Rocket Lab USA (NASDAQ:RKLB) Hits New 12-Month High After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price reached a new 52-week high on Wednesday after Citigroup raised their price target on the stock from $22.00 to $35.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA traded as high as $31.64 and last traded at $31.27, with a volume of 61867601 shares. The stock had previously closed at $24.00.

RKLB has been the topic of a number of other research reports. Bank of America increased their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Stifel Nicolaus raised their price target on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. KeyCorp increased their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Cantor Fitzgerald increased their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Finally, The Goldman Sachs Group increased their price objective on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.06.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, Director Alexander R. Slusky sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the completion of the sale, the director now directly owns 534,675 shares in the company, valued at approximately $12,297,525. The trade was a 8.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $17.73, for a total value of $35,460,000.00. Following the completion of the transaction, the director now owns 2,351,135 shares in the company, valued at $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,114,530 shares of company stock valued at $38,168,400 in the last quarter. 13.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position 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 acquiring an additional 898,223 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Rocket Lab USA by 22.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after purchasing an additional 532,207 shares during the period. Mizuho Markets Americas LLC acquired a new stake in Rocket Lab USA in the third quarter valued at about $8,930,000. Citigroup Inc. lifted its position in shares of Rocket Lab USA by 46.8% during the 3rd quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock valued at $6,727,000 after acquiring an additional 220,432 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in shares of Rocket Lab USA during the 3rd quarter valued at approximately $2,651,000. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Rocket Lab USA Stock Performance

The stock’s 50-day moving average price is $24.78 and its 200-day moving average price is $13.82. 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 company has a market capitalization of $15.78 billion, a price-to-earnings ratio of -85.32 and a beta of 1.98.

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.