KeyCorp Forecasts Strong Price Appreciation for Rocket Lab USA (NASDAQ:RKLB) Stock

Rocket Lab USA (NASDAQ:RKLB) had its target price raised by KeyCorp from $27.00 to $32.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the rocket manufacturer’s stock. KeyCorp’s price objective points to a potential upside of 10.14% from the company’s previous close.

Several other brokerages have also weighed in on RKLB. Wells Fargo & Company increased their price objective on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 11th. Citigroup raised their price objective on shares of Rocket Lab USA from $22.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. The Goldman Sachs Group raised their price target on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. Cantor Fitzgerald lifted their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Finally, TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $22.28.

Rocket Lab USA Stock Up 0.3 %

NASDAQ:RKLB traded up $0.08 on Wednesday, hitting $29.06. The stock had a trading volume of 5,845,894 shares, compared to its average volume of 19,955,926. Rocket Lab USA has a 1 year low of $3.47 and a 1 year high of $33.34. The stock has a market cap of $14.52 billion, a P/E ratio of -78.80 and a beta of 1.98. The firm’s fifty day simple moving average is $25.49 and its two-hundred day simple moving average is $14.41. 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 Activity

In related news, General Counsel Arjun Kampani sold 28,562 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 $689,772.30. Following the completion of the transaction, the general counsel now directly owns 608,996 shares in the company, valued at approximately $14,707,253.40. The trade was a 4.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA 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 transaction, the director now directly owns 2,351,135 shares in the company, valued at $41,685,623.55. This represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,114,530 shares of company stock valued at $38,168,400 in the last 90 days. Company insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RKLB. Chicago Partners Investment Group LLC grew its position in shares of Rocket Lab USA by 0.4% during the fourth quarter. Chicago Partners Investment Group LLC now owns 79,943 shares of the rocket manufacturer’s stock valued at $2,187,000 after purchasing an additional 334 shares in the last quarter. New Millennium Group LLC grew its holdings in Rocket Lab USA by 105.0% during the 4th quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer’s stock valued at $52,000 after buying an additional 1,050 shares in the last quarter. Smith Anglin Financial LLC grew its holdings in Rocket Lab USA by 10.3% during the 4th quarter. Smith Anglin Financial LLC now owns 11,746 shares of the rocket manufacturer’s stock valued at $299,000 after buying an additional 1,096 shares in the last quarter. Spire Wealth Management increased its stake in Rocket Lab USA by 14.0% in the 4th quarter. Spire Wealth Management now owns 11,400 shares of the rocket manufacturer’s stock worth $290,000 after acquiring an additional 1,400 shares during the last quarter. Finally, Wingate Wealth Advisors Inc. purchased a new stake in shares of Rocket Lab USA during the 4th quarter worth approximately $40,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.