Rocket Lab USA (NASDAQ:RKLB) Trading Up 6.5% After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price was up 6.5% on Tuesday after The Goldman Sachs Group raised their price target on the stock from $5.00 to $12.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rocket Lab USA traded as high as $20.73 and last traded at $20.55. Approximately 11,380,476 shares were traded during trading, an increase of 3% from the average daily volume of 11,018,506 shares. The stock had previously closed at $19.29.

A number of other equities research analysts have also issued reports on RKLB. KeyCorp increased their target price on Rocket Lab USA from $11.00 to $12.00 and gave the company an "overweight" rating in a research note on Thursday, October 24th. JMP Securities initiated coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They issued a "market perform" rating for the company. Wells Fargo & Company boosted their target price on shares of Rocket Lab USA from $5.25 to $13.50 and gave the stock an "equal weight" rating in a research report on Wednesday, November 13th. 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. Finally, Bank of America boosted their price objective on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $16.50.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, Director Michael D. Griffin sold 39,446 shares of the business's stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the sale, the director now owns 42,353 shares in the company, valued at $292,235.70. The trade was a 48.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $435,083.52. Following the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. This trade represents a 4.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,130,521 shares of company stock valued at $36,366,059. Insiders own 13.70% of the company's stock.

Institutional Trading of Rocket Lab USA

Hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its stake in Rocket Lab USA by 4.4% in the third quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer's stock valued at $395,000 after buying an additional 1,709 shares during the last quarter. Wellington Shields & Co. LLC grew its position in Rocket Lab USA by 3.8% in the 2nd quarter. Wellington Shields & Co. LLC now owns 69,142 shares of the rocket manufacturer's stock worth $332,000 after purchasing an additional 2,503 shares during the last quarter. Amalgamated Bank grew 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 worth $58,000 after purchasing an additional 2,538 shares during the last quarter. 180 Wealth Advisors LLC increased its stake in shares of Rocket Lab USA by 7.5% in the second quarter. 180 Wealth Advisors LLC now owns 40,180 shares of the rocket manufacturer's stock valued at $214,000 after purchasing an additional 2,807 shares during the period. Finally, Lakeridge Wealth Management LLC boosted its position in shares of Rocket Lab USA by 30.0% during the third quarter. Lakeridge Wealth Management LLC now owns 13,000 shares of the rocket manufacturer's stock worth $126,000 after buying an additional 3,000 shares during the period. Institutional investors own 71.78% of the company's stock.

Rocket Lab USA Stock Performance

The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $10.18 billion, a price-to-earnings ratio of -55.59 and a beta of 1.29. The company has a 50-day moving average price of $10.64 and a 200-day moving average price of $7.03.

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.