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

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price rose 2.2% 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. Approximately 2,407,542 shares were traded during trading, a decline of 75% from the average daily volume of 9,657,530 shares. The stock had previously closed at $9.39.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley lowered shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $8.00 to $6.00 in a report on Monday, July 15th. JMP Securities started coverage on 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 Rocket Lab USA in a report on Wednesday, June 26th. They issued a “neutral” rating on the stock. Citigroup boosted their price objective on Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, Roth Mkm reiterated a “buy” rating and issued a $7.00 target price on shares of Rocket Lab USA in a research note on Tuesday, June 18th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $6.75.

Insider Buying and Selling at Rocket Lab USA

In other news, Director Michael D. Griffin sold 39,446 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the transaction, the director now owns 42,353 shares in the company, valued at approximately $292,235.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, General Counsel Arjun Kampani sold 28,563 shares of the business’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 completion of the transaction, the general counsel now owns 637,558 shares of the company’s stock, 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 at the SEC website. Also, Director Michael D. Griffin sold 39,446 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total value of $272,177.40. Following the sale, the director now directly owns 42,353 shares in the company, valued at $292,235.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 130,521 shares of company stock valued at $906,059 in the last ninety days. Corporate insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of hedge funds have recently made changes to their positions in RKLB. Vanguard Group Inc. boosted its stake in Rocket Lab USA by 9.2% in the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after acquiring an additional 2,448,789 shares in the last quarter. Principal Financial Group Inc. grew its stake in Rocket Lab USA by 18.1% during the 1st quarter. Principal Financial Group Inc. now owns 38,074 shares of the rocket manufacturer’s stock worth $156,000 after buying an additional 5,838 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in Rocket Lab USA by 40.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 91,619 shares of the rocket manufacturer’s stock worth $440,000 after buying an additional 26,605 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Rocket Lab USA by 2.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 294,054 shares of the rocket manufacturer’s stock valued at $1,209,000 after buying an additional 6,534 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in Rocket Lab USA by 15.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,691,090 shares of the rocket manufacturer’s stock valued at $6,950,000 after buying an additional 229,512 shares during the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab USA Stock Performance

The firm has a market cap of $4.78 billion, a price-to-earnings ratio of -26.22 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. The firm has a fifty day simple moving average of $7.02 and a two-hundred day simple moving average of $5.33.

Rocket Lab USA (NASDAQ:RKLB) last released its earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The company had revenue of $106.25 million during the quarter, compared to analysts’ expectations of $105.47 million. During the same period last year, the business earned ($0.10) EPS. Rocket Lab USA’s revenue for the quarter was up 71.2% on a year-over-year basis. On average, analysts expect that Rocket Lab USA, Inc. will post -0.39 EPS 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.