Rocket Lab USA (NASDAQ:RKLB) Price Target Raised to $22.00

Rocket Lab USA (NASDAQ:RKLB) had its price objective raised by Citigroup from $13.00 to $22.00 in a research note published on Monday,Benzinga reports. Citigroup currently has a buy rating on the rocket manufacturer’s stock.

A number of other research firms have also commented on RKLB. Bank of America lifted their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald lifted their target price on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. JMP Securities started coverage on Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating on the stock. Wells Fargo & Company lifted their target price on Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Finally, Stifel Nicolaus lifted their price objective on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.50.

Rocket Lab USA Price Performance

Shares of NASDAQ:RKLB opened at $22.37 on Monday. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. Rocket Lab USA has a 1 year low of $3.47 and a 1 year high of $22.55. The business has a fifty day simple moving average of $11.20 and a 200 day simple moving average of $7.23. The firm has a market cap of $11.11 billion, a price-to-earnings ratio of -58.57 and a beta of 1.29.

Insider Buying and Selling at Rocket Lab USA

In related news, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction that occurred 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 sale, the director now owns 2,351,135 shares in the company, valued at approximately $41,685,623.55. This trade represents a 45.97 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

A number of hedge funds have recently added to or reduced their stakes in RKLB. Advisors Asset Management Inc. raised its stake in shares of Rocket Lab USA by 59.4% during the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after acquiring an additional 4,032 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of Rocket Lab USA during the second quarter valued at about $46,000. Baxter Bros Inc. purchased a new position in Rocket Lab USA during the second quarter worth about $48,000. Amalgamated Bank boosted its holdings in Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after purchasing an additional 2,538 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new stake in Rocket Lab USA in the second quarter worth about $67,000. 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.