Rocket Lab USA (NASDAQ:RKLB) Trading Up 2.5% After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price traded up 2.5% during trading on Friday after Bank of America raised their price target on the stock from $10.00 to $30.00. Bank of America currently has a buy rating on the stock. Rocket Lab USA traded as high as $18.03 and last traded at $17.80. 10,191,857 shares were traded during trading, a decline of 6% from the average session volume of 10,800,765 shares. The stock had previously closed at $17.36.

Several other research analysts have also recently weighed in on RKLB. KeyCorp upped their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. JMP Securities began coverage on Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating for the company. Cantor Fitzgerald upped their target price on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday. Wells Fargo & Company lifted their price objective on shares of Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Stifel Nicolaus lifted their target price on Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.72.

Insiders Place Their Bets

In related news, General Counsel Arjun Kampani sold 28,563 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $198,798.48. Following the sale, the general counsel now directly owns 637,558 shares of the company’s stock, valued at $4,437,403.68. This trade represents a 4.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the transaction, the chief financial officer now 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 worth $906,059 over the last ninety days. Corporate insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Rocket Lab USA by 9.2% during the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after purchasing an additional 2,448,789 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Rocket Lab USA by 934.5% in the 3rd quarter. International Assets Investment Management LLC now owns 98,176 shares of the rocket manufacturer’s stock valued at $10,090,000 after purchasing an additional 88,686 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in Rocket Lab USA by 40.9% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 91,619 shares of the rocket manufacturer’s stock worth $440,000 after purchasing an additional 26,605 shares during the period. Venture Visionary Partners LLC acquired a new stake in Rocket Lab USA during the third quarter worth approximately $886,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Rocket Lab USA by 2.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 294,054 shares of the rocket manufacturer’s stock worth $1,209,000 after purchasing an additional 6,534 shares in the last quarter. Institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Price Performance

The company has a current ratio of 2.58, a quick ratio of 2.43 and a debt-to-equity ratio of 0.97. The firm’s 50-day moving average price is $10.38 and its 200 day moving average price is $6.87.

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.