Rocket Lab USA (NASDAQ:RKLB) Trading 1.4% Higher After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price traded up 1.4% during mid-day trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $29.00 to $35.00. Cantor Fitzgerald currently has an overweight rating on the stock. Rocket Lab USA traded as high as $28.04 and last traded at $27.56. 7,951,067 shares traded hands during trading, a decline of 57% from the average session volume of 18,594,682 shares. The stock had previously closed at $27.17.

A number of other research firms also recently issued reports on RKLB. Stifel Nicolaus upped their target price on shares of Rocket Lab USA from $29.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, May 28th. Citigroup cut their target price on shares of Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Roth Capital upped their target price on shares of Rocket Lab USA from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, May 28th. The Goldman Sachs Group increased their price target on shares of Rocket Lab USA from $14.35 to $16.00 and gave the company a “neutral” rating in a research report on Monday, May 12th. Finally, KeyCorp reiterated an “overweight” rating on shares of Rocket Lab USA in a research report on Tuesday, June 3rd. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Rocket Lab USA currently has an average rating of “Moderate Buy” and an average price target of $26.18.

Insiders Place Their Bets

In other Rocket Lab USA news, insider Frank Klein sold 44,553 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $18.18, for a total transaction of $809,973.54. Following the sale, the insider now directly owns 1,419,479 shares in the company, valued at approximately $25,806,128.22. This trade represents a 3.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Arjun Kampani sold 5,194 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $26.52, for a total transaction of $137,744.88. Following the sale, the insider now owns 535,424 shares in the company, valued at $14,199,444.48. This trade represents a 0.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 144,677 shares of company stock worth $3,517,479. Company insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Institutional investors have recently made changes to their positions in the business. Spectrum Wealth Counsel LLC bought a new stake in shares of Rocket Lab USA in the fourth quarter worth $25,000. Sandy Spring Bank bought a new stake in shares of Rocket Lab USA in the fourth quarter worth $26,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Rocket Lab USA in the fourth quarter worth $40,000. Versant Capital Management Inc lifted its position in shares of Rocket Lab USA by 118.1% in the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer’s stock worth $28,000 after purchasing an additional 860 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB bought a new stake in shares of Rocket Lab USA in the first quarter worth $29,000. Institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Stock Performance

The stock’s 50-day moving average price is $23.20 and its 200 day moving average price is $23.77. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The firm has a market cap of $12.41 billion, a P/E ratio of -73.94 and a beta of 2.08.

Rocket Lab USA (NASDAQ:RKLB) last issued its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). The firm had revenue of $122.57 million for the quarter, compared to analyst estimates of $120.74 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. Rocket Lab USA’s quarterly revenue was up 32.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. As a group, equities analysts predict that Rocket Lab USA, Inc. will post -0.38 EPS for the current year.

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.