Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 6.5% Following Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price was up 6.5% during mid-day trading on Thursday after KeyCorp raised their price target on the stock from $11.00 to $12.00. KeyCorp currently has an overweight rating on the stock. Rocket Lab USA traded as high as $11.64 and last traded at $11.62. Approximately 1,987,412 shares traded hands during trading, a decline of 80% from the average daily volume of 9,827,954 shares. The stock had previously closed at $10.91.

Several other research analysts also recently issued reports on the company. The Goldman Sachs Group lifted 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 reissued an “overweight” rating and issued a $7.00 target price on shares of Rocket Lab USA in a research note on Monday, September 30th. BTIG Research assumed coverage on shares of Rocket Lab USA in a research note on Wednesday, June 26th. They issued a “neutral” rating for the company. Citigroup boosted their target price on shares of Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Finally, JMP Securities began coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating for the company. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Rocket Lab USA has a consensus rating of “Hold” and a consensus target price of $6.89.

Insider Buying and Selling at Rocket Lab USA

In other news, Director Michael D. Griffin sold 39,446 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the sale, the director now owns 42,353 shares in the company, valued at approximately $292,235.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Michael D. Griffin sold 39,446 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the transaction, the director now directly owns 42,353 shares in the company, valued at approximately $292,235.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Arjun Kampani sold 28,563 shares of the stock in a transaction on 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 in the company, valued at $4,437,403.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,521 shares of company stock worth $906,059 in the last 90 days. 13.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Allworth Financial LP grew its holdings in Rocket Lab USA by 1,827.6% during the third quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock worth $92,000 after acquiring an additional 8,992 shares during the period. International Assets Investment Management LLC boosted its position in shares of Rocket Lab USA by 934.5% in the 3rd quarter. International Assets Investment Management LLC now owns 98,176 shares of the rocket manufacturer’s stock valued at $10,090,000 after purchasing an additional 88,686 shares during the period. Foundations Investment Advisors LLC acquired a new position in shares of Rocket Lab USA in the 3rd quarter valued at $140,000. Venture Visionary Partners LLC acquired a new position in shares of Rocket Lab USA in the 3rd quarter valued at $886,000. Finally, Tamar Securities LLC acquired a new position in shares of Rocket Lab USA in the 3rd quarter valued at $108,000. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab USA Price Performance

The company has a current ratio of 2.82, a quick ratio of 2.43 and a debt-to-equity ratio of 0.90. The firm has a market cap of $5.94 billion, a price-to-earnings ratio of -33.20 and a beta of 1.32. The stock has a 50-day moving average of $8.04 and a two-hundred day moving average of $5.75.

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