Rocket Lab USA (NASDAQ:RKLB) Trading 3.4% Higher

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price traded up 3.4% during mid-day trading on Thursday . The stock traded as high as $6.36 and last traded at $6.30. 2,476,788 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 9,041,925 shares. The stock had previously closed at $6.09.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. The Goldman Sachs Group assumed coverage on Rocket Lab USA in a research note on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 price objective for the company. Citigroup upped their target price on Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Roth Mkm reiterated a “buy” rating and issued a $7.00 target price on shares of Rocket Lab USA in a report on Tuesday, June 18th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $6.00 target price on shares of Rocket Lab USA in a report on Monday, July 22nd. Finally, Morgan Stanley cut Rocket Lab USA from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $8.00 to $6.00 in a report on Monday, July 15th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $6.75.

Rocket Lab USA Price Performance

The firm has a market capitalization of $3.11 billion, a PE ratio of -16.95 and a beta of 1.25. The business has a 50-day moving average of $5.42 and a 200 day moving average of $4.64. 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 announced its quarterly earnings data 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. Rocket Lab USA had a negative return on equity of 34.12% and a negative net margin of 54.17%. The company had revenue of $106.25 million during the quarter, compared to analyst estimates of $105.47 million. During the same quarter 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. As a group, research analysts anticipate that Rocket Lab USA, Inc. will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value 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. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction dated 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 directly owns 1,321,165 shares of the company’s stock, valued at approximately $9,195,308.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Arjun Kampani sold 28,563 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $198,798.48. Following the transaction, the general counsel now directly owns 637,558 shares in the company, valued at $4,437,403.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,521 shares of company stock valued at $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 the stock. Wellington Shields & Co. LLC increased its stake in shares of Rocket Lab USA by 3.8% during the second quarter. Wellington Shields & Co. LLC now owns 69,142 shares of the rocket manufacturer’s stock valued at $332,000 after buying an additional 2,503 shares during the period. Amalgamated Bank boosted its position in shares of Rocket Lab USA by 26.7% during the second 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. 180 Wealth Advisors LLC boosted its position in shares of Rocket Lab USA by 7.5% during the second quarter. 180 Wealth Advisors LLC now owns 40,180 shares of the rocket manufacturer’s stock valued at $214,000 after purchasing an additional 2,807 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Rocket Lab USA by 2.5% during the fourth quarter. New York State Common Retirement Fund now owns 114,781 shares of the rocket manufacturer’s stock valued at $635,000 after purchasing an additional 2,845 shares in the last quarter. Finally, Verus Capital Partners LLC boosted its position in shares of Rocket Lab USA by 11.9% during the second quarter. Verus Capital Partners LLC now owns 33,160 shares of the rocket manufacturer’s stock valued at $159,000 after purchasing an additional 3,525 shares in the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.