Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 7.2% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price rose 7.2% during trading on Monday . The stock traded as high as $20.40 and last traded at $20.31. Approximately 5,603,532 shares were traded during trading, a decline of 61% from the average daily volume of 14,478,778 shares. The stock had previously closed at $18.94.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RKLB shares. The Goldman Sachs Group lifted their price target on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Morgan Stanley upped their target price on shares of Rocket Lab USA from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Monday, March 10th. Citigroup decreased their price target on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, February 28th. KeyCorp decreased their price objective on shares of Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, Wells Fargo & Company dropped their target price on shares of Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating on the stock in a report on Monday, March 3rd. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Rocket Lab USA has an average rating of “Moderate Buy” and an average target price of $23.06.

Rocket Lab USA Stock Performance

The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The company’s 50-day moving average is $24.05 and its two-hundred day moving average is $19.48. The stock has a market capitalization of $9.19 billion, a P/E ratio of -54.78 and a beta of 2.06.

Rocket Lab USA (NASDAQ:RKLB) last released its quarterly earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The business had revenue of $132.39 million for the quarter, compared to the consensus estimate of $130.58 million. As a group, sell-side analysts anticipate that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at Rocket Lab USA

In related news, insider Frank Klein sold 1,835 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.93, for a total value of $36,571.55. Following the completion of the sale, the insider now owns 1,417,644 shares of the company’s stock, valued at $28,253,644.92. This represents a 0.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

A number of hedge funds and other institutional investors have recently made changes to their positions in RKLB. GSA Capital Partners LLP acquired a new position in shares of Rocket Lab USA during the third quarter valued at approximately $139,000. Victory Capital Management Inc. increased its position in shares of Rocket Lab USA by 4.4% during the 3rd quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock valued at $395,000 after purchasing an additional 1,709 shares during the period. Advisors Asset Management Inc. increased its position in shares of Rocket Lab USA by 28.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 14,438 shares of the rocket manufacturer’s stock valued at $140,000 after purchasing an additional 3,220 shares during the period. Intech Investment Management LLC bought a new stake in shares of Rocket Lab USA in the 3rd quarter worth $921,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Rocket Lab USA by 22.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after buying an additional 532,207 shares in the last quarter. 71.78% of the stock is currently owned by institutional investors.

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.