Wells Fargo & Company Issues Positive Forecast for Rocket Lab USA (NASDAQ:RKLB) Stock Price

Rocket Lab USA (NASDAQ:RKLB) had its price target raised by Wells Fargo & Company from $13.50 to $22.00 in a research note published on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the rocket manufacturer’s stock.

Other analysts have also recently issued reports about the stock. JMP Securities started coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating on the stock. The Goldman Sachs Group raised their price target on Rocket Lab USA from $5.00 to $12.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. KeyCorp boosted their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Cantor Fitzgerald raised their target price on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Finally, Bank of America upped their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $17.44.

Rocket Lab USA Stock Up 8.1 %

RKLB opened at $24.42 on Wednesday. The firm has a market cap of $12.21 billion, a price-to-earnings ratio of -66.00 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. The firm’s 50-day simple moving average is $16.28 and its 200-day simple moving average is $9.41. Rocket Lab USA has a twelve month low of $3.47 and a twelve month high of $28.10.

Insider Buying and Selling

In other news, General Counsel Arjun Kampani sold 28,562 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $689,772.30. Following the transaction, the general counsel now owns 608,996 shares of the company’s stock, valued at approximately $14,707,253.40. This trade represents a 4.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Frank Klein sold 35,968 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $24.15, for a total transaction of $868,627.20. Following the sale, the insider now directly owns 1,464,032 shares of the company’s stock, valued at approximately $35,356,372.80. This trade represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,114,530 shares of company stock worth $38,168,400 over the last three months. 13.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its stake in shares of Rocket Lab USA by 12.2% during the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after purchasing an additional 898,223 shares during the period. ARK Investment Management LLC boosted its holdings in Rocket Lab USA by 6.6% during the second quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock worth $30,226,000 after buying an additional 391,778 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Rocket Lab USA by 22.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after buying an additional 532,207 shares during the period. American Century Companies Inc. increased its stake in shares of Rocket Lab USA by 11.1% in the 2nd quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock valued at $13,713,000 after acquiring an additional 284,360 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Rocket Lab USA by 25.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock valued at $10,193,000 after acquiring an additional 432,501 shares during the period. 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.