Rocket Lab USA (NASDAQ:RKLB) Shares Up 5.2% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price shot up 5.2% on Friday . The stock traded as high as $11.42 and last traded at $11.26. 3,972,486 shares were traded during trading, a decline of 60% from the average session volume of 9,873,209 shares. The stock had previously closed at $10.70.

Wall Street Analyst Weigh In

RKLB has been the subject of several recent analyst reports. KeyCorp boosted their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Morgan Stanley lowered shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $8.00 to $6.00 in a report on Monday, July 15th. The Goldman Sachs Group boosted their price target on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Citigroup boosted their price target on shares of Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Finally, JMP Securities initiated coverage on shares of Rocket Lab USA in a report 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 given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $6.89.

Rocket Lab USA Stock Up 4.6 %

The firm has a market capitalization of $5.56 billion, a PE ratio of -31.97 and a beta of 1.32. 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 50-day moving average price of $8.57 and a 200-day moving average price of $6.05.

Rocket Lab USA (NASDAQ:RKLB) last issued its earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share (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 business had revenue of $106.25 million during the quarter, compared to the consensus estimate of $105.47 million. During the same period last year, the company earned ($0.10) EPS. The company’s revenue for the quarter was up 71.2% on a year-over-year basis. Equities research analysts forecast that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, General Counsel Arjun Kampani sold 28,563 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 $198,798.48. Following the sale, the general counsel now owns 637,558 shares of the company’s stock, valued at approximately $4,437,403.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the sale, the director now directly owns 42,353 shares in the company, valued at approximately $292,235.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 130,521 shares of company stock valued at $906,059 in the last 90 days. Company insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Several institutional investors have recently made changes to their positions in the company. Allworth Financial LP boosted its stake in shares of Rocket Lab USA by 1,827.6% in the third quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after purchasing an additional 8,992 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Rocket Lab USA in the second quarter worth $46,000. Baxter Bros Inc. purchased a new stake in shares of Rocket Lab USA during the second quarter worth $48,000. Smith Anglin Financial LLC acquired a new stake in shares of Rocket Lab USA in the third quarter valued at $104,000. Finally, Advisors Asset Management Inc. grew its stake 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 purchasing an additional 4,032 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.