Rocket Lab USA (NASDAQ:RKLB) Trading 2.1% Higher – Here’s What Happened

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) shot up 2.1% on Monday . The stock traded as high as $10.11 and last traded at $9.90. 5,007,589 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 9,663,696 shares. The stock had previously closed at $9.70.

Analyst Ratings Changes

RKLB has been the topic of several analyst reports. JMP Securities initiated coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating on the stock. KeyCorp lifted their target price on shares of Rocket Lab USA from $8.00 to $11.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. The Goldman Sachs Group increased their price target on Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. 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 30th. Finally, Morgan Stanley downgraded Rocket Lab USA from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $8.00 to $6.00 in a research report on Monday, July 15th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $6.75.

Rocket Lab USA Trading Up 12.6 %

The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90. The business has a fifty day moving average price of $7.33 and a 200 day moving average price of $5.47.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.02. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The firm had revenue of $106.25 million for the quarter, compared to analyst estimates of $105.47 million. During the same quarter last year, the firm posted ($0.10) earnings per share. Rocket Lab USA’s revenue for the quarter was up 71.2% compared to the same quarter last year. On average, equities analysts forecast that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA 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 $435,083.52. Following the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at $9,195,308.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $435,083.52. Following the completion of the sale, the chief financial officer now directly owns 1,321,165 shares in the company, valued at $9,195,308.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael D. Griffin sold 39,446 shares of the stock in a transaction dated Thursday, August 22nd. The shares were 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 directly owns 42,353 shares of the company’s stock, valued at $292,235.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 130,521 shares of company stock valued at $906,059. Corporate insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

A number of hedge funds and other institutional investors have recently made changes to their positions in RKLB. International Assets Investment Management LLC bought a new stake in shares of Rocket Lab USA in the 2nd quarter worth about $46,000. Baxter Bros Inc. bought a new stake in Rocket Lab USA in the second quarter valued at about $48,000. Smith Anglin Financial LLC acquired a new stake in Rocket Lab USA during the third quarter valued at approximately $104,000. Advisors Asset Management Inc. lifted its holdings in Rocket Lab USA by 59.4% during the 1st 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 last quarter. Finally, Tamar Securities LLC acquired a new position in shares of Rocket Lab USA in the 3rd quarter worth approximately $108,000. Institutional investors 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.