Rocket Lab USA (NASDAQ:RKLB - Get Free Report) had its price objective increased by equities researchers at Wells Fargo & Company from $13.50 to $22.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the rocket manufacturer's stock. Wells Fargo & Company's target price indicates a potential downside of 1.96% from the stock's current price.
A number of other research firms also recently commented on RKLB. Citigroup boosted their price target on shares of Rocket Lab USA from $13.00 to $22.00 and gave the stock a "buy" rating in a research report on Monday, November 18th. Bank of America boosted their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Stifel Nicolaus boosted their price target on shares of Rocket Lab USA from $15.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. JMP Securities assumed coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They set a "market perform" rating on the stock. Finally, Cantor Fitzgerald lifted their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an "overweight" rating in a research note on Thursday, November 14th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Rocket Lab USA presently has a consensus rating of "Moderate Buy" and an average price target of $17.44.
Read Our Latest Stock Report on RKLB
NASDAQ:RKLB traded down $0.41 during mid-day trading on Wednesday, hitting $22.44. The stock had a trading volume of 4,295,806 shares, compared to its average volume of 12,005,419. The stock has a market capitalization of $11.22 billion, a price-to-earnings ratio of -60.65 and a beta of 1.94. The company has a 50 day simple moving average of $15.46 and a 200-day simple moving average of $9.09. Rocket Lab USA has a 52 week low of $3.47 and a 52 week high of $28.10. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.
In other Rocket Lab USA news, insider Frank Klein sold 35,968 shares of Rocket Lab USA stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $868,627.20. Following the completion of the sale, the insider now directly owns 1,464,032 shares in the company, valued at $35,356,372.80. The trade was a 2.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 shares were sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the completion of the sale, the director now owns 2,351,135 shares of the company's stock, valued at $41,685,623.55. This trade represents a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,114,530 shares of company stock worth $38,168,400. 13.70% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new stake in Rocket Lab USA in the second quarter valued at approximately $46,000. Amalgamated Bank lifted its stake in shares of Rocket Lab USA by 26.7% in the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer's stock worth $58,000 after buying an additional 2,538 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in shares of Rocket Lab USA in the second quarter worth $67,000. Sanctuary Advisors LLC acquired a new stake in shares of Rocket Lab USA in the second quarter worth $76,000. Finally, National Bank of Canada FI lifted its stake in shares of Rocket Lab USA by 97.8% in the second quarter. National Bank of Canada FI now owns 20,230 shares of the rocket manufacturer's stock worth $92,000 after buying an additional 10,000 shares during the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Rocket Lab USA, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Rocket Lab USA wasn't on the list.
While Rocket Lab USA currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.