Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 2.8% on Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price shot up 2.8% on Monday after KeyCorp raised their price target on the stock from $8.00 to $11.00. KeyCorp currently has an overweight rating on the stock. Rocket Lab USA traded as high as $10.14 and last traded at $10.05. 7,796,575 shares were traded during trading, a decline of 18% from the average session volume of 9,546,316 shares. The stock had previously closed at $9.78.

RKLB has been the topic of a number of other research reports. JMP Securities initiated coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They set a "market perform" rating on the stock. Morgan Stanley downgraded Rocket Lab USA from an "overweight" rating to an "equal weight" rating and dropped their price objective for the company from $8.00 to $6.00 in a research note on Monday, July 15th. Roth Mkm reaffirmed a "buy" rating and set a $7.00 price objective on shares of Rocket Lab USA in a report on Tuesday, June 18th. BTIG Research began coverage on Rocket Lab USA in a research report on Wednesday, June 26th. They issued a "neutral" rating for the company. Finally, The Goldman Sachs Group assumed coverage on shares of Rocket Lab USA in a research report on Tuesday, June 11th. They issued a "neutral" rating and a $4.50 price objective on the stock. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $6.68.

Insider Buying and Selling

In related news, Director Michael D. Griffin sold 39,446 shares of the firm's stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total value of $272,177.40. Following the sale, the director now directly owns 42,353 shares of the company's stock, valued at $292,235.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Rocket Lab USA news, Director Michael D. Griffin sold 39,446 shares of the company's stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the sale, the director now directly owns 42,353 shares in the company, valued at $292,235.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA 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 completion of 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. Over the last 90 days, insiders have sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC purchased a new position in shares of Rocket Lab USA in the second quarter valued at $76,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Rocket Lab USA by 24.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 27,334 shares of the rocket manufacturer's stock worth $131,000 after buying an additional 5,332 shares in the last quarter. Creative Planning boosted its position in Rocket Lab USA by 63.3% in the 2nd quarter. Creative Planning now owns 60,043 shares of the rocket manufacturer's stock valued at $288,000 after buying an additional 23,264 shares during the last quarter. Algert Global LLC acquired a new stake in shares of Rocket Lab USA during the second quarter valued at about $154,000. Finally, Scientech Research LLC increased its position in shares of Rocket Lab USA by 135.4% during the second quarter. Scientech Research LLC now owns 182,520 shares of the rocket manufacturer's stock worth $876,000 after acquiring an additional 104,980 shares during the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

Rocket Lab USA Trading Down 0.5 %

The company has a debt-to-equity ratio of 0.90, a current ratio of 2.82 and a quick ratio of 2.43. The stock has a 50-day simple moving average of $6.26 and a 200-day simple moving average of $5.00.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, topping analysts' consensus estimates 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 business 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 earned ($0.10) earnings per share. The company's revenue for the quarter was up 71.2% compared to the same quarter last year. Sell-side analysts expect that Rocket Lab USA, Inc. will post -0.39 earnings per share 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.