Rocket Lab USA (NASDAQ:RKLB) Trading 2% Higher - Here's What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) traded up 2% on Friday . The stock traded as high as $23.81 and last traded at $22.85. 10,833,799 shares were traded during trading, a decline of 3% from the average session volume of 11,207,274 shares. The stock had previously closed at $22.41.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Cantor Fitzgerald boosted their target price on Rocket Lab USA from $7.00 to $24.00 and gave the company an "overweight" rating in a research report on Thursday, November 14th. Bank of America upped their target price on Rocket Lab USA from $10.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. JMP Securities began coverage on Rocket Lab USA in a report on Thursday, September 12th. They issued a "market perform" rating for the company. Citigroup upped their target price on Rocket Lab USA from $13.00 to $22.00 and gave the stock a "buy" rating in a report on Monday. Finally, Stifel Nicolaus upped their target price on Rocket Lab USA from $15.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Rocket Lab USA presently has a consensus rating of "Moderate Buy" and an average price target of $16.50.

Rocket Lab USA Stock Performance

The firm has a 50-day moving average of $11.51 and a two-hundred day moving average of $7.34. 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 company has a market capitalization of $11.63 billion, a PE ratio of -61.76 and a beta of 1.29.

Insider Buying and Selling at Rocket Lab USA

In other news, Director Matthew Ocko sold 2,000,000 shares of the business's stock in a transaction dated 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 completion of the sale, the director now owns 2,351,135 shares of the company's stock, valued at $41,685,623.55. The trade was a 45.97 % 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. 13.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rocket Lab USA

Several institutional investors have recently bought and sold shares of RKLB. Advisors Asset Management Inc. lifted its position in shares of Rocket Lab USA by 59.4% in the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer's stock valued at $44,000 after acquiring an additional 4,032 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Rocket Lab USA during the second quarter worth $46,000. Baxter Bros Inc. acquired a new stake in shares of Rocket Lab USA in the second quarter valued at about $48,000. Amalgamated Bank raised its position in shares of Rocket Lab USA by 26.7% in the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer's stock valued at $58,000 after buying an additional 2,538 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new position in Rocket Lab USA during the second quarter worth about $67,000. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.