Rocket Lab USA (NASDAQ:RKLB) Shares Gap Up – Here’s Why

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) gapped up prior to trading on Monday . The stock had previously closed at $13.51, but opened at $14.64. Rocket Lab USA shares last traded at $14.27, with a volume of 8,614,570 shares traded.

Analyst Ratings Changes

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

Rocket Lab USA Stock Down 0.8 %

The business’s 50 day moving average is $9.47 and its 200 day moving average is $6.53. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of -41.88 and a beta of 1.29. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.43 and a current ratio of 2.82.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings results on Tuesday, November 12th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The company had revenue of $104.81 million during the quarter, compared to analyst estimates of $102.74 million. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. Sell-side analysts anticipate that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current year.

Insider Activity at Rocket Lab USA

In related news, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total value of $272,177.40. Following the sale, the director now owns 42,353 shares of the company’s stock, valued at approximately $292,235.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, General Counsel Arjun Kampani sold 28,563 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 value of $198,798.48. Following the sale, the general counsel now directly owns 637,558 shares in the company, valued at approximately $4,437,403.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael D. Griffin sold 39,446 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 130,521 shares of company stock valued at $906,059. 13.70% of the stock is owned by company insiders.

Institutional Trading of Rocket Lab USA

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Rocket Lab USA by 9.2% during the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock worth $119,192,000 after buying an additional 2,448,789 shares during the period. Ieq Capital LLC purchased a new position in Rocket Lab USA during the 2nd quarter worth $5,469,000. Mizuho Markets Americas LLC purchased a new position in Rocket Lab USA during the 3rd quarter worth $8,930,000. Tocqueville Asset Management L.P. grew its position in Rocket Lab USA by 217.1% during the 1st 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. grew its position in Rocket Lab USA by 22.7% during the 3rd 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 last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

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.