Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) gapped up prior to trading on Tuesday after Citigroup raised their price target on the stock from $22.00 to $35.00. The stock had previously closed at $24.00, but opened at $26.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA shares last traded at $28.73, with a volume of 10,294,357 shares changing hands.
Several other research analysts have also recently issued reports on the stock. Stifel Nicolaus increased their price target 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. The Goldman Sachs Group raised their target price 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. TD Cowen upgraded shares of Rocket Lab USA to a "strong-buy" rating in a research report on Thursday, December 19th. KeyCorp lifted their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an "overweight" rating in a report on Thursday, October 24th. Finally, Bank of America lifted 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. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $20.06.
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In other Rocket Lab USA news, insider Frank Klein sold 35,968 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $24.15, for a total transaction of $868,627.20. Following the sale, the insider now directly owns 1,464,032 shares in the company, valued at $35,356,372.80. This represents a 2.40 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of Rocket Lab USA stock in a transaction that occurred on 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 sale, the director now owns 2,351,135 shares in the company, valued at approximately $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,114,530 shares of company stock valued at $38,168,400. 13.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Amalgamated Bank grew its position in 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 purchasing an additional 2,538 shares during the period. Sanctuary Advisors LLC purchased a new position in Rocket Lab USA during the 2nd quarter worth $76,000. Allworth Financial LP boosted 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 last quarter. Smith Anglin Financial LLC purchased a new position in shares of Rocket Lab USA in the 3rd quarter worth about $104,000. Finally, Xponance Inc. raised its stake in Rocket Lab USA by 29.1% in the 2nd quarter. Xponance Inc. now owns 22,185 shares of the rocket manufacturer's stock valued at $106,000 after acquiring an additional 4,997 shares during the period. Institutional investors own 71.78% of the company's stock.
The stock has a 50 day moving average of $24.23 and a 200-day moving average of $13.52. The firm has a market capitalization of $15.63 billion, a P/E ratio of -84.51 and a beta of 1.98. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.
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.
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