Rocket Lab USA (NASDAQ:RKLB) Shares Up 2.2% After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price shot up 2.2% during mid-day trading on Friday after The Goldman Sachs Group raised their price target on the stock from $4.50 to $5.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rocket Lab USA traded as high as $9.73 and last traded at $9.60. 2,407,542 shares traded hands during trading, a decline of 75% from the average session volume of 9,657,530 shares. The stock had previously closed at $9.39.

Other equities research analysts have also recently issued reports about the stock. JMP Securities began coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating on the stock. BTIG Research began coverage on shares of Rocket Lab USA in a research note on Wednesday, June 26th. They set a “neutral” rating on the stock. Citigroup raised their price target on shares of Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. KeyCorp raised their target price on shares of Rocket Lab USA from $8.00 to $11.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. Finally, Morgan Stanley cut shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $8.00 to $6.00 in a research report on Monday, July 15th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Rocket Lab USA has a consensus rating of “Hold” and a consensus price target of $6.75.

Insider Buying and Selling

In related news, General Counsel Arjun Kampani sold 28,563 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $198,798.48. Following the transaction, the general counsel now owns 637,558 shares in the company, valued at approximately $4,437,403.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Arjun Kampani sold 28,563 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $198,798.48. Following the completion of the transaction, the general counsel now owns 637,558 shares in the company, valued at $4,437,403.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 130,521 shares of company stock valued at $906,059. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. International Assets Investment Management LLC purchased a new stake in shares of Rocket Lab USA during the second quarter valued at approximately $46,000. Baxter Bros Inc. purchased a new stake in shares of Rocket Lab USA during the second quarter valued at approximately $48,000. Smith Anglin Financial LLC purchased a new stake in shares of Rocket Lab USA during the third quarter valued at approximately $104,000. Advisors Asset Management Inc. raised its stake in shares of Rocket Lab USA by 59.4% during the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after purchasing an additional 4,032 shares during the period. Finally, Amalgamated Bank raised its stake in shares of Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after purchasing an additional 2,538 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Stock Performance

The business’s 50 day moving average price is $7.12 and its 200-day moving average price is $5.37. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.43 and a current ratio of 2.82.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. The company had revenue of $106.25 million for the quarter, compared to analyst estimates of $105.47 million. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The business’s quarterly revenue was up 71.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.10) earnings per share. Equities research analysts predict that Rocket Lab USA, Inc. will post -0.39 EPS for the current fiscal year.

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.