Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 4.7% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price traded up 4.7% during mid-day trading on Tuesday . The company traded as high as $30.16 and last traded at $29.70. 7,968,118 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 19,709,924 shares. The stock had previously closed at $28.38.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RKLB. Wells Fargo & Company raised their price target 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. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a report on Thursday, December 19th. 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. Bank of America raised their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, Stifel Nicolaus upped their price objective on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.28.

Rocket Lab USA Stock Performance

The stock has a market cap of $13.84 billion, a P/E ratio of -74.81 and a beta of 1.99. The stock has a fifty day simple moving average of $26.28 and a 200-day simple moving average of $15.49. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

Insider Buying and Selling

In other news, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the transaction, the director now owns 2,351,135 shares in the company, valued at $41,685,623.55. The trade was a 45.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 shares were sold at an average price of $24.15, for a total value of $868,627.20. Following the completion of the transaction, the insider now owns 1,464,032 shares of the company’s stock, valued at $35,356,372.80. This represents a 2.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,114,530 shares of company stock valued at $38,168,400 in the last 90 days. 13.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Citigroup Inc. raised its holdings in shares of Rocket Lab USA by 46.8% during the third quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after acquiring an additional 220,432 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in 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 purchasing an additional 532,207 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Rocket Lab USA by 12.2% in the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after purchasing an additional 898,223 shares during the period. FORA Capital LLC bought a new stake in shares of Rocket Lab USA in the third quarter valued at about $449,000. Finally, National Bank of Canada FI lifted its holdings in shares of Rocket Lab USA by 149.2% in the third quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock valued at $490,000 after purchasing an additional 30,178 shares in the last quarter. Institutional investors own 71.78% of the company’s stock.

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.