Rocket Lab USA (NASDAQ:RKLB) Sets New 12-Month High Following Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $22.00 to $35.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA traded as high as $31.64 and last traded at $31.27, with a volume of 61867601 shares. The stock had previously closed at $24.00.

Several other analysts have also recently issued reports on the stock. Cantor Fitzgerald boosted their price objective 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. KeyCorp raised their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an "overweight" rating in a research note on Thursday, October 24th. Stifel Nicolaus lifted their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the company a "buy" rating in a report on Wednesday, January 8th. TD Cowen upgraded Rocket Lab USA to a "strong-buy" rating in a research note on Thursday, December 19th. Finally, The Goldman Sachs Group upped their target price on Rocket Lab USA from $12.00 to $13.50 and gave the stock a "neutral" rating in a research report on Thursday, January 16th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $20.06.

Insider Transactions at Rocket Lab USA

In other news, Director Matthew Ocko sold 2,000,000 shares of the firm's stock in a transaction that occurred on Thursday, November 14th. The shares were 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 owns 2,351,135 shares of the company's stock, valued at approximately $41,685,623.55. This trade represents a 45.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Frank Klein sold 35,968 shares of the company's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $24.15, for a total transaction of $868,627.20. Following the completion of the sale, the insider now directly owns 1,464,032 shares in the company, valued at $35,356,372.80. This represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,114,530 shares of company stock valued at $38,168,400. 13.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rocket Lab USA

Hedge funds have recently bought and sold shares of the company. Amalgamated Bank raised its stake in Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer's stock valued at $58,000 after buying an additional 2,538 shares in the last quarter. DRW Securities LLC bought a new stake in shares of Rocket Lab USA during the 2nd quarter valued at about $125,000. Xponance Inc. grew its holdings in shares of Rocket Lab USA by 29.1% during the second quarter. Xponance Inc. now owns 22,185 shares of the rocket manufacturer's stock valued at $106,000 after purchasing an additional 4,997 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Rocket Lab USA by 21.2% in the second quarter. The Manufacturers Life Insurance Company now owns 205,190 shares of the rocket manufacturer's stock worth $985,000 after buying an additional 35,849 shares during the period. Finally, Scientech Research LLC increased its holdings in shares of Rocket Lab USA by 135.4% in the 2nd quarter. Scientech Research LLC now owns 182,520 shares of the rocket manufacturer's stock worth $876,000 after acquiring an additional 104,980 shares during the period. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Rocket Lab USA Stock 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 company has a market cap of $14.81 billion, a P/E ratio of -80.05 and a beta of 1.98. The stock has a fifty day moving average price of $24.56 and a two-hundred day moving average price of $13.71.

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.