Rocket Lab USA (NASDAQ:RKLB) Trading Up 8.7% Following Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price shot up 8.7% during mid-day 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. Approximately 7,536,354 shares traded hands during trading, a decline of 24% from the average session volume of 9,854,891 shares. The stock had previously closed at $10.91.

A number of other research firms also recently issued reports on RKLB. Citigroup boosted their price target 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 assumed coverage on Rocket Lab USA in a research report on Thursday, September 12th. They issued a “market perform” rating on the stock. BTIG Research initiated coverage on Rocket Lab USA in a research report on Wednesday, June 26th. They set a “neutral” rating for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 price objective on shares of Rocket Lab USA in a report on Monday, September 30th. Finally, The Goldman Sachs Group raised their target price on Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $6.89.

Insiders Place Their Bets

In other news, 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 value of $435,083.52. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Michael D. Griffin sold 39,446 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the transaction, the director now owns 42,353 shares of the company’s stock, valued at $292,235.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 130,521 shares of company stock worth $906,059 in the last quarter. 13.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. increased its stake 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 last quarter. International Assets Investment Management LLC purchased a new position in shares of Rocket Lab USA in the 2nd quarter valued at $46,000. Baxter Bros Inc. purchased a new position in shares of Rocket Lab USA in the 2nd quarter valued at $48,000. Amalgamated Bank raised its stake in 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 acquiring an additional 2,538 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in Rocket Lab USA in the second quarter valued at $67,000. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab USA Stock Down 0.1 %

The firm’s 50 day simple moving average is $8.24 and its 200-day simple moving average is $5.84. The company has a market cap of $5.55 billion, a price-to-earnings ratio of -31.94 and a beta of 1.32. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.82 and a quick ratio of 2.43.

Rocket Lab USA (NASDAQ:RKLB) last posted its earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.02. The business had revenue of $106.25 million during the quarter, compared to the consensus estimate of $105.47 million. Rocket Lab USA had a negative return on equity of 34.12% and a negative net margin of 54.17%. The business’s quarterly revenue was up 71.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.10) EPS. As a group, sell-side analysts anticipate that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current 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.