Rocket Lab USA (NASDAQ:RKLB) Sets New 52-Week High – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $11.43 and last traded at $11.43, with a volume of 985711 shares. The stock had previously closed at $11.26.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on RKLB shares. The Goldman Sachs Group increased their price objective on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 target price on shares of Rocket Lab USA in a report on Monday, September 30th. Citigroup boosted their price target on Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Morgan Stanley cut Rocket Lab USA from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $8.00 to $6.00 in a research report on Monday, July 15th. Finally, KeyCorp lifted their target price on Rocket Lab USA from $8.00 to $11.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $6.75.

Rocket Lab USA Stock 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’s 50-day simple moving average is $7.81 and its 200-day simple moving average is $5.67. The stock has a market cap of $5.58 billion, a price-to-earnings ratio of -32.17 and a beta of 1.32.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. The firm had revenue of $106.25 million for the quarter, compared to analyst estimates of $105.47 million. Rocket Lab USA had a negative return on equity of 34.12% and a negative net margin of 54.17%. The company’s revenue was up 71.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.10) EPS. Analysts forecast that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Michael D. Griffin sold 39,446 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the sale, the director now owns 42,353 shares in the company, valued at approximately $292,235.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Rocket Lab USA news, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the transaction, the director now owns 42,353 shares in the company, valued at $292,235.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 value of $435,083.52. Following the transaction, the chief financial officer now directly owns 1,321,165 shares of the company’s stock, valued at approximately $9,195,308.40. The trade was a 0.00 % decrease in their position. 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 corporate insiders.

Institutional Trading of Rocket Lab USA

Hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC bought a new position in shares of Rocket Lab USA in the 2nd quarter valued at $46,000. Baxter Bros Inc. acquired a new stake in shares of Rocket Lab USA during the second quarter valued at about $48,000. Smith Anglin Financial LLC bought a new stake in shares of Rocket Lab USA during the third quarter worth about $104,000. Advisors Asset Management Inc. increased its stake in shares of Rocket Lab USA by 59.4% in the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after buying an additional 4,032 shares during the period. Finally, Tamar Securities LLC bought a new position in Rocket Lab USA in the 3rd quarter valued at approximately $108,000. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.