Rocket Lab USA (NASDAQ:RKLB) Trading 0.9% Higher on Analyst Upgrade

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) rose 0.9% on Thursday after Wells Fargo & Company raised their price target on the stock from $13.50 to $22.00. Wells Fargo & Company currently has an equal weight rating on the stock. Rocket Lab USA traded as high as $23.96 and last traded at $23.55. Approximately 3,968,457 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 12,012,441 shares. The stock had previously closed at $23.35.

A number of other equities analysts have also recently issued reports on the stock. JMP Securities started coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They set a "market perform" rating for the company. KeyCorp lifted their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the stock an "overweight" rating in a research report on Thursday, October 24th. Stifel Nicolaus increased their target price on Rocket Lab USA from $15.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. Bank of America boosted their price target on Rocket Lab USA from $10.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Finally, Citigroup increased their price objective on Rocket Lab USA from $13.00 to $22.00 and gave the company a "buy" rating in a research note on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.44.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, insider Frank Klein sold 35,968 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 1,464,032 shares of the company's stock, valued at $35,356,372.80. This trade represents a 2.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the business's 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 sale, the director now directly owns 2,351,135 shares of the company's stock, 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. Over the last ninety days, insiders sold 2,114,530 shares of company stock worth $38,168,400. 13.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Lab USA

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. purchased a new stake in Rocket Lab USA during the third quarter worth approximately $107,000. Sanctuary Advisors LLC lifted its holdings in shares of Rocket Lab USA by 34.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 21,226 shares of the rocket manufacturer's stock valued at $207,000 after acquiring an additional 5,381 shares in the last quarter. Arete Wealth Advisors LLC purchased a new stake in Rocket Lab USA during the 3rd quarter worth $106,000. Geode Capital Management LLC boosted its position in Rocket Lab USA by 12.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer's stock worth $80,317,000 after purchasing an additional 898,223 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its holdings in Rocket Lab USA by 22.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 227,438 shares of the rocket manufacturer's stock valued at $2,213,000 after purchasing an additional 41,551 shares in the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Rocket Lab USA Stock Down 3.3 %

The firm has a 50-day simple moving average of $16.28 and a 200 day simple moving average of $9.41. 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 capitalization of $11.29 billion, a PE ratio of -61.03 and a beta of 1.94.

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.