Rocket Lab USA (NASDAQ:RKLB) Trading 4.1% Higher – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) traded up 4.1% on Monday . The stock traded as high as $19.95 and last traded at $19.58. 7,317,612 shares traded hands during trading, a decline of 49% from the average session volume of 14,431,686 shares. The stock had previously closed at $18.81.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Morgan Stanley raised their price target on Rocket Lab USA from $18.00 to $20.00 and gave the company an “equal weight” rating in a report on Monday, March 10th. Wells Fargo & Company lowered their price objective on Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating for the company in a research note on Monday, March 3rd. KeyCorp lowered their price objective on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. The Goldman Sachs Group raised their price objective on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Finally, Citigroup decreased their price target on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.06.

Rocket Lab USA Price Performance

The stock has a fifty day moving average price of $24.71 and a 200-day moving average price of $19.01. The firm has a market capitalization of $8.15 billion, a PE ratio of -48.59 and a beta of 2.06. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

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

Insider Activity

In other news, insider Frank Klein sold 44,553 shares of Rocket Lab USA stock in a transaction on 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 in the company, valued at approximately $25,806,128.22. This trade represents a 3.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Spectrum Wealth Counsel LLC purchased a new position in Rocket Lab USA during the 4th quarter worth $25,000. Sandy Spring Bank purchased a new position in Rocket Lab USA during the 4th quarter worth $26,000. Wingate Wealth Advisors Inc. purchased a new position in Rocket Lab USA during the 4th quarter worth $40,000. Quarry LP purchased a new position in Rocket Lab USA during the 4th quarter worth $48,000. Finally, NewEdge Advisors LLC grew its stake in Rocket Lab USA by 1,000.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer’s stock worth $49,000 after buying an additional 1,750 shares during the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab USA Company Profile

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.