Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 8.5% – Still a Buy?

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price was up 8.5% on Tuesday . The stock traded as high as $26.71 and last traded at $26.11. Approximately 19,317,485 shares changed hands during trading, an increase of 69% from the average daily volume of 11,440,163 shares. The stock had previously closed at $24.06.

Analysts Set New Price Targets

A number of analysts have commented on the company. Wells Fargo & Company upped their price target 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. The Goldman Sachs Group lifted their price target on shares of Rocket Lab USA from $5.00 to $12.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Citigroup raised their price objective on shares of Rocket Lab USA from $13.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, November 18th. KeyCorp increased their price target 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. Finally, Cantor Fitzgerald boosted 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. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.50.

Rocket Lab USA Stock Performance

The business’s fifty day moving average price is $12.16 and its two-hundred day moving average price is $7.66. 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 stock has a market capitalization of $12.79 billion, a P/E ratio of -70.57 and a beta of 1.29.

Insider Activity

In related news, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction dated 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 approximately $41,685,623.55. This represents a 45.97 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of institutional investors and hedge funds have recently modified their holdings of RKLB. Allworth Financial LP lifted its holdings in shares of Rocket Lab USA by 1,827.6% in the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock worth $92,000 after buying an additional 8,992 shares during the period. International Assets Investment Management LLC purchased a new position in Rocket Lab USA during the 2nd quarter valued at about $46,000. Baxter Bros Inc. purchased a new stake in shares of Rocket Lab USA during the second quarter valued at about $48,000. Smith Anglin Financial LLC purchased a new stake in Rocket Lab USA during the third quarter valued at approximately $104,000. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Rocket Lab USA by 59.4% during the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after purchasing an additional 4,032 shares during the last quarter. 71.78% of the stock is owned by 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.