Rocket Lab USA (NASDAQ:RKLB) Trading Up 1.6% – Still a Buy?

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price was up 1.6% on Friday . The company traded as high as $29.69 and last traded at $28.12. Approximately 10,520,635 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 19,338,842 shares. The stock had previously closed at $27.68.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RKLB. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. The Goldman Sachs Group boosted their price objective on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Bank of America lifted their target price on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Wells Fargo & Company upped their price target on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 11th. Finally, Stifel Nicolaus lifted their price objective on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Rocket Lab USA has an average rating of “Moderate Buy” and a consensus target price of $22.28.

Rocket Lab USA Stock Down 1.0 %

The firm’s 50 day moving average is $26.32 and its two-hundred day moving average is $15.57. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The firm has a market cap of $13.71 billion, a P/E ratio of -74.10 and a beta of 1.99.

Insider Activity

In related news, Director Matthew Ocko sold 2,000,000 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 2,351,135 shares in the company, valued at $41,685,623.55. This trade represents a 45.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Alexander R. Slusky sold 50,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were 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 $12,297,525. This represents a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,124,530 shares of company stock valued at $38,404,700 in the last quarter. Company insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of hedge funds and other institutional investors have recently bought and sold shares of RKLB. Geode Capital Management LLC grew its stake in shares of Rocket Lab USA by 12.2% during the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Rocket Lab USA by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,902,212 shares of the rocket manufacturer’s stock worth $73,919,000 after purchasing an additional 23,855 shares during the last quarter. Bank of New York Mellon Corp grew its position in Rocket Lab USA by 2.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,121,024 shares of the rocket manufacturer’s stock valued at $28,552,000 after purchasing an additional 28,618 shares in the last quarter. Mizuho Markets Americas LLC acquired a new stake in Rocket Lab USA in the 3rd quarter valued at $8,930,000. Finally, Citigroup Inc. lifted its position in Rocket Lab USA by 46.8% during the 3rd quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after buying an additional 220,432 shares in the last quarter. Institutional investors and hedge funds 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.