Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 2% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price shot up 2% during trading on Monday . The company traded as high as $11.46 and last traded at $11.40. 2,857,872 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 9,868,588 shares. The stock had previously closed at $11.18.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. JMP Securities started coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They issued a “market perform” rating for the company. KeyCorp lifted their price target on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. The Goldman Sachs Group increased their price target on Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Morgan Stanley cut Rocket Lab USA from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $8.00 to $6.00 in a research report on Monday, July 15th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $7.00 price target on shares of Rocket Lab USA in a research report on Monday, September 30th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Rocket Lab USA currently has an average rating of “Hold” and an average price target of $6.89.

Rocket Lab USA Price Performance

The firm’s 50-day moving average is $8.42 and its two-hundred day moving average is $5.98. The company has a market cap of $5.70 billion, a P/E ratio of -32.77 and a beta of 1.32. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.82 and a quick ratio of 2.43.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.02. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The firm had revenue of $106.25 million during the quarter, compared to the consensus estimate of $105.47 million. During the same quarter in the previous year, the firm posted ($0.10) earnings per share. The company’s revenue was up 71.2% on a year-over-year basis. Analysts anticipate that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current year.

Insider Buying and Selling at Rocket Lab USA

In other news, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the transaction, the chief financial officer now directly owns 1,321,165 shares in the company, valued at $9,195,308.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the stock in a transaction dated Thursday, August 22nd. The stock was 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Adam C. Spice sold 62,512 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at $9,195,308.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rocket Lab USA

Hedge funds and other institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. lifted its position in shares of 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 valued at $44,000 after buying an additional 4,032 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Rocket Lab USA during the second quarter worth about $46,000. Baxter Bros Inc. acquired a new position in shares of Rocket Lab USA during the 2nd quarter worth about $48,000. Amalgamated Bank lifted its stake in Rocket Lab USA by 26.7% in the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after buying an additional 2,538 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new position in shares of Rocket Lab USA during the 2nd quarter worth $67,000. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.