Rocket Lab USA (NASDAQ:RKLB) Trading 10.1% Higher - Here's What Happened

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) rose 10.1% on Wednesday . The stock traded as high as $21.40 and last traded at $20.97. Approximately 9,163,671 shares traded hands during trading, a decline of 40% from the average daily volume of 15,322,805 shares. The stock had previously closed at $19.04.

Analyst Ratings Changes

A number of equities analysts have commented on RKLB shares. The Goldman Sachs Group lifted their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a "neutral" rating in a research note on Thursday, January 16th. Wells Fargo & Company lowered their price objective on Rocket Lab USA from $21.00 to $18.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Needham & Company LLC began coverage on Rocket Lab USA in a report on Friday. They set a "buy" rating and a $28.00 price target for the company. Morgan Stanley boosted their price objective on shares of Rocket Lab USA from $18.00 to $20.00 and gave the company an "equal weight" rating in a report on Monday, March 10th. Finally, Citigroup dropped their price target on shares of Rocket Lab USA from $35.00 to $33.00 and set a "buy" rating for the company in a research report on Friday, February 28th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.25.

Rocket Lab USA Stock Performance

The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The stock has a market capitalization of $10.15 billion, a PE ratio of -60.48 and a beta of 2.08. The firm's 50 day moving average is $19.57 and its two-hundred day moving average is $21.24.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The company had revenue of $132.39 million during the quarter, compared to analyst estimates of $130.58 million. As a group, research analysts predict that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at Rocket Lab USA

In related news, insider Frank Klein sold 1,835 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.93, for a total value of $36,571.55. Following the transaction, the insider now owns 1,417,644 shares of the company's stock, valued at $28,253,644.92. This represents a 0.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 13.70% of the company's stock.

Institutional Trading of Rocket Lab USA

Institutional investors have recently bought and sold shares of the business. Spectrum Wealth Counsel LLC purchased a new stake in Rocket Lab USA during the fourth quarter worth approximately $25,000. Sandy Spring Bank purchased a new stake in shares of Rocket Lab USA during the 4th quarter worth approximately $26,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Rocket Lab USA in the 4th quarter valued at $40,000. Versant Capital Management Inc raised its stake in Rocket Lab USA by 118.1% during the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock worth $28,000 after acquiring an additional 860 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB purchased a new stake in Rocket Lab USA in the first quarter valued at $29,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.