Rocket Lab USA (NASDAQ:RKLB) Trading 8.7% Higher on Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB) shot up 8.7% during trading on Thursday after KeyCorp raised their price target on the stock from $11.00 to $12.00. KeyCorp currently has an overweight rating on the stock. Rocket Lab USA traded as high as $12.09 and last traded at $11.86. 7,536,354 shares were traded during mid-day trading, a decline of 24% from the average session volume of 9,854,891 shares. The stock had previously closed at $10.91.

Several other analysts have also recently commented on the stock. Citigroup raised their price objective on shares of Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. JMP Securities began coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating for the company. BTIG Research began coverage on shares of Rocket Lab USA in a research report on Wednesday, June 26th. They set a “neutral” rating for the company. Cantor Fitzgerald restated an “overweight” rating and set a $7.00 target price on shares of Rocket Lab USA in a research report on Monday, September 30th. Finally, The Goldman Sachs Group lifted their target price on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $6.89.

Insider Transactions at Rocket Lab USA

In other news, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the completion of the sale, the chief financial officer now directly owns 1,321,165 shares in the company, valued at $9,195,308.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA stock in a transaction dated 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 sale, the general counsel now directly owns 637,558 shares in the company, valued at $4,437,403.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA stock in a transaction dated 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 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,521 shares of company stock worth $906,059 over the last ninety days. 13.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Lab USA

Institutional investors have recently bought and sold shares of the stock. Allworth Financial LP grew its holdings in Rocket Lab USA by 1,827.6% in the third quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after purchasing an additional 8,992 shares during the period. International Assets Investment Management LLC purchased a new stake in Rocket Lab USA in the second quarter valued at approximately $46,000. Baxter Bros Inc. purchased a new stake in Rocket Lab USA in the second quarter valued at approximately $48,000. Smith Anglin Financial LLC purchased a new stake in Rocket Lab USA in the third quarter valued at approximately $104,000. Finally, Advisors Asset Management Inc. grew its holdings in Rocket Lab USA by 59.4% in 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. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab USA Trading Up 2.6 %

The business’s fifty day moving average is $8.15 and its 200-day moving average is $5.79. The stock has a market capitalization of $5.56 billion, a PE ratio of -31.97 and a beta of 1.32. The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. The firm had revenue of $106.25 million for the quarter, compared to analysts’ expectations of $105.47 million. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. Rocket Lab USA’s revenue was up 71.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.10) earnings per share. As a group, analysts anticipate 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.