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

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares 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 traded hands during trading, a decline of 29% from the average daily volume of 12,227,551 shares. The stock had previously closed at $25.59.

Analysts Set New Price Targets

A number of equities analysts have commented on RKLB shares. KeyCorp lifted their price target on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Bank of America lifted their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald increased 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 report 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. Finally, The Goldman Sachs Group increased their target price on shares of Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Five 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.44.

Rocket Lab USA Trading Up 3.9 %

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 is $18.73 and its 200-day moving average is $10.65. The company has a market capitalization of $13.30 billion, a P/E ratio of -71.89 and a beta of 1.96.

Insider Transactions at Rocket Lab USA

In other news, Director Alexander R. Slusky sold 50,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the sale, the director now owns 534,675 shares in the company, valued at approximately $12,297,525. The trade was a 8.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now directly owns 2,351,135 shares in the company, valued at $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,114,530 shares of company stock valued at $38,168,400. Corporate insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

Several hedge funds have recently bought and sold shares of RKLB. Allworth Financial LP increased its stake 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 purchasing an additional 8,992 shares in the last quarter. International Assets Investment Management LLC bought a new position in Rocket Lab USA during the 2nd quarter valued at approximately $46,000. Smith Anglin Financial LLC purchased a new position in Rocket Lab USA during the third quarter valued at $104,000. Franklin Resources Inc. bought a new stake in Rocket Lab USA in the third quarter worth $107,000. Finally, Schneider Downs Wealth Management Advisors LP purchased a new stake in shares of Rocket Lab USA in the third quarter worth $107,000. Institutional investors own 71.78% of the company’s stock.

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.