Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 4.7% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) shot up 4.7% during trading on Tuesday . The stock traded as high as $30.16 and last traded at $29.70. 7,968,118 shares were traded during trading, a decline of 60% from the average session volume of 19,709,924 shares. The stock had previously closed at $28.38.

Wall Street Analyst Weigh In

RKLB has been the topic of a number of analyst reports. Cantor Fitzgerald lifted 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. KeyCorp boosted their price target on shares of Rocket Lab USA from $27.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. The Goldman Sachs Group upped their price target on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Finally, Citigroup raised their target price on Rocket Lab USA from $22.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.28.

Rocket Lab USA Stock Down 3.2 %

The company has a market cap of $13.84 billion, a price-to-earnings ratio of -74.81 and a beta of 1.99. The business has a 50-day simple moving average of $26.28 and a two-hundred day simple moving average of $15.49. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

Insider Buying and Selling at Rocket Lab USA

In related news, Director Alexander R. Slusky sold 50,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the business’s stock in a transaction on 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 completion of the sale, the director now directly owns 2,351,135 shares in the company, 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. Insiders sold a total of 2,114,530 shares of company stock valued at $38,168,400 in the last quarter. Corporate insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Spectrum Wealth Counsel LLC bought a new stake in shares of Rocket Lab USA in the 4th quarter valued at approximately $25,000. Wingate Wealth Advisors Inc. acquired a new stake in Rocket Lab USA in the 4th quarter valued at $40,000. Smartleaf Asset Management LLC grew its position in Rocket Lab USA by 1,565.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,015 shares of the rocket manufacturer’s stock valued at $53,000 after acquiring an additional 1,894 shares during the period. New Millennium Group LLC raised its stake in Rocket Lab USA by 105.0% during the fourth quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer’s stock worth $52,000 after acquiring an additional 1,050 shares in the last quarter. Finally, Global Retirement Partners LLC bought a new position in shares of Rocket Lab USA during the fourth quarter valued at $58,000. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.