Rocket Lab USA (NASDAQ:RKLB) Trading Up 3.9% - Here's What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s share price shot up 3.9% on Wednesday . The company traded as high as $20.04 and last traded at $19.74. 6,104,447 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 14,123,081 shares. The stock had previously closed at $19.00.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Citigroup cut their price objective on Rocket Lab USA from $35.00 to $33.00 and set a "buy" rating on the stock in a report on Friday, February 28th. TD Cowen upgraded shares of Rocket Lab USA to a "strong-buy" rating in a report on Monday, February 24th. KeyCorp cut their target price on shares of Rocket Lab USA from $32.00 to $28.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Bank of America raised their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Finally, Stifel Nicolaus boosted their price objective 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. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $21.50.

Rocket Lab USA Stock Performance

The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The firm has a market capitalization of $10.30 billion, a PE ratio of -55.66 and a beta of 1.99. The company's fifty day simple moving average is $26.42 and its 200 day simple moving average is $18.17.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) 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 business had revenue of $132.39 million for the quarter, compared to analysts' expectations of $130.58 million. As a group, equities research analysts expect that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at Rocket Lab USA

In related news, Director Nina Armagno sold 10,000 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total transaction of $236,300.00. Following the sale, the director now owns 132,294 shares of the company's stock, valued at approximately $3,126,107.22. This represents a 7.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 13.70% of the company's stock.

Institutional Investors Weigh In On Rocket Lab USA

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC boosted its stake in shares of Rocket Lab USA by 30,853.3% during the fourth quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock valued at $94,141,000 after purchasing an additional 3,684,195 shares during the period. Two Sigma Advisers LP purchased a new stake in Rocket Lab USA during the 4th quarter valued at $72,623,000. BNP Paribas Financial Markets purchased a new position in shares of Rocket Lab USA in the fourth quarter valued at about $56,977,000. Two Sigma Investments LP bought a new position in shares of Rocket Lab USA during the fourth quarter valued at about $47,074,000. Finally, Renaissance Technologies LLC raised its stake in shares of Rocket Lab USA by 1,765.4% during the fourth quarter. Renaissance Technologies LLC now owns 1,818,800 shares of the rocket manufacturer's stock valued at $46,325,000 after acquiring an additional 1,721,300 shares during the last quarter. 71.78% of the stock is currently owned by 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.

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