Rocket Lab USA (NASDAQ:RKLB) Shares Up 3% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) traded up 3% during mid-day trading on Tuesday . The company traded as high as $26.57 and last traded at $26.35. 4,679,493 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 12,206,382 shares. The stock had previously closed at $25.59.

Analysts Set New Price Targets

Several research firms have recently commented on RKLB. JMP Securities initiated coverage on Rocket Lab USA in a report on Thursday, September 12th. They set a “market perform” rating for the company. Citigroup increased their target price on Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Wells Fargo & Company boosted their price target on shares of Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 11th. Cantor Fitzgerald upped their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Finally, TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.44.

Rocket Lab USA Stock Performance

The firm’s 50 day simple moving average is $18.73 and its 200-day simple moving average is $10.65. The company has a market capitalization of $13.30 billion, a price-to-earnings ratio of -71.89 and a beta of 1.96. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

Insider Buying and Selling

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,562 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $689,772.30. Following the completion of the sale, the general counsel now owns 608,996 shares in the company, valued at $14,707,253.40. This represents a 4.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA 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 sale, the director now directly owns 2,351,135 shares of the company’s stock, 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. In the last ninety days, insiders sold 2,114,530 shares of company stock valued at $38,168,400. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

A number of hedge funds have recently added to or reduced their stakes in RKLB. International Assets Investment Management LLC bought a new stake in Rocket Lab USA in the second quarter worth approximately $46,000. Amalgamated Bank raised its holdings in shares of Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after purchasing an additional 2,538 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in shares of Rocket Lab USA in the 2nd quarter valued at $67,000. Sanctuary Advisors LLC bought a new stake in Rocket Lab USA in the second quarter worth $76,000. Finally, National Bank of Canada FI increased its position in Rocket Lab USA by 97.8% during the second quarter. National Bank of Canada FI now owns 20,230 shares of the rocket manufacturer’s stock worth $92,000 after buying an additional 10,000 shares during the last quarter. Institutional investors and hedge funds 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.