Rocket Lab USA (NASDAQ:RKLB) Trading Up 0.2% After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s stock price shot up 0.2% on Monday after Citigroup raised their price target on the stock from $13.00 to $22.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA traded as high as $20.35 and last traded at $19.04. 11,937,438 shares were traded during trading, an increase of 9% from the average session volume of 10,949,754 shares. The stock had previously closed at $19.00.

Several other research analysts also recently weighed in on the stock. Wells Fargo & Company upped their price target 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. 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. The Goldman Sachs Group lifted their price target on Rocket Lab USA from $4.50 to $5.00 and gave the stock a "neutral" rating in a research note on Thursday, October 10th. KeyCorp increased their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Finally, Bank of America raised their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Rocket Lab USA currently has a consensus rating of "Moderate Buy" and an average target price of $15.72.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the company's stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $198,798.48. Following the completion of the transaction, the general counsel now owns 637,558 shares in the company, valued at approximately $4,437,403.68. This represents a 4.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael D. Griffin sold 39,446 shares of the stock in a transaction 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 completion of the transaction, the director now directly owns 42,353 shares of the company's stock, valued at approximately $292,235.70. The trade was a 48.22 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,521 shares of company stock valued at $906,059. Insiders own 13.70% of the company's stock.

Hedge Funds Weigh In On Rocket Lab USA

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of 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 valued at $80,317,000 after buying an additional 898,223 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in shares of Rocket Lab USA by 22.4% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 227,438 shares of the rocket manufacturer's stock worth $2,213,000 after purchasing an additional 41,551 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Rocket Lab USA in the third quarter worth $1,403,000. Main Management ETF Advisors LLC bought a new position in shares of Rocket Lab USA in the 3rd quarter valued at approximately $1,570,000. Finally, National Bank of Canada FI boosted its position in shares of Rocket Lab USA by 149.2% in the third quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer's stock valued at $490,000 after acquiring an additional 30,178 shares during the period. 71.78% of the stock is owned by institutional investors.

Rocket Lab USA Price Performance

The stock's 50-day moving average is $10.38 and its 200-day moving average is $6.92. 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 cap of $9.53 billion, a P/E ratio of -53.76 and a beta of 1.29.

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.

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