Rocket Lab USA (NASDAQ:RKLB) Sees Strong Trading Volume

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) saw an uptick in trading volume on Tuesday . 3,089,091 shares were traded during trading, a decline of 66% from the previous session’s volume of 8,979,939 shares.The stock last traded at $6.34 and had previously closed at $6.74.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Citigroup raised their target price on shares of Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Roth Mkm reaffirmed a “buy” rating and issued a $7.00 target price on shares of Rocket Lab USA in a research note on Tuesday, June 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $6.00 target price on shares of Rocket Lab USA in a research note on Monday, July 22nd. BTIG Research assumed coverage on shares of Rocket Lab USA in a research note on Wednesday, June 26th. They issued a “neutral” rating on the stock. Finally, The Goldman Sachs Group assumed coverage on shares of Rocket Lab USA in a research note on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 target price on the stock. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $6.75.

Rocket Lab USA Stock Down 0.5 %

The company has a market capitalization of $3.02 billion, a P/E ratio of -16.46 and a beta of 1.25. The firm’s 50 day moving average price is $5.37 and its two-hundred day moving average price is $4.62. The company has a current ratio of 2.82, a quick ratio of 2.43 and a debt-to-equity ratio of 0.90.

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 the consensus estimate of ($0.10) by $0.02. The company had revenue of $106.25 million during the quarter, compared to analysts’ expectations of $105.47 million. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. During the same period last year, the business earned ($0.10) EPS. The business’s quarterly revenue was up 71.2% on a year-over-year basis. Equities research analysts forecast that Rocket Lab USA, Inc. will post -0.41 EPS for the current year.

Insider Activity at Rocket Lab USA

In related news, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were 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 of the company’s stock, valued at $9,195,308.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $198,798.48. Following the completion of the sale, the general counsel now owns 637,558 shares of the company’s stock, valued at $4,437,403.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $435,083.52. Following the sale, the chief financial officer now directly owns 1,321,165 shares of the company’s stock, valued at approximately $9,195,308.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 130,521 shares of company stock valued at $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 modified their holdings of the company. Spire Wealth Management lifted its holdings in shares of Rocket Lab USA by 257.1% during the first quarter. Spire Wealth Management now owns 10,000 shares of the rocket manufacturer’s stock worth $41,000 after buying an additional 7,200 shares in the last quarter. Advisors Asset Management Inc. raised its stake 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 valued at $44,000 after purchasing an additional 4,032 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Rocket Lab USA in the second quarter valued at about $46,000. Baxter Bros Inc. acquired a new position in Rocket Lab USA during the second quarter worth about $48,000. 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 worth $58,000 after acquiring an additional 2,538 shares in the last quarter. Institutional investors and hedge funds 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.