Rocket Lab USA (NASDAQ:RKLB) Trading Up 6.3% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) was up 6.3% during mid-day trading on Friday . The stock traded as high as $30.52 and last traded at $30.32. Approximately 9,437,578 shares changed hands during trading, a decline of 52% from the average daily volume of 19,769,186 shares. The stock had previously closed at $28.53.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RKLB. Cantor Fitzgerald lifted their target price 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. The Goldman Sachs Group upped their price objective on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Thursday, January 16th. TD Cowen raised shares of Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Citigroup boosted their price objective on Rocket Lab USA from $22.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, KeyCorp upped their price target on Rocket Lab USA from $27.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday. Five investment 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 company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.28.

Rocket Lab USA Stock Performance

The stock has a market cap of $14.73 billion, a PE ratio of -79.38 and a beta of 1.98. The business has a 50 day moving average price of $25.96 and a two-hundred day moving average price of $14.77. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Insider Buying and Selling at Rocket Lab USA

In other Rocket Lab USA news, Director Alexander R. Slusky sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total value of $1,150,000.00. Following the completion of the sale, the director now directly owns 534,675 shares in the company, valued at $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Frank Klein sold 35,968 shares of the company’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 value of $868,627.20. Following the transaction, the insider now owns 1,464,032 shares in the company, valued at $35,356,372.80. This trade represents a 2.40 % decrease in their position. 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 90 days. Insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Hedge funds have recently modified their holdings of the business. Chicago Partners Investment Group LLC lifted its position in Rocket Lab USA by 0.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 79,943 shares of the rocket manufacturer’s stock valued at $2,187,000 after acquiring an additional 334 shares during the period. CIBC Asset Management Inc increased its stake in shares of Rocket Lab USA by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 15,078 shares of the rocket manufacturer’s stock valued at $384,000 after purchasing an additional 746 shares in the last quarter. New Millennium Group LLC lifted its holdings in shares of Rocket Lab USA by 105.0% during the fourth quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer’s stock valued at $52,000 after purchasing an additional 1,050 shares during the last quarter. Smith Anglin Financial LLC boosted its position in shares of Rocket Lab USA by 10.3% in the 4th quarter. Smith Anglin Financial LLC now owns 11,746 shares of the rocket manufacturer’s stock worth $299,000 after purchasing an additional 1,096 shares in the last quarter. Finally, Spire Wealth Management grew its stake in shares of 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 buying an additional 1,400 shares during the last quarter. Institutional investors 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.