Rocket Lab USA (NASDAQ:RKLB) Price Target Raised to $35.00

Rocket Lab USA (NASDAQ:RKLB) had its target price increased by Citigroup from $22.00 to $35.00 in a report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the rocket manufacturer’s stock.

A number of other equities analysts have also recently commented on RKLB. KeyCorp lifted their price target on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Stifel Nicolaus lifted their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company upped their price target on shares of 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, Cantor Fitzgerald lifted their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Five 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 company. According to data from MarketBeat, Rocket Lab USA presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.06.

Rocket Lab USA Price Performance

Shares of RKLB opened at $31.57 on Tuesday. The company’s fifty day simple moving average is $24.78 and its 200 day simple moving average is $13.82. Rocket Lab USA has a 1-year low of $3.47 and a 1-year high of $31.75. The company has a market cap of $15.78 billion, a price-to-earnings ratio of -85.32 and a beta of 1.98. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Insider Activity

In related news, Director Alexander R. Slusky sold 50,000 shares of Rocket Lab USA 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 transaction, the director now owns 534,675 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of the company’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 position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,114,530 shares of company stock worth $38,168,400. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors have recently added to or reduced their stakes in RKLB. Amalgamated Bank increased its stake in shares of Rocket Lab USA by 26.7% in the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after acquiring an additional 2,538 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Rocket Lab USA in the second quarter worth $76,000. Allworth Financial LP increased its stake in Rocket Lab USA by 1,827.6% in the third quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after purchasing an additional 8,992 shares in the last quarter. Smith Anglin Financial LLC acquired a new position in shares of Rocket Lab USA during the third quarter valued at about $104,000. Finally, Xponance Inc. boosted its position in shares of Rocket Lab USA by 29.1% during the 2nd quarter. Xponance Inc. now owns 22,185 shares of the rocket manufacturer’s stock worth $106,000 after purchasing an additional 4,997 shares in the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

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.