Rocket Lab USA (NASDAQ:RKLB) Trading Up 3.9% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price rose 3.9% during mid-day trading on Wednesday . The stock traded as high as $20.04 and last traded at $19.74. Approximately 6,104,447 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 14,123,081 shares. The stock had previously closed at $19.00.

Analyst Ratings Changes

Several research firms have recently commented on RKLB. Wells Fargo & Company decreased their price objective on Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating for the company in a report on Monday. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. The Goldman Sachs Group raised their price objective on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Stifel Nicolaus upped their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, KeyCorp dropped their price target on shares of Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

Rocket Lab USA Stock Performance

The stock has a market cap of $9.40 billion, a P/E ratio of -50.81 and a beta of 1.99. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The company’s 50-day simple moving average is $26.10 and its 200 day simple moving average is $18.19.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.01). Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The business had revenue of $132.39 million during the quarter, compared to analysts’ expectations of $130.58 million. As a group, sell-side analysts expect that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, Director Nina Armagno sold 10,000 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total transaction of $236,300.00. Following the completion of the transaction, the director now directly owns 132,294 shares of the company’s stock, valued at approximately $3,126,107.22. This represents a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 13.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rocket Lab USA

Several large investors have recently added to or reduced their stakes in RKLB. Spectrum Wealth Counsel LLC bought a new position in Rocket Lab USA during the fourth quarter worth about $25,000. Sandy Spring Bank bought a new position in Rocket Lab USA in the 4th quarter worth approximately $26,000. Wingate Wealth Advisors Inc. purchased a new position in Rocket Lab USA in the 4th quarter valued at approximately $40,000. Quarry LP bought a new stake in Rocket Lab USA during the 4th quarter valued at $48,000. Finally, NewEdge Advisors LLC lifted its position in shares of Rocket Lab USA by 1,000.0% during the fourth quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer’s stock worth $49,000 after acquiring an additional 1,750 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.