Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 5% – Here’s What Happened

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) shot up 5% during trading on Monday . The company traded as high as $18.24 and last traded at $17.19. 11,457,975 shares changed hands during trading, a decline of 23% from the average session volume of 14,878,581 shares. The stock had previously closed at $16.37.

Analysts Set New Price Targets

Several equities analysts have commented on RKLB shares. Citigroup decreased their price objective on shares of Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, February 28th. The Goldman Sachs Group upped their price target on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research note on Thursday, January 16th. KeyCorp reduced their price objective on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Wells Fargo & Company decreased their target price on Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Monday, March 3rd. Finally, Stifel Nicolaus increased their target price on 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 equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $23.06.

Rocket Lab USA Trading Up 7.0 %

The firm has a market capitalization of $7.95 billion, a P/E ratio of -47.35 and a beta of 2.08. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The firm has a 50 day moving average of $22.33 and a 200-day moving average of $20.19.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings data 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). The company had revenue of $132.39 million during the quarter, compared to analyst estimates of $130.58 million. Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. On average, equities research analysts predict that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rocket Lab USA news, insider Frank Klein sold 44,553 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $18.18, for a total transaction of $809,973.54. Following the completion of the transaction, the insider now directly owns 1,419,479 shares in the company, valued at $25,806,128.22. The trade was a 3.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 13.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Lab USA

Large investors have recently modified their holdings of the business. Chicago Partners Investment Group LLC lifted its position in shares of Rocket Lab USA by 0.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 79,943 shares of the rocket manufacturer’s stock worth $2,187,000 after buying an additional 334 shares during the last quarter. Wellington Shields & Co. LLC raised its stake in Rocket Lab USA by 0.5% during the fourth quarter. Wellington Shields & Co. LLC now owns 74,522 shares of the rocket manufacturer’s stock worth $1,898,000 after acquiring an additional 383 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Rocket Lab USA by 12.2% in the fourth quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer’s stock worth $153,000 after acquiring an additional 653 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Rocket Lab USA by 3.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 21,747 shares of the rocket manufacturer’s stock valued at $554,000 after purchasing an additional 696 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in shares of Rocket Lab USA by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 15,078 shares of the rocket manufacturer’s stock valued at $384,000 after purchasing an additional 746 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.