Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 2.5% After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price was up 2.5% during trading on Friday after Bank of America raised their price target on the stock from $10.00 to $30.00. Bank of America currently has a buy rating on the stock. Rocket Lab USA traded as high as $18.03 and last traded at $17.80. Approximately 10,191,857 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 10,800,765 shares. The stock had previously closed at $17.36.

Several other research analysts have also weighed in on the stock. JMP Securities assumed coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They set a "market perform" rating on the stock. Wells Fargo & Company lifted their price target on shares of Rocket Lab USA from $5.25 to $13.50 and gave the company an "equal weight" rating in a report on Wednesday. Cantor Fitzgerald upped their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the stock an "overweight" rating in a report on Thursday. Citigroup increased their target price on Rocket Lab USA from $7.00 to $13.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. Finally, KeyCorp boosted their price target on Rocket Lab USA from $11.00 to $12.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Rocket Lab USA presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.72.

Insider Activity at Rocket Lab USA

In related news, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the transaction, the chief financial officer now owns 1,321,165 shares of the company's stock, valued at approximately $9,195,308.40. This represents a 4.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the sale, the director now owns 42,353 shares in the company, valued at $292,235.70. This represents a 48.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is currently owned by company insiders.

Institutional Trading of Rocket Lab USA

A number of hedge funds have recently made changes to their positions in RKLB. HighTower Advisors LLC boosted its stake in Rocket Lab USA by 79.0% during the 3rd quarter. HighTower Advisors LLC now owns 228,890 shares of the rocket manufacturer's stock valued at $2,229,000 after acquiring an additional 101,004 shares during the last quarter. Centiva Capital LP acquired a new stake in shares of Rocket Lab USA in the 3rd quarter valued at about $116,000. Verition Fund Management LLC bought a new position in shares of Rocket Lab USA during the third quarter worth about $325,000. Rockefeller Capital Management L.P. grew its stake in Rocket Lab USA by 5.6% in the third quarter. Rockefeller Capital Management L.P. now owns 241,472 shares of the rocket manufacturer's stock worth $2,350,000 after purchasing an additional 12,753 shares in the last quarter. Finally, FORA Capital LLC bought a new stake in Rocket Lab USA in the third quarter valued at about $449,000. Institutional investors and hedge funds own 71.78% of the company's stock.

Rocket Lab USA Price Performance

The stock has a market cap of $8.84 billion, a price-to-earnings ratio of -48.11 and a beta of 1.29. The company has a 50 day simple moving average of $9.89 and a 200-day simple moving average of $6.70. The company has a quick ratio of 2.43, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The firm had revenue of $104.81 million for the quarter, compared to analysts' expectations of $102.74 million. As a group, research analysts anticipate that Rocket Lab USA, Inc. will post -0.39 EPS for the current fiscal year.

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.

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