Rocket Lab USA (NASDAQ:RKLB) Trading 28.3% Higher on Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price shot up 28.3% on Tuesday 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 $30.80. 32,998,601 shares were traded during trading, an increase of 92% from the average session volume of 17,228,502 shares. The stock had previously closed at $24.00.

Several other analysts have also recently weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an "equal weight" rating in a research note on Wednesday, December 11th. Stifel Nicolaus increased their price target on shares of Rocket Lab USA from $26.00 to $31.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. TD Cowen raised shares of Rocket Lab USA to a "strong-buy" rating in a report on Thursday, December 19th. KeyCorp raised their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an "overweight" rating in a report on Thursday, October 24th. Finally, Cantor Fitzgerald raised their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an "overweight" rating in a report on Thursday, November 14th. Five investment 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. According to data from MarketBeat, Rocket Lab USA presently has an average rating of "Moderate Buy" and an average price target of $20.06.

Insider Buying and Selling at Rocket Lab USA

In other news, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA stock in a transaction 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 transaction, the director now directly owns 2,351,135 shares of the company's stock, valued at $41,685,623.55. This trade represents a 45.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Alexander R. Slusky sold 50,000 shares of Rocket Lab USA stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the transaction, the director now directly owns 534,675 shares in the company, valued at approximately $12,297,525. This represents a 8.55 % 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

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Amalgamated Bank lifted its position in Rocket Lab USA by 26.7% in the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer's stock valued at $58,000 after acquiring an additional 2,538 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Rocket Lab USA in the 2nd quarter valued at $76,000. Allworth Financial LP lifted its position in Rocket Lab USA by 1,827.6% in the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer's stock valued at $92,000 after acquiring an additional 8,992 shares in the last quarter. Smith Anglin Financial LLC bought a new stake in Rocket Lab USA in the 3rd quarter valued at $104,000. Finally, Xponance Inc. lifted its position in Rocket Lab USA by 29.1% in the 2nd quarter. Xponance Inc. now owns 22,185 shares of the rocket manufacturer's stock valued at $106,000 after acquiring an additional 4,997 shares in the last quarter. 71.78% of the stock is owned by institutional investors.

Rocket Lab USA Stock Down 5.3 %

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

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.