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

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares were up 8.7% 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 daily volume of 9,854,891 shares. The stock had previously closed at $10.91.

A number of other analysts have also recently weighed in on RKLB. Morgan Stanley cut Rocket Lab USA from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $8.00 to $6.00 in a research report on Monday, July 15th. Citigroup increased their price target on Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. JMP Securities began coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They issued a “market perform” rating on the stock. The Goldman Sachs Group upped their price objective 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. Finally, BTIG Research started coverage on shares of Rocket Lab USA in a report on Wednesday, June 26th. They issued a “neutral” rating on the stock. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Rocket Lab USA currently has a consensus rating of “Hold” and a consensus price target of $6.89.

Insiders Place Their Bets

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the business’s stock in a transaction 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 sale, the general counsel now directly owns 637,558 shares in the company, valued at approximately $4,437,403.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, General Counsel Arjun Kampani sold 28,563 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $198,798.48. Following the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Adam C. Spice sold 62,512 shares of the company’s stock in a transaction that occurred on 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 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Rocket Lab USA by 9.2% in the 1st 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 during the last quarter. Ieq Capital LLC acquired a new stake in shares of Rocket Lab USA in the second quarter valued at approximately $5,469,000. Tocqueville Asset Management L.P. increased its stake in shares of Rocket Lab USA by 217.1% during the 1st quarter. Tocqueville Asset Management L.P. now owns 1,284,060 shares of the rocket manufacturer’s stock worth $5,277,000 after purchasing an additional 879,160 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Rocket Lab USA by 25.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock worth $10,193,000 after purchasing an additional 432,501 shares during the last quarter. Finally, ARK Investment Management LLC lifted its stake in Rocket Lab USA by 6.6% in the 2nd quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock valued at $30,226,000 after buying an additional 391,778 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Trading Down 0.1 %

The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.43 and a current ratio of 2.82. The business has a fifty day simple moving average of $8.24 and a 200 day simple moving average of $5.84. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of -31.94 and a beta of 1.32.

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

About Rocket Lab USA

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.