Rocket Lab USA (NASDAQ:RKLB) Trading 1.4% Higher Following Analyst Upgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s stock price shot up 1.4% during mid-day trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $29.00 to $35.00. Cantor Fitzgerald currently has an overweight rating on the stock. Rocket Lab USA traded as high as $28.04 and last traded at $27.56. 7,951,067 shares traded hands during trading, a decline of 57% from the average session volume of 18,594,682 shares. The stock had previously closed at $27.17.

Several other brokerages have also recently issued reports on RKLB. Needham & Company LLC upped their price target on shares of Rocket Lab USA from $28.00 to $32.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Morgan Stanley increased their price objective on Rocket Lab USA from $18.00 to $20.00 and gave the company an "equal weight" rating in a report on Monday, March 10th. Roth Capital increased their target price on shares of Rocket Lab USA from $25.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Stifel Nicolaus increased their price target on Rocket Lab USA from $29.00 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Finally, The Goldman Sachs Group increased their price target on Rocket Lab USA from $14.35 to $16.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $26.18.

Insider Activity

In other Rocket Lab USA news, insider Frank Klein sold 44,553 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $18.18, for a total value of $809,973.54. Following the completion of the sale, the insider now owns 1,419,479 shares of the company's stock, valued at approximately $25,806,128.22. This trade represents a 3.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Arjun Kampani sold 5,277 shares of Rocket Lab USA stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $29.97, for a total transaction of $158,151.69. Following the completion of the sale, the insider now directly owns 569,606 shares of the company's stock, valued at approximately $17,071,091.82. The trade was a 0.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 144,677 shares of company stock worth $3,517,479 in the last three months. Company insiders own 13.70% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Rocket Lab USA by 10.6% during the first quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer's stock worth $715,728,000 after purchasing an additional 3,833,969 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Rocket Lab USA by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 8,285,693 shares of the rocket manufacturer's stock worth $211,084,000 after buying an additional 32,658 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Rocket Lab USA by 56.1% in the 1st quarter. Invesco Ltd. now owns 3,738,250 shares of the rocket manufacturer's stock worth $66,840,000 after buying an additional 1,343,518 shares during the last quarter. FMR LLC boosted its stake in shares of Rocket Lab USA by 30,853.3% in the 4th quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock worth $94,141,000 after buying an additional 3,684,195 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Rocket Lab USA by 9.5% in the fourth quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer's stock worth $82,207,000 after purchasing an additional 281,339 shares during the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab USA Stock Performance

The company has a 50-day simple moving average of $23.20 and a two-hundred day simple moving average of $23.77. 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 market cap of $12.07 billion, a PE ratio of -71.92 and a beta of 2.08.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The company had revenue of $122.57 million during the quarter, compared to analysts' expectations of $120.74 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. Rocket Lab USA's quarterly revenue was up 32.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.09) earnings per share. As a group, equities research analysts forecast that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

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.