Wells Fargo & Company Increases Rocket Lab USA (NASDAQ:RKLB) Price Target to $22.00

Rocket Lab USA (NASDAQ:RKLB) had its price objective hoisted by equities researchers at Wells Fargo & Company from $13.50 to $22.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the rocket manufacturer’s stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 1.96% from the stock’s current price.

RKLB has been the topic of several other research reports. Cantor Fitzgerald boosted their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Citigroup upped their target price on shares of Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, November 18th. JMP Securities started coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating on the stock. KeyCorp upped their target price on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, The Goldman Sachs Group upped their target price on shares of Rocket Lab USA from $5.00 to $12.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $17.44.

Rocket Lab USA Stock Performance

Rocket Lab USA stock traded down $0.41 on Wednesday, hitting $22.44. The company’s stock had a trading volume of 4,295,806 shares, compared to its average volume of 12,005,419. The firm has a market cap of $11.22 billion, a P/E ratio of -60.65 and a beta of 1.94. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The company has a fifty day moving average price of $15.46 and a 200-day moving average price of $9.09. Rocket Lab USA has a one year low of $3.47 and a one year high of $28.10.

Insider Buying and Selling

In other Rocket Lab USA news, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 2,351,135 shares in the company, valued at approximately $41,685,623.55. This represents a 45.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Arjun Kampani sold 28,562 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $24.15, for a total value of $689,772.30. Following the completion of the sale, the general counsel now directly owns 608,996 shares of the company’s stock, valued at approximately $14,707,253.40. This trade represents a 4.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,114,530 shares of company stock worth $38,168,400 in the last 90 days. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several hedge funds have recently made changes to their positions in RKLB. 180 Wealth Advisors LLC grew its stake in shares of Rocket Lab USA by 7.5% during the 2nd quarter. 180 Wealth Advisors LLC now owns 40,180 shares of the rocket manufacturer’s stock worth $214,000 after acquiring an additional 2,807 shares in the last quarter. LA Financiere DE L Echiquier boosted its holdings in shares of Rocket Lab USA by 9.4% in the 2nd quarter. LA Financiere DE L Echiquier now owns 1,151,190 shares of the rocket manufacturer’s stock valued at $5,526,000 after buying an additional 98,643 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Rocket Lab USA by 25.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock valued at $10,193,000 after buying an additional 432,501 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Rocket Lab USA by 40.9% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 91,619 shares of the rocket manufacturer’s stock valued at $440,000 after buying an additional 26,605 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Rocket Lab USA by 323.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 19,708 shares of the rocket manufacturer’s stock valued at $95,000 after buying an additional 15,052 shares during the last quarter. 71.78% of the stock is owned by institutional investors.

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.