Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 7.1% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price was up 7.1% during mid-day trading on Friday . The company traded as high as $18.60 and last traded at $18.82. Approximately 4,672,951 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 14,404,912 shares. The stock had previously closed at $17.57.

Analyst Ratings Changes

Several brokerages have weighed in on RKLB. Citigroup lowered their price target on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a report on Friday, February 28th. Bank of America lifted their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Cantor Fitzgerald increased their price target on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. The Goldman Sachs Group lifted their price target on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Finally, KeyCorp lowered their price target on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and an average price target of $23.06.

Rocket Lab USA Price Performance

The company’s fifty day moving average is $25.30 and its two-hundred day moving average is $18.58. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The firm has a market cap of $8.52 billion, a price-to-earnings ratio of -50.43 and a beta of 2.06.

Rocket Lab USA (NASDAQ:RKLB) last released its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The company had revenue of $132.39 million for the quarter, compared to analyst estimates of $130.58 million. Equities research analysts forecast that Rocket Lab USA, Inc. will post -0.38 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Chicago Partners Investment Group LLC lifted its position in shares of Rocket Lab USA by 0.4% in the 4th quarter. Chicago Partners Investment Group LLC now owns 79,943 shares of the rocket manufacturer’s stock worth $2,187,000 after acquiring an additional 334 shares during the period. Wellington Shields & Co. LLC boosted its holdings in Rocket Lab USA by 0.5% in the fourth quarter. Wellington Shields & Co. LLC now owns 74,522 shares of the rocket manufacturer’s stock valued at $1,898,000 after acquiring an additional 383 shares during the last quarter. Signaturefd LLC lifted its holdings in Rocket Lab USA by 12.2% in the fourth quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer’s stock valued at $153,000 after buying an additional 653 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Rocket Lab USA by 3.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 21,747 shares of the rocket manufacturer’s stock worth $554,000 after purchasing an additional 696 shares during the period. Finally, CIBC Asset Management Inc increased its stake in shares of Rocket Lab USA by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 15,078 shares of the rocket manufacturer’s stock valued at $384,000 after acquiring an additional 746 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.