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

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

Analyst Upgrades and Downgrades

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

Rocket Lab USA Price Performance

The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The stock’s 50 day moving average price is $13.66 and its two-hundred day moving average price is $8.22. The firm has a market capitalization of $13.64 billion, a price-to-earnings ratio of -73.73 and a beta of 1.29.

Insiders Place Their Bets

In other news, insider Frank Klein sold 35,968 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly 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 sale 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 on Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $689,772.30. Following the completion of the sale, the general counsel now owns 608,996 shares in the company, valued at approximately $14,707,253.40. The trade was a 4.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,064,530 shares of company stock valued at $37,018,400 in the last quarter. Insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of institutional investors have recently added to or reduced their stakes in RKLB. Vanguard Group Inc. lifted its position in shares of Rocket Lab USA by 9.2% in the 1st quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock worth $119,192,000 after acquiring an additional 2,448,789 shares during the period. Advisors Asset Management Inc. boosted its stake in Rocket Lab USA by 59.4% during the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after buying an additional 4,032 shares in the last quarter. Lazard Asset Management LLC bought a new stake in Rocket Lab USA in the 1st quarter valued at $175,000. Price T Rowe Associates Inc. MD increased its holdings in Rocket Lab USA by 153.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 380,965 shares of the rocket manufacturer’s stock valued at $1,567,000 after buying an additional 230,931 shares during the period. Finally, Bayesian Capital Management LP raised its stake in shares of Rocket Lab USA by 38.7% in the 1st quarter. Bayesian Capital Management LP now owns 20,800 shares of the rocket manufacturer’s stock valued at $85,000 after buying an additional 5,800 shares in the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

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.