Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 0.8% - Here's What Happened

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) rose 0.8% during trading on Friday . The company traded as high as $20.43 and last traded at $19.98. Approximately 21,051,135 shares were traded during trading, an increase of 6% from the average daily volume of 19,909,641 shares. The stock had previously closed at $19.83.

Analyst Upgrades and Downgrades

RKLB has been the subject of a number of analyst reports. Bank of America boosted their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. The Goldman Sachs Group boosted their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a "neutral" rating in a research note on Thursday, January 16th. TD Cowen upgraded shares of Rocket Lab USA to a "strong-buy" rating in a research note on Monday, February 24th. Stifel Nicolaus boosted their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. Finally, KeyCorp lowered their target price on shares of Rocket Lab USA from $32.00 to $28.00 and set an "overweight" rating for the company in a research note on Friday. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $21.61.

Rocket Lab USA Stock Up 3.1 %

The company has a market cap of $10.22 billion, a price-to-earnings ratio of -55.25 and a beta of 1.99. The firm's 50 day simple moving average is $26.71 and its 200-day simple moving average is $18.00. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last announced its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.01). Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The business had revenue of $132.39 million for the quarter, compared to analyst estimates of $130.58 million. As a group, sell-side analysts anticipate that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Alexander R. Slusky sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the completion of the transaction, the director now directly owns 534,675 shares of the company's stock, valued at $12,297,525. This trade represents a 8.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Nina Armagno sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total transaction of $236,300.00. Following the transaction, the director now directly owns 132,294 shares of the company's stock, valued at approximately $3,126,107.22. This trade represents a 7.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Citigroup Inc. increased its stake in shares of Rocket Lab USA by 46.8% during the 3rd quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer's stock worth $6,727,000 after purchasing an additional 220,432 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Rocket Lab USA by 22.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer's stock worth $28,006,000 after purchasing an additional 532,207 shares in the last quarter. Geode Capital Management LLC increased 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 purchasing an additional 898,223 shares in the last quarter. FORA Capital LLC purchased a new position in shares of Rocket Lab USA during the 3rd quarter worth approximately $449,000. Finally, National Bank of Canada FI increased its stake 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 worth $490,000 after purchasing an additional 30,178 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.