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

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares shot up 3.2% on Monday . The stock traded as high as $25.00 and last traded at $24.68. 19,915,408 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 32,821,616 shares. The stock had previously closed at $23.92.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RKLB. Bank of America lifted their price target 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, November 14th. The Goldman Sachs Group lifted their target price on Rocket Lab USA from $5.00 to $12.00 and gave the company a “neutral” rating in a research report on Tuesday, November 19th. Citigroup boosted their price target on Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a report on Monday, November 18th. Wells Fargo & Company raised their price objective on Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald lifted their price objective 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. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

Rocket Lab USA Price Performance

The firm has a 50-day moving average of $15.46 and a 200-day moving average of $9.09. The stock has a market cap of $11.42 billion, a PE ratio of -61.76 and a beta of 1.94. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Insider Buying and Selling at Rocket Lab USA

In other news, General Counsel Arjun Kampani sold 28,562 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $689,772.30. Following the completion of the transaction, the general counsel now owns 608,996 shares in the company, valued at $14,707,253.40. This trade represents a 4.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 sale, the director now directly owns 534,675 shares in the company, valued at $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,114,530 shares of company stock valued at $38,168,400 in the last three months. 13.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP raised its stake in Rocket Lab USA by 1,827.6% during the third 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 in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Rocket Lab USA in the 2nd quarter worth about $46,000. Smith Anglin Financial LLC purchased a new stake in shares of Rocket Lab USA during the 3rd quarter valued at about $104,000. Franklin Resources Inc. bought a new position in shares of Rocket Lab USA in the 3rd quarter valued at about $107,000. Finally, Schneider Downs Wealth Management Advisors LP purchased a new position in Rocket Lab USA in the third quarter worth about $107,000. 71.78% of the stock is currently owned by institutional investors.

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.