Rocket Lab USA (NASDAQ:RKLB) Sets New 52-Week High After Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price hit a new 52-week high during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $7.00 to $13.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA traded as high as $12.69 and last traded at $12.66, with a volume of 975390 shares trading hands. The stock had previously closed at $11.81.

Several other research firms also recently weighed in on RKLB. JMP Securities assumed coverage on Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating for the company. The Goldman Sachs Group upped their price objective on Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Cantor Fitzgerald restated an “overweight” rating and set a $7.00 price target on shares of Rocket Lab USA in a report on Monday, September 30th. KeyCorp increased their price target on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Finally, Morgan Stanley lowered Rocket Lab USA from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $8.00 to $6.00 in a report on Monday, July 15th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $7.75.

Insider Buying and Selling at Rocket Lab USA

In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA 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 transaction, the chief financial officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Adam C. Spice sold 62,512 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $435,083.52. Following the sale, the chief financial officer now 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 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 the business’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 $198,798.48. Following the sale, the general counsel now owns 637,558 shares in the company, valued at $4,437,403.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,521 shares of company stock worth $906,059 over the last quarter. Insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Rocket Lab USA by 9.2% during the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock worth $119,192,000 after acquiring an additional 2,448,789 shares during the last quarter. ARK Investment Management LLC lifted its holdings in shares of Rocket Lab USA by 6.6% during the second quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock worth $30,226,000 after purchasing an additional 391,778 shares during the period. American Century Companies Inc. lifted its holdings in shares of Rocket Lab USA by 11.1% during the second quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock worth $13,713,000 after purchasing an additional 284,360 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Rocket Lab USA by 25.6% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock worth $10,193,000 after purchasing an additional 432,501 shares during the period. Finally, Tocqueville Asset Management L.P. lifted its holdings in shares of Rocket Lab USA by 217.1% during the first quarter. Tocqueville Asset Management L.P. now owns 1,284,060 shares of the rocket manufacturer’s stock worth $5,277,000 after purchasing an additional 879,160 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Price Performance

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 stock has a fifty day moving average of $9.15 and a 200 day moving average of $6.35.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share (EPS) for the quarter, beating 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 company had revenue of $106.25 million during the quarter, compared to the consensus estimate 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 for the quarter was up 71.2% on a year-over-year basis. On average, equities analysts anticipate that Rocket Lab USA, Inc. will post -0.39 EPS for the current fiscal year.

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.