Rocket Lab USA (NASDAQ:RKLB) Trading Up 8.7% on Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) shot up 8.7% during mid-day trading on Thursday after KeyCorp raised their price target on the stock from $11.00 to $12.00. KeyCorp currently has an overweight rating on the stock. Rocket Lab USA traded as high as $12.09 and last traded at $11.86. 7,536,354 shares changed hands during trading, a decline of 24% from the average session volume of 9,854,891 shares. The stock had previously closed at $10.91.

A number of other research firms also recently issued reports on RKLB. The Goldman Sachs Group lifted their price target on shares of Rocket Lab USA from $4.50 to $5.00 and gave the company a "neutral" rating in a research report on Thursday, October 10th. Citigroup boosted their target price on Rocket Lab USA from $5.45 to $7.00 and gave the stock a "buy" rating in a research report on Wednesday, August 14th. JMP Securities assumed coverage on Rocket Lab USA in a research report on Thursday, September 12th. They issued a "market perform" rating for the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $7.00 price target on shares of Rocket Lab USA in a research note on Monday, September 30th. Finally, Morgan Stanley cut shares of Rocket Lab USA from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $8.00 to $6.00 in a research note on Monday, July 15th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $6.89.

Insider Buying and Selling

In other news, CFO Adam C. Spice sold 62,512 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 transaction of $435,083.52. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, General Counsel Arjun Kampani sold 28,563 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $198,798.48. Following the transaction, the general counsel now directly owns 637,558 shares in the company, valued at approximately $4,437,403.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $435,083.52. Following the completion of the sale, the chief financial officer now directly owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Allworth Financial LP grew its stake in shares of Rocket Lab USA by 1,827.6% during the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer's stock valued at $92,000 after buying an additional 8,992 shares during the period. International Assets Investment Management LLC grew its position in Rocket Lab USA by 934.5% during the third quarter. International Assets Investment Management LLC now owns 98,176 shares of the rocket manufacturer's stock valued at $10,090,000 after acquiring an additional 88,686 shares during the period. Foundations Investment Advisors LLC purchased a new stake in Rocket Lab USA during the third quarter valued at about $140,000. Venture Visionary Partners LLC acquired a new stake in Rocket Lab USA during the third quarter worth about $886,000. Finally, Tamar Securities LLC purchased a new position in shares of Rocket Lab USA in the 3rd quarter worth about $108,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab USA Stock Up 2.6 %

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 has a market capitalization of $5.56 billion, a price-to-earnings ratio of -31.97 and a beta of 1.32. The firm has a 50 day moving average price of $8.15 and a two-hundred day moving average price of $5.79.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.02. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The firm had revenue of $106.25 million for the quarter, compared to analysts' expectations of $105.47 million. During the same period in the previous year, the company posted ($0.10) earnings per share. Rocket Lab USA's revenue was up 71.2% compared to the same quarter last year. On average, equities 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.