Rocket Lab USA (NASDAQ:RKLB) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) saw unusually-strong trading volume on Tuesday . Approximately 5,549,306 shares traded hands during mid-day trading, a decline of 51% from the previous session’s volume of 11,374,099 shares.The stock last traded at $25.97 and had previously closed at $24.06.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. KeyCorp increased their price target on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Citigroup increased their target price on shares of Rocket Lab USA from $13.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Wells Fargo & Company lifted their price target on shares of 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 increased their price objective 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. Finally, Bank of America boosted their target price on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Rocket Lab USA has a consensus rating of “Moderate Buy” and an average target price of $16.50.

Rocket Lab USA Price Performance

The stock has a market capitalization of $12.83 billion, a P/E ratio of -69.38 and a beta of 1.29. The business has a fifty day simple moving average of $12.89 and a 200 day simple moving average of $7.93. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Insider Activity at Rocket Lab USA

In other news, General Counsel Arjun Kampani sold 28,562 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $689,772.30. Following the transaction, the general counsel now owns 608,996 shares in the company, valued at $14,707,253.40. The trade was a 4.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $17.73, for a total value of $35,460,000.00. Following the completion of the transaction, the director now directly owns 2,351,135 shares of the company’s stock, 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. Insiders have sold a total of 2,064,530 shares of company stock valued at $37,018,400 over the last 90 days. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Advisors Asset Management Inc. raised its stake in shares of Rocket Lab USA by 59.4% during the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after purchasing an additional 4,032 shares during the period. International Assets Investment Management LLC purchased a new position in Rocket Lab USA in the second quarter valued at about $46,000. Baxter Bros Inc. bought a new position in shares of Rocket Lab USA during the 2nd quarter valued at approximately $48,000. Amalgamated Bank increased its stake in shares of Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after purchasing an additional 2,538 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new stake in shares of Rocket Lab USA in the 2nd quarter worth approximately $67,000. 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.