Rocket Lab USA (NASDAQ:RKLB) Shares Gap Up Following Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price gapped up prior to trading on Tuesday after Citigroup raised their price target on the stock from $22.00 to $35.00. The stock had previously closed at $24.00, but opened at $26.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA shares last traded at $28.73, with a volume of 10,294,357 shares traded.

RKLB has been the subject of a number of other research reports. Cantor Fitzgerald increased their target price on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock 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 note on Thursday, December 19th. The Goldman Sachs Group boosted their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a "neutral" rating in a research report on Thursday, January 16th. Stifel Nicolaus boosted their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a "buy" rating in a research report on Wednesday, January 8th. Finally, Wells Fargo & Company boosted their target price on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an "equal weight" rating in a research report on Wednesday, December 11th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $20.06.

Insider Activity

In other news, insider Frank Klein sold 35,968 shares of Rocket Lab USA stock in a transaction 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 transaction, the insider now owns 1,464,032 shares in the company, valued at approximately $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 SEC, which can be accessed through the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of the company's stock in a transaction on 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 transaction, the director now directly owns 2,351,135 shares in the company, valued at $41,685,623.55. The trade was a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,114,530 shares of company stock valued at $38,168,400 over the last three months. Insiders own 13.70% of the company's stock.

Hedge Funds Weigh In On Rocket Lab USA

A number of hedge funds have recently modified their holdings of the stock. Amalgamated Bank boosted its holdings in Rocket Lab USA by 26.7% in the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer's stock worth $58,000 after purchasing an additional 2,538 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Rocket Lab USA during the second quarter valued at approximately $76,000. Allworth Financial LP raised its position in shares of Rocket Lab USA by 1,827.6% in 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 during the period. Smith Anglin Financial LLC acquired a new stake in shares of Rocket Lab USA in the third quarter worth $104,000. Finally, Xponance Inc. boosted its holdings in shares of Rocket Lab USA by 29.1% during the 2nd quarter. Xponance Inc. now owns 22,185 shares of the rocket manufacturer's stock worth $106,000 after buying an additional 4,997 shares during the period. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab USA Stock Down 5.3 %

The firm has a market capitalization of $14.81 billion, a price-to-earnings ratio of -80.05 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The business's 50 day moving average is $24.56 and its 200-day moving average is $13.71.

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.