Rocket Lab USA (NASDAQ:RKLB) Price Target Raised to $30.00 at Bank of America

Rocket Lab USA (NASDAQ:RKLB) had its price target upped by Bank of America from $10.00 to $30.00 in a research note released on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the rocket manufacturer’s stock.

A number of other research analysts also recently weighed in on the company. KeyCorp raised their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. The Goldman Sachs Group raised their price objective on Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Wells Fargo & Company raised their price objective on Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Stifel Nicolaus raised their price objective on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald raised their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Rocket Lab USA has a consensus rating of “Moderate Buy” and a consensus price target of $14.72.

Rocket Lab USA Stock Up 9.4 %

RKLB opened at $19.00 on Thursday. Rocket Lab USA has a fifty-two week low of $3.47 and a fifty-two week high of $22.55. The business has a 50-day moving average of $10.38 and a 200-day moving average of $6.90. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.43. The company has a market capitalization of $9.44 billion, a PE ratio of -51.35 and a beta of 1.29.

Insider Buying and Selling at Rocket Lab USA

In other news, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA 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 sale, the chief financial officer now owns 1,321,165 shares of the company’s stock, valued at approximately $9,195,308.40. This trade represents a 4.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $198,798.48. Following the sale, the general counsel now directly owns 637,558 shares in the company, valued at $4,437,403.68. The trade was a 4.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,521 shares of company stock valued at $906,059 in the last 90 days. 13.70% of the stock is currently owned by insiders.

Institutional Trading of Rocket Lab USA

Institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. boosted its stake in Rocket Lab USA by 59.4% in the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after buying an additional 4,032 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Rocket Lab USA in the 2nd quarter valued at $46,000. Baxter Bros Inc. acquired a new stake in Rocket Lab USA in the 2nd quarter valued at $48,000. Amalgamated Bank boosted its stake 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 buying an additional 2,538 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in Rocket Lab USA in the 2nd quarter valued at $67,000. 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.