Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 8.5% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) rose 8.5% during trading on Friday . The company traded as high as $28.05 and last traded at $27.84. Approximately 11,754,099 shares were traded during mid-day trading, an increase of 1% from the average daily volume of 11,604,330 shares. The stock had previously closed at $25.67.

Analyst Ratings Changes

Several brokerages have issued reports on RKLB. Citigroup lifted their target price on shares of Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, November 18th. KeyCorp raised their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Bank of America boosted their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald raised their price target on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Finally, Stifel Nicolaus upped their price objective on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $16.50.

Rocket Lab USA Trading Up 6.4 %

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 stock’s 50-day simple moving average is $13.26 and its two-hundred day simple moving average is $8.06. The firm has a market capitalization of $13.65 billion, a P/E ratio of -75.24 and a beta of 1.29.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, insider Frank Klein sold 35,968 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $868,627.20. Following the sale, the insider now owns 1,464,032 shares in the company, valued at $35,356,372.80. The trade was a 2.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of the 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 transaction, the director now directly owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This trade represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,064,530 shares of company stock valued at $37,018,400. 13.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Rocket Lab USA

Several hedge funds have recently modified their holdings of RKLB. Franklin Resources Inc. bought a new stake in shares of Rocket Lab USA in the 3rd quarter valued at approximately $107,000. Sanctuary Advisors LLC raised its holdings in shares of Rocket Lab USA by 34.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 21,226 shares of the rocket manufacturer’s stock valued at $207,000 after purchasing an additional 5,381 shares in the last quarter. Arete Wealth Advisors LLC bought a new position in shares of Rocket Lab USA during the third quarter valued at approximately $106,000. Geode Capital Management LLC increased its holdings in Rocket Lab USA by 12.2% during the third 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. Finally, Nomura Asset Management Co. Ltd. raised its stake in Rocket Lab USA by 22.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 227,438 shares of the rocket manufacturer’s stock worth $2,213,000 after buying an additional 41,551 shares in the last quarter. 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.