Rocket Lab USA (NASDAQ:RKLB) Hits New 52-Week High – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $11.43 and last traded at $11.43, with a volume of 985711 shares. The stock had previously closed at $11.26.

Analyst Ratings Changes

Several equities research analysts have recently commented on RKLB shares. The Goldman Sachs Group boosted 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, October 10th. Citigroup boosted their price target 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. KeyCorp raised their price objective on shares of Rocket Lab USA from $8.00 to $11.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. BTIG Research initiated coverage on shares of Rocket Lab USA in a research report on Wednesday, June 26th. They set a “neutral” rating for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $7.00 price target on shares of Rocket Lab USA in a research report on Monday, September 30th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $6.75.

Rocket Lab USA Stock 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 firm’s fifty day moving average is $8.04 and its two-hundred day moving average is $5.75.

Rocket Lab USA (NASDAQ:RKLB) last posted its earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.02. The firm had revenue of $106.25 million for 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%. The company’s quarterly revenue was up 71.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.10) EPS. As a group, research analysts anticipate that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current year.

Insider Buying and Selling at Rocket Lab USA

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. lifted its holdings in Rocket Lab USA by 59.4% during 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 during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Rocket Lab USA during the 2nd quarter valued at approximately $46,000. Baxter Bros Inc. bought a new position in Rocket Lab USA in the 2nd quarter worth approximately $48,000. Amalgamated Bank grew its stake in 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 buying an additional 2,538 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new stake in Rocket Lab USA during the 2nd quarter valued at $67,000. 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.