Rocket Lab USA (NASDAQ:RKLB) Trading Up 10.4% After Analyst Upgrade

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) shot up 10.4% during trading on Thursday after Citigroup raised their price target on the stock from $5.45 to $7.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA traded as high as $5.74 and last traded at $5.72. 12,239,422 shares traded hands during mid-day trading, an increase of 55% from the average session volume of 7,903,562 shares. The stock had previously closed at $5.18.

RKLB has been the subject of a number of other reports. The Goldman Sachs Group assumed coverage on Rocket Lab USA in a research note on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 price objective for the company. BTIG Research assumed coverage on Rocket Lab USA in a research note on Wednesday, June 26th. They issued a “neutral” rating on the stock. Roth Mkm reiterated a “buy” rating and issued a $7.00 price objective on shares of Rocket Lab USA in a report on Tuesday, June 18th. Cantor Fitzgerald restated an “overweight” rating and set a $6.00 target price on shares of Rocket Lab USA in a research note on Monday, July 22nd. Finally, Morgan Stanley downgraded Rocket Lab USA from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $8.00 to $6.00 in a report on Monday, July 15th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rocket Lab USA has an average rating of “Moderate Buy” and a consensus target price of $6.75.

Insider Buying and Selling at Rocket Lab USA

In other news, CFO Adam C. Spice sold 63,529 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $4.22, for a total transaction of $268,092.38. Following the completion of the sale, the chief financial officer now owns 1,383,677 shares in the company, valued at $5,839,116.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, General Counsel Arjun Kampani sold 29,026 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $4.22, for a total value of $122,489.72. Following the completion of the sale, the general counsel now owns 666,121 shares in the company, valued at $2,811,030.62. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Adam C. Spice sold 63,529 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $4.22, for a total value of $268,092.38. Following the transaction, the chief financial officer now owns 1,383,677 shares in the company, valued at approximately $5,839,116.94. The disclosure for this sale can be found here. 13.70% of the stock is owned by company insiders.

Institutional Trading of Rocket Lab USA

Hedge funds have recently modified their holdings of the business. Scientech Research LLC raised its position in Rocket Lab USA by 135.4% in the second quarter. Scientech Research LLC now owns 182,520 shares of the rocket manufacturer’s stock worth $876,000 after acquiring an additional 104,980 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Rocket Lab USA by 21.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 205,190 shares of the rocket manufacturer’s stock worth $985,000 after purchasing an additional 35,849 shares during the period. Xponance Inc. increased its holdings in shares of Rocket Lab USA by 29.1% in the 2nd quarter. Xponance Inc. now owns 22,185 shares of the rocket manufacturer’s stock valued at $106,000 after purchasing an additional 4,997 shares in the last quarter. DRW Securities LLC acquired a new stake in shares of Rocket Lab USA in the second quarter valued at about $125,000. Finally, Ieq Capital LLC acquired a new stake in shares of Rocket Lab USA in the second quarter valued at about $5,469,000. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab USA Trading Up 15.3 %

The company has a quick ratio of 2.69, a current ratio of 3.12 and a debt-to-equity ratio of 0.86. The stock has a market cap of $2.94 billion, a PE ratio of -15.35 and a beta of 1.25. The business’s fifty day moving average is $4.97 and its 200 day moving average is $4.47.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.02. Rocket Lab USA had a negative return on equity of 32.78% 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 in the previous year, the company earned ($0.10) EPS. The company’s quarterly revenue was up 71.2% on a year-over-year basis. As a group, analysts predict that Rocket Lab USA, Inc. will post -0.41 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.