Rocket Lab USA (NASDAQ:RKLB) Price Target Raised to $24.00

Rocket Lab USA (NASDAQ:RKLB) had its price objective raised by Cantor Fitzgerald from $7.00 to $24.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the rocket manufacturer’s stock.

Several other analysts also recently weighed in on RKLB. JMP Securities began coverage on Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating for the company. KeyCorp raised their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Wells Fargo & Company lifted their target price on shares of Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a report on Wednesday. The Goldman Sachs Group increased their price target on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Finally, Citigroup lifted their price objective on shares of Rocket Lab USA from $7.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $14.72.

Rocket Lab USA Price Performance

Shares of NASDAQ:RKLB opened at $19.00 on Thursday. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.43. Rocket Lab USA has a 12 month low of $3.47 and a 12 month high of $22.55. The firm has a market capitalization of $9.44 billion, a P/E ratio of -51.35 and a beta of 1.29. The company’s fifty day moving average price is $10.38 and its 200 day moving average price is $6.90.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $435,083.52. Following the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The trade was a 4.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael D. Griffin sold 39,446 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total value of $272,177.40. Following the completion of the sale, the director now directly owns 42,353 shares of the company’s stock, valued at $292,235.70. This represents a 48.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 130,521 shares of company stock worth $906,059 over the last ninety days. 13.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in Rocket Lab USA by 9.2% during the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock worth $119,192,000 after buying an additional 2,448,789 shares during the period. Ieq Capital LLC purchased a new stake in shares of Rocket Lab USA during the 2nd quarter worth approximately $5,469,000. Mizuho Markets Americas LLC acquired a new stake in shares of Rocket Lab USA in the 3rd quarter worth approximately $8,930,000. Geode Capital Management LLC increased its stake in 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 in the last quarter. Finally, Tocqueville Asset Management L.P. raised its holdings in Rocket Lab USA by 217.1% during the first quarter. Tocqueville Asset Management L.P. now owns 1,284,060 shares of the rocket manufacturer’s stock worth $5,277,000 after purchasing an additional 879,160 shares during the last quarter. Hedge funds and other 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.