Rocket Lab USA (NASDAQ:RKLB - Free Report) had its target price upped by Citigroup from $13.00 to $22.00 in a report released on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the rocket manufacturer's stock.
RKLB has been the subject of a number of other research reports. Bank of America raised their price objective on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday. Wells Fargo & Company lifted their price target on shares of Rocket Lab USA from $5.25 to $13.50 and gave the stock an "equal weight" rating in a report on Wednesday, November 13th. JMP Securities started coverage on Rocket Lab USA in a report on Thursday, September 12th. They set a "market perform" rating for the company. 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. Finally, KeyCorp increased 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. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Rocket Lab USA presently has an average rating of "Moderate Buy" and an average target price of $15.72.
Read Our Latest Research Report on Rocket Lab USA
Rocket Lab USA Stock Performance
RKLB stock traded up $0.29 during midday trading on Monday, hitting $19.29. The company's stock had a trading volume of 29,107,033 shares, compared to its average volume of 11,026,539. The stock has a market cap of $9.58 billion, a price-to-earnings ratio of -51.84 and a beta of 1.29. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The stock's 50-day moving average price is $10.38 and its 200 day moving average price is $6.92. Rocket Lab USA has a 1 year low of $3.47 and a 1 year high of $22.55.
Insider Buying and Selling at Rocket Lab USA
In other news, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the sale, the director now owns 42,353 shares in the company, valued at approximately $292,235.70. This trade represents a 48.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Arjun Kampani sold 28,563 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 transaction of $198,798.48. Following the completion of the transaction, the general counsel now owns 637,558 shares in the company, valued at approximately $4,437,403.68. This trade represents a 4.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,130,521 shares of company stock valued at $36,366,059 in the last three months. Company insiders own 13.70% of the company's stock.
Institutional Trading of Rocket Lab USA
A number of hedge funds have recently made changes to their positions in the stock. Janney Montgomery Scott LLC purchased a new stake in Rocket Lab USA during the first quarter valued at about $192,000. ProShare Advisors LLC boosted its stake in Rocket Lab USA by 10.2% in the first quarter. ProShare Advisors LLC now owns 50,879 shares of the rocket manufacturer's stock worth $209,000 after buying an additional 4,713 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Rocket Lab USA by 2.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 294,054 shares of the rocket manufacturer's stock worth $1,209,000 after acquiring an additional 6,534 shares in the last quarter. Vanguard Group Inc. lifted its holdings 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 last quarter. Finally, Advisors Asset Management Inc. boosted its stake in shares of Rocket Lab USA by 59.4% in 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. 71.78% of the stock is owned by institutional investors.
About Rocket Lab USA
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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.
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