Rocket Lab USA (NASDAQ:RKLB) Sees Unusually-High Trading Volume – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) saw an uptick in trading volume on Tuesday . 5,549,306 shares were traded during trading, a decline of 51% from the previous session’s volume of 11,374,099 shares.The stock last traded at $25.97 and had previously closed at $24.06.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RKLB. Stifel Nicolaus raised their target price on shares of Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Wells Fargo & Company boosted their target price on Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Bank of America raised their price target on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, November 14th. JMP Securities began coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating on the stock. Finally, Citigroup raised their price objective on shares of 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 investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.50.

Rocket Lab USA Stock Up 9.1 %

The company has a fifty day moving average of $12.16 and a 200 day moving average of $7.66. 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 cap of $13.12 billion, a P/E ratio of -70.57 and a beta of 1.29.

Insider Activity

In other Rocket Lab USA news, Director Matthew Ocko sold 2,000,000 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was 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 approximately $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 SEC, which is accessible through the SEC website. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

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

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.