Rocket Lab USA (NASDAQ:RKLB) Shares Up 2.2% After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price shot up 2.2% during mid-day trading on Friday after The Goldman Sachs Group raised their price target on the stock from $4.50 to $5.00. The Goldman Sachs Group currently has a neutral rating on the stock. Rocket Lab USA traded as high as $9.73 and last traded at $9.60. 2,407,542 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 9,657,530 shares. The stock had previously closed at $9.39.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley cut shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $8.00 to $6.00 in a report on Monday, July 15th. Roth Mkm reiterated a “buy” rating and set a $7.00 price target on shares of Rocket Lab USA in a research note on Tuesday, June 18th. JMP Securities started coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 price target on shares of Rocket Lab USA in a research note on Monday, September 30th. Finally, Citigroup increased their price target on shares of Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.75.

Insiders Place Their Bets

In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the completion of the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $198,798.48. Following the completion of the transaction, the general counsel now owns 637,558 shares in the company, valued at approximately $4,437,403.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $9,195,308.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocket Lab USA

A number of large investors have recently bought and sold shares of RKLB. Advisors Asset Management Inc. increased its holdings in shares of Rocket Lab USA by 59.4% in the 1st 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 purchased a new position in shares of Rocket Lab USA in the 2nd quarter valued at about $46,000. Baxter Bros Inc. purchased a new position in shares of Rocket Lab USA in the 2nd quarter valued at about $48,000. Amalgamated Bank increased its holdings in shares of Rocket Lab USA by 26.7% in the 2nd 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. Finally, CIBC Asset Management Inc purchased a new position in shares of Rocket Lab USA in the 2nd quarter valued at about $67,000. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Stock Up 3.3 %

The stock’s fifty day moving average price is $7.12 and its 200-day moving average price is $5.37. The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90.

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

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.