Rocket Lab USA (NASDAQ:RKLB) Stock Price Up 7.2%

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price traded up 7.2% during mid-day trading on Wednesday . The company traded as high as $6.61 and last traded at $6.59. 6,992,920 shares were traded during trading, a decline of 22% from the average session volume of 9,020,642 shares. The stock had previously closed at $6.15.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $7.00 target price on shares of Rocket Lab USA in a research report on Monday. Citigroup upped their price target on shares of Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. BTIG Research initiated coverage on shares of Rocket Lab USA in a report on Wednesday, June 26th. They set a “neutral” rating for the company. Morgan Stanley downgraded shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $8.00 to $6.00 in a report on Monday, July 15th. Finally, JMP Securities initiated coverage on shares of Rocket Lab USA in a report on Thursday. They set a “market perform” rating for the company. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $6.86.

Rocket Lab USA Stock Performance

The firm has a market cap of $3.70 billion, a P/E ratio of -20.16 and a beta of 1.27. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.43 and a current ratio of 2.82. The company’s 50 day moving average is $5.71 and its 200 day moving average is $4.74.

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 the consensus estimate of ($0.10) by $0.02. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The firm had revenue of $106.25 million during the quarter, compared to analysts’ expectations of $105.47 million. During the same period in the prior year, the company posted ($0.10) EPS. The company’s revenue was up 71.2% on a year-over-year basis. As a group, equities analysts predict that Rocket Lab USA, Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Rocket Lab USA

In other news, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the completion of the sale, the chief financial officer now directly owns 1,321,165 shares in the company, valued at $9,195,308.40. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $198,798.48. Following the completion of the sale, the general counsel now directly owns 637,558 shares in the company, valued at $4,437,403.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the completion of the transaction, the chief financial officer now directly owns 1,321,165 shares in the company, valued at $9,195,308.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RKLB. Vanguard Group Inc. lifted its stake in shares of Rocket Lab USA by 9.2% in the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after buying an additional 2,448,789 shares in the last quarter. Ieq Capital LLC bought a new position in shares of Rocket Lab USA in the second quarter valued at $5,469,000. Tocqueville Asset Management L.P. lifted its stake in shares of Rocket Lab USA by 217.1% in the first quarter. Tocqueville Asset Management L.P. now owns 1,284,060 shares of the rocket manufacturer’s stock valued at $5,277,000 after buying an additional 879,160 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Rocket Lab USA by 25.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock valued at $10,193,000 after buying an additional 432,501 shares in the last quarter. Finally, ARK Investment Management LLC lifted its stake in shares of Rocket Lab USA by 6.6% in the second quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock valued at $30,226,000 after buying an additional 391,778 shares in the last quarter. 71.78% of the stock is 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.