Rocket Lab USA (NASDAQ:RKLB) Trading Up 2.1% – Here’s What Happened

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) shot up 2.1% during trading on Monday . The company traded as high as $10.11 and last traded at $9.90. 5,007,589 shares traded hands during trading, a decline of 48% from the average session volume of 9,663,696 shares. The stock had previously closed at $9.70.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RKLB. Morgan Stanley downgraded Rocket Lab USA from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $8.00 to $6.00 in a report on Monday, July 15th. KeyCorp increased their price target on Rocket Lab USA from $8.00 to $11.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. The Goldman Sachs Group lifted their price objective on Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Thursday. Cantor Fitzgerald restated an “overweight” rating and issued a $7.00 price target on shares of Rocket Lab USA in a research report on Monday, September 30th. Finally, JMP Securities started coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating for the company. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $6.75.

Rocket Lab USA Price Performance

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 business has a fifty day simple moving average of $7.12 and a 200 day simple moving average of $5.39. The stock has a market capitalization of $4.95 billion, a P/E ratio of -28.28 and a beta of 1.32.

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

Insiders Place Their Bets

In related news, General Counsel Arjun Kampani sold 28,563 shares of the 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Michael D. Griffin sold 39,446 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the completion of the sale, the director now directly owns 42,353 shares in the company, valued at $292,235.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $198,798.48. Following the transaction, the general counsel now owns 637,558 shares in the company, valued at $4,437,403.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,521 shares of company stock worth $906,059 over the last three months. 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 business. International Assets Investment Management LLC bought a new position in Rocket Lab USA during the second quarter valued at approximately $46,000. Baxter Bros Inc. bought a new position in shares of Rocket Lab USA during the 2nd quarter valued at approximately $48,000. Smith Anglin Financial LLC purchased a new position in shares of Rocket Lab USA in the third quarter valued at $104,000. Advisors Asset Management Inc. increased its position in Rocket Lab USA by 59.4% in the first 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 during the last quarter. Finally, Amalgamated Bank raised its stake in Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after purchasing an additional 2,538 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.