Rocket Lab USA (NASDAQ:RKLB) Trading Up 2.5% After Analyst Upgrade

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) were up 2.5% during mid-day trading on Friday after Bank of America raised their price target on the stock from $10.00 to $30.00. Bank of America currently has a buy rating on the stock. Rocket Lab USA traded as high as $18.03 and last traded at $17.80. Approximately 10,191,857 shares were traded during mid-day trading, a decline of 6% from the average daily volume of 10,800,765 shares. The stock had previously closed at $17.36.

RKLB has been the topic of several other reports. Stifel Nicolaus lifted their price objective on shares of Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday. JMP Securities began coverage on Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating on the stock. KeyCorp upped their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Citigroup boosted their target price on shares of Rocket Lab USA from $7.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group raised their target price 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. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $14.72.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $435,083.52. Following the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at $9,195,308.40. This trade represents a 4.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction of $272,177.40. Following the sale, the director now directly owns 42,353 shares of the company’s stock, valued at approximately $292,235.70. This represents a 48.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 130,521 shares of company stock valued at $906,059. 13.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab USA

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Rocket Lab USA by 9.2% in the 1st 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. International Assets Investment Management LLC increased its position in Rocket Lab USA by 934.5% during the third quarter. International Assets Investment Management LLC now owns 98,176 shares of the rocket manufacturer’s stock worth $10,090,000 after acquiring an additional 88,686 shares during the period. Hennion & Walsh Asset Management Inc. raised its stake in Rocket Lab USA by 40.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 91,619 shares of the rocket manufacturer’s stock valued at $440,000 after purchasing an additional 26,605 shares during the last quarter. Venture Visionary Partners LLC acquired a new position in Rocket Lab USA during the 3rd quarter valued at $886,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Rocket Lab USA by 2.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 294,054 shares of the rocket manufacturer’s stock worth $1,209,000 after purchasing an additional 6,534 shares during the last quarter. 71.78% of the stock is currently owned by institutional investors.

Rocket Lab USA Stock Up 2.5 %

The firm’s 50-day simple moving average is $9.89 and its 200-day simple moving average is $6.70. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.43 and a current ratio of 2.58. The company has a market capitalization of $8.84 billion, a price-to-earnings ratio of -48.11 and a beta of 1.29.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings results on Tuesday, November 12th. The rocket manufacturer reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The firm had revenue of $104.81 million during the quarter, compared to analysts’ expectations of $102.74 million. Sell-side analysts forecast that Rocket Lab USA, Inc. will post -0.39 earnings per share 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.