Rocket Lab USA (NASDAQ:RKLB) Shares Up 14.6% Following Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares shot up 14.6% during mid-day trading on Friday 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 $10.29 and last traded at $9.96. 20,588,729 shares changed hands during trading, an increase of 118% from the average session volume of 9,442,452 shares. The stock had previously closed at $8.69.

A number of other research firms also recently commented on RKLB. 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. JMP Securities began coverage on Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $7.00 price objective on shares of Rocket Lab USA in a research report on Monday, September 23rd. Citigroup raised their price objective on Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Finally, The Goldman Sachs Group initiated coverage on Rocket Lab USA in a research note on Tuesday, June 11th. They set a “neutral” rating and a $4.50 target price on the stock. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Rocket Lab USA has a consensus rating of “Hold” and a consensus target price of $6.68.

Insider Transactions at Rocket Lab USA

In related news, General Counsel Arjun Kampani sold 28,563 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $198,798.48. Following the completion of the sale, the general counsel now directly owns 637,558 shares of the company’s stock, valued at approximately $4,437,403.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Rocket Lab USA 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 completion of the sale, the general counsel now directly owns 637,558 shares of the company’s stock, valued at approximately $4,437,403.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael D. Griffin sold 39,446 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the completion of the transaction, the director now owns 42,353 shares in the company, valued at approximately $292,235.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 130,521 shares of company stock valued at $906,059. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Rocket Lab USA by 9.2% in the first 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. ARK Investment Management LLC boosted its holdings in shares of Rocket Lab USA by 6.6% during the second quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock worth $30,226,000 after purchasing an additional 391,778 shares during the period. American Century Companies Inc. lifted its holdings in Rocket Lab USA by 11.1% in the second quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock worth $13,713,000 after buying an additional 284,360 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Rocket Lab USA by 25.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock worth $10,193,000 after buying an additional 432,501 shares during the period. Finally, Nikko Asset Management Americas Inc. lifted its holdings in Rocket Lab USA by 15.7% in the first quarter. Nikko Asset Management Americas Inc. now owns 1,691,090 shares of the rocket manufacturer’s stock worth $6,917,000 after buying an additional 229,512 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Stock Up 12.5 %

The company’s fifty day simple moving average is $6.17 and its 200 day simple moving average is $4.96. The firm has a market capitalization of $4.86 billion, a PE ratio of -26.92 and a beta of 1.27. The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. The company had revenue of $106.25 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 71.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.10) EPS. Analysts anticipate that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current fiscal year.

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.