Rocket Lab USA (NASDAQ:RKLB) Shares Up 1.4% on Analyst Upgrade

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) traded up 1.4% during trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $29.00 to $35.00. Cantor Fitzgerald currently has an overweight rating on the stock. Rocket Lab USA traded as high as $28.04 and last traded at $27.56. 7,951,067 shares traded hands during trading, a decline of 57% from the average session volume of 18,594,682 shares. The stock had previously closed at $27.17.

RKLB has been the subject of a number of other reports. Roth Capital lifted their price target on shares of Rocket Lab USA from $25.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, May 28th. KeyCorp reissued an “overweight” rating on shares of Rocket Lab USA in a research report on Tuesday, June 3rd. Wells Fargo & Company reduced their price target on shares of Rocket Lab USA from $21.00 to $18.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. The Goldman Sachs Group upped their price target on shares of Rocket Lab USA from $14.35 to $16.00 and gave the company a “neutral” rating in a research note on Monday, May 12th. Finally, Stifel Nicolaus upped their price objective on shares of Rocket Lab USA from $29.00 to $34.00 and gave the company a “buy” rating in a report on Wednesday, May 28th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Rocket Lab USA presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.18.

Insider Activity

In other Rocket Lab USA news, insider Frank Klein sold 1,835 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.93, for a total transaction of $36,571.55. Following the completion of the transaction, the insider now owns 1,417,644 shares of the company’s stock, valued at $28,253,644.92. This trade represents a 0.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Arjun Kampani sold 5,194 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $30.00, for a total transaction of $155,820.00. Following the transaction, the insider now directly owns 530,230 shares of the company’s stock, valued at approximately $15,906,900. This trade represents a 0.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold 100,124 shares of company stock worth $2,707,506 over the last three months. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Rocket Lab USA by 10.6% in the first quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer’s stock worth $715,728,000 after acquiring an additional 3,833,969 shares during the last quarter. Geode Capital Management LLC lifted its stake in Rocket Lab USA by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 8,285,693 shares of the rocket manufacturer’s stock worth $211,084,000 after acquiring an additional 32,658 shares during the last quarter. Invesco Ltd. lifted its stake in Rocket Lab USA by 56.1% in the first quarter. Invesco Ltd. now owns 3,738,250 shares of the rocket manufacturer’s stock worth $66,840,000 after acquiring an additional 1,343,518 shares during the last quarter. FMR LLC lifted its stake in Rocket Lab USA by 30,853.3% in the fourth quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer’s stock worth $94,141,000 after acquiring an additional 3,684,195 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Rocket Lab USA by 9.5% during the fourth quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer’s stock worth $82,207,000 after purchasing an additional 281,339 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Trading Down 3.5%

The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The business’s fifty day simple moving average is $23.38 and its two-hundred day simple moving average is $23.79. The company has a market cap of $11.97 billion, a price-to-earnings ratio of -71.35 and a beta of 2.08.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The business had revenue of $122.57 million for the quarter, compared to analysts’ expectations of $120.74 million. During the same period in the previous year, the business posted ($0.09) earnings per share. The company’s revenue for the quarter was up 32.1% on a year-over-year basis. On average, equities analysts predict that Rocket Lab USA, Inc. will post -0.38 EPS for the current 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.