Lab USA by 11.1% in the second quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock valued at $13,713,000 after acquiring an additional 284,360 shares in the last quarter. Ieq Capital LLC bought a new position in shares of Rocket Lab USA in the second quarter worth about $5,469,000. Finally, Mizuho Markets Americas LLC purchased a new stake in Rocket Lab USA during the 3rd quarter valued at approximately $8,930,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.