Rocket Lab USA (NASDAQ:RKLB) Trading Up 2% – Here’s Why

by · The Cerbat Gem

Rocket Lab USA, Inc. (NASDAQ:RKLB – Get Free Report)’s share price was up 2% during trading on Wednesday . The stock traded as high as $18.49 and last traded at $18.51. Approximately 2,444,530 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 14,709,179 shares. The stock had previously closed at $18.15.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RKLB shares. KeyCorp cut their target price on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. The Goldman Sachs Group increased their price objective on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Stifel Nicolaus raised their price objective on shares of Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Citigroup dropped their target price on shares of Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Finally, TD Cowen raised shares of Rocket Lab USA to a “strong-buy” rating in a research report on Monday, February 24th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $23.06.

Read Our Latest Analysis on RKLB

Rocket Lab USA Price Performance

The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The business’s 50 day moving average price is $22.85 and its 200 day moving average price is $19.88. The stock has a market capitalization of $7.42 billion, a P/E ratio of -44.24 and a beta of 2.06.

Rocket Lab USA (NASDAQ:RKLB – Get Free Report) last posted its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The company had revenue of $132.39 million during the quarter, compared to the consensus estimate of $130.58 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. Sell-side analysts forecast that Rocket Lab USA, Inc. will post -0.38 EPS for the current year.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, insider Frank Klein sold 44,553 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $18.18, for a total value of $809,973.54. Following the transaction, the insider now directly owns 1,419,479 shares of the company’s stock, valued at approximately $25,806,128.22. This trade represents a 3.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 13.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

Institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its position 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 during the period. Geode Capital Management LLC boosted its stake in shares of Rocket Lab USA by 12.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after acquiring an additional 898,223 shares during the last quarter. National Bank of Canada FI grew its position in shares of Rocket Lab USA by 149.2% during the 3rd quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock valued at $490,000 after acquiring an additional 30,178 shares during the period. Nomura Asset Management Co. Ltd. increased its stake in shares of Rocket Lab USA by 22.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 227,438 shares of the rocket manufacturer’s stock worth $2,213,000 after purchasing an additional 41,551 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in shares of Rocket Lab USA in the 3rd quarter worth $1,570,000. Institutional investors own 71.78% of the company’s stock.

About Rocket Lab USA

(Get Free Report)

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.

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