Rocket Lab USA (NASDAQ:RKLB) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Rocket Lab USA (NASDAQ:RKLB) had its price target boosted by Wells Fargo & Company from $5.25 to $13.50 in a research report released on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the rocket manufacturer’s stock.

Several other equities research analysts have also recently weighed in on RKLB. Stifel Nicolaus raised their price target on shares of Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday. Citigroup raised their price target on shares of Rocket Lab USA from $7.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. JMP Securities started coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating for the company. The Goldman Sachs Group raised their price target on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $7.00 price target on shares of Rocket Lab USA in a report on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $14.72.

Rocket Lab USA Trading Up 9.4 %

RKLB opened at $19.00 on Wednesday. Rocket Lab USA has a twelve month low of $3.47 and a twelve month high of $22.55. The company has a quick ratio of 2.43, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The company has a fifty day moving average of $10.38 and a 200-day moving average of $6.87. The stock has a market cap of $9.44 billion, a PE ratio of -51.35 and a beta of 1.29.

Insider Activity at Rocket Lab USA

In related news, Director Michael D. Griffin sold 39,446 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the transaction, the director now directly owns 42,353 shares of the company’s stock, valued at $292,235.70. This trade represents a 48.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $435,083.52. Following the completion of the sale, the chief financial officer now directly owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. This represents a 4.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,521 shares of company stock valued at $906,059 over the last ninety days. Corporate insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Several hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in Rocket Lab USA by 12.2% in the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after acquiring an additional 898,223 shares during the period. Nomura Asset Management Co. Ltd. raised its position 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 acquiring an additional 41,551 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Rocket Lab USA in the third quarter worth about $1,403,000. Main Management ETF Advisors LLC bought a new stake in Rocket Lab USA in the third quarter worth about $1,570,000. Finally, National Bank of Canada FI raised its position in Rocket Lab USA by 149.2% in the third quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock worth $490,000 after acquiring an additional 30,178 shares during the period. 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.