Rocket Lab USA (NASDAQ:RKLB) Hits New 52-Week High Following Better-Than-Expected Earnings

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $18.25 and last traded at $18.25, with a volume of 7558365 shares traded. The stock had previously closed at $14.66.

The rocket manufacturer reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.01. The business had revenue of $104.81 million for the quarter, compared to analyst estimates of $102.74 million. Rocket Lab USA had a negative return on equity of 34.12% and a negative net margin of 54.17%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. The Goldman Sachs Group upped their price objective on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. KeyCorp upped their price target on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. JMP Securities assumed coverage on Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $7.00 target price on shares of Rocket Lab USA in a research note on Monday, September 30th. Finally, Citigroup lifted their price target on shares of Rocket Lab USA from $7.00 to $13.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.75.

Insider Activity

In related news, CFO Adam C. Spice sold 62,512 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 $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 approximately $9,195,308.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Adam C. Spice sold 62,512 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the transaction, the chief financial officer now directly owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Arjun Kampani sold 28,563 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $198,798.48. Following the sale, the general counsel now directly owns 637,558 shares of the company’s stock, valued at approximately $4,437,403.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 130,521 shares of company stock worth $906,059 over the last quarter. 13.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Lab USA

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Rocket Lab USA by 9.2% in the 1st quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after buying an additional 2,448,789 shares in the last quarter. Ieq Capital LLC acquired a new position in shares of Rocket Lab USA during the 2nd quarter valued at about $5,469,000. Mizuho Markets Americas LLC purchased a new stake in shares of Rocket Lab USA in the third quarter valued at about $8,930,000. Tocqueville Asset Management L.P. increased its position in Rocket Lab USA by 217.1% during the first quarter. Tocqueville Asset Management L.P. now owns 1,284,060 shares of the rocket manufacturer’s stock worth $5,277,000 after purchasing an additional 879,160 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Rocket Lab USA by 22.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after purchasing an additional 532,207 shares during the period. Institutional investors and hedge funds own 71.78% of the company’s stock.

Rocket Lab USA Stock Up 25.1 %

The firm’s fifty day simple moving average is $9.47 and its two-hundred day simple moving average is $6.53. 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 company has a market capitalization of $9.11 billion, a price-to-earnings ratio of -41.88 and a beta of 1.29.

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.