Rocket Lab USA (NASDAQ:RKLB) Trading Up 3.2% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares were up 3.2% during mid-day trading on Wednesday . The company traded as high as $23.78 and last traded at $23.74. Approximately 7,834,000 shares changed hands during trading, a decline of 34% from the average daily volume of 11,825,741 shares. The stock had previously closed at $23.01.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on RKLB shares. KeyCorp increased their price target 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. Citigroup increased their price objective on Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Bank of America boosted 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. Stifel Nicolaus raised their price target on Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald increased their target price on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Five equities research 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, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and an average price target of $16.50.

Rocket Lab USA Stock Performance

The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The company has a market cap of $12.36 billion, a P/E ratio of -64.65 and a beta of 1.96. The stock has a fifty day moving average price of $14.90 and a two-hundred day moving average price of $8.75.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,562 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $689,772.30. Following the transaction, the general counsel now owns 608,996 shares of the company’s stock, valued at approximately $14,707,253.40. This represents a 4.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alexander R. Slusky sold 50,000 shares of Rocket Lab USA stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value of $1,150,000.00. Following the completion of the transaction, the director now directly owns 534,675 shares in the company, valued at $12,297,525. This represents a 8.55 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,114,530 shares of company stock valued at $38,168,400. 13.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Lab USA

Several hedge funds have recently made changes to their positions in RKLB. Allworth Financial LP increased its holdings in shares of Rocket Lab USA by 1,827.6% in the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after purchasing an additional 8,992 shares during the period. International Assets Investment Management LLC bought a new stake in Rocket Lab USA in the second quarter worth approximately $46,000. Baxter Bros Inc. bought a new position in shares of Rocket Lab USA in the 2nd quarter valued at approximately $48,000. Smith Anglin Financial LLC bought a new position in Rocket Lab USA in the 3rd quarter worth $104,000. Finally, Franklin Resources Inc. acquired a new position in Rocket Lab USA during the 3rd quarter worth $107,000. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.