Rocket Lab USA (NASDAQ:RKLB) Trading Up 10.4% After Analyst Upgrade

Posted by Defense World Staff on Aug 16th, 2024

Rocket Lab USA, Inc. (NASDAQ:RKLB – Get Free Report) shares traded up 10.4% on Thursday after Citigroup raised their price target on the stock from $5.45 to $7.00. Citigroup currently has a buy rating on the stock. Rocket Lab USA traded as high as $5.74 and last traded at $5.72. 12,239,422 shares were traded during mid-day trading, an increase of 55% from the average session volume of 7,903,562 shares. The stock had previously closed at $5.18.

Several other research analysts have also recently issued reports on the company. Morgan Stanley cut Rocket Lab USA from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $8.00 to $6.00 in a research report on Monday, July 15th. Roth Mkm reissued a “buy” rating and set a $7.00 price objective on shares of Rocket Lab USA in a report on Tuesday, June 18th. The Goldman Sachs Group initiated coverage on shares of Rocket Lab USA in a report on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $6.00 price target on shares of Rocket Lab USA in a research note on Monday, July 22nd. Finally, BTIG Research assumed coverage on shares of Rocket Lab USA in a research note on Wednesday, June 26th. They issued a “neutral” rating for the company. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $6.75.

Get Our Latest Research Report on RKLB

Insider Buying and Selling at Rocket Lab USA

In other news, CFO Adam C. Spice sold 63,529 shares of Rocket Lab USA stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $4.22, for a total value of $268,092.38. Following the sale, the chief financial officer now owns 1,383,677 shares of the company’s stock, valued at $5,839,116.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, General Counsel Arjun Kampani sold 29,026 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $4.22, for a total value of $122,489.72. Following the completion of the transaction, the general counsel now owns 666,121 shares in the company, valued at approximately $2,811,030.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Adam C. Spice sold 63,529 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $4.22, for a total transaction of $268,092.38. Following the transaction, the chief financial officer now owns 1,383,677 shares in the company, valued at $5,839,116.94. The disclosure for this sale can be found here. Company 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. Spire Wealth Management raised its holdings in Rocket Lab USA by 257.1% during the first quarter. Spire Wealth Management now owns 10,000 shares of the rocket manufacturer’s stock worth $41,000 after purchasing an additional 7,200 shares during the last quarter. Advisors Asset Management Inc. boosted its position in shares of Rocket Lab USA by 59.4% in the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after buying an additional 4,032 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Rocket Lab USA in the second quarter valued at about $46,000. Baxter Bros Inc. purchased a new position in shares of Rocket Lab USA during the 2nd quarter worth approximately $48,000. Finally, Amalgamated Bank increased its stake in shares of Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after purchasing an additional 2,538 shares in the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Rocket Lab USA Price Performance

The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.69 and a current ratio of 3.12. The company has a 50-day moving average of $4.99 and a 200-day moving average of $4.47. The stock has a market capitalization of $2.87 billion, a price-to-earnings ratio of -15.76 and a beta of 1.25.

Rocket Lab USA (NASDAQ:RKLB – Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.02. Rocket Lab USA had a negative return on equity of 32.78% and a negative net margin of 54.17%. The business had revenue of $106.25 million for the quarter, compared to the consensus estimate of $105.47 million. During the same period in the prior year, the business earned ($0.10) earnings per share. The business’s revenue was up 71.2% on a year-over-year basis. As a group, equities research analysts expect that Rocket Lab USA, Inc. will post -0.41 earnings per share for the current fiscal year.

Rocket Lab USA Company Profile

(Get Free Report)

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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