Rocket Lab USA (NASDAQ:RKLB) Trading 2.8% Higher on Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price was up 2.8% during trading on Monday after KeyCorp raised their price target on the stock from $8.00 to $11.00. KeyCorp currently has an overweight rating on the stock. Rocket Lab USA traded as high as $10.14 and last traded at $10.05. Approximately 7,796,575 shares were traded during trading, a decline of 18% from the average daily volume of 9,546,316 shares. The stock had previously closed at $9.78.

Several other research analysts also recently issued reports on the stock. JMP Securities began coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating on the stock. Citigroup lifted their target price on shares of Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. BTIG Research assumed coverage on shares of Rocket Lab USA in a report on Wednesday, June 26th. They issued a “neutral” rating on the stock. The Goldman Sachs Group assumed coverage on shares of Rocket Lab USA in a report on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $7.00 target price on shares of Rocket Lab USA in a report on Monday, September 23rd. Five equities 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 stock has a consensus rating of “Hold” and an average target price of $6.68.

Insiders Place Their Bets

In other Rocket Lab USA news, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the transaction, the director now owns 42,353 shares in the company, valued at $292,235.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, General Counsel Arjun Kampani sold 28,563 shares of the company’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 transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael D. Griffin sold 39,446 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the transaction, the director now directly owns 42,353 shares of the company’s stock, valued at approximately $292,235.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 130,521 shares of company stock worth $906,059. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Institutional investors and hedge funds have recently bought and sold shares of the stock. Advisors Asset Management Inc. grew its stake in Rocket Lab USA by 59.4% during the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after buying an additional 4,032 shares during the period. International Assets Investment Management LLC acquired a new stake in Rocket Lab USA in the second quarter valued at $46,000. Baxter Bros Inc. acquired a new stake in Rocket Lab USA in the second quarter valued at $48,000. Amalgamated Bank raised its holdings in Rocket Lab USA by 26.7% in the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after acquiring an additional 2,538 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in Rocket Lab USA in the second quarter valued at $67,000. Institutional investors and hedge funds own 71.78% of the company’s stock.

Rocket Lab USA Stock Down 5.1 %

The stock has a market capitalization of $4.58 billion, a price-to-earnings ratio of -25.08 and a beta of 1.27. The firm’s fifty day moving average is $6.35 and its 200-day moving average is $5.04. 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 quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The firm’s quarterly revenue was up 71.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.10) earnings per share. On average, sell-side analysts predict that Rocket Lab USA, Inc. will post -0.39 earnings per share 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.