Rocket Lab USA (NASDAQ:RKLB) Trading 5.1% Higher - Here's What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) rose 5.1% during mid-day trading on Friday . The company traded as high as $28.39 and last traded at $27.79. Approximately 15,958,649 shares changed hands during mid-day trading, a decline of 3% from the average daily volume of 16,512,532 shares. The stock had previously closed at $26.45.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on RKLB shares. Wells Fargo & Company cut their price target on shares of Rocket Lab USA from $21.00 to $18.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. KeyCorp reaffirmed an "overweight" rating on shares of Rocket Lab USA in a report on Tuesday. Roth Capital upped their price target on shares of Rocket Lab USA from $25.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. TD Cowen raised shares of Rocket Lab USA to a "strong-buy" rating in a report on Monday, February 24th. Finally, Citigroup cut 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 report on Friday, February 28th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Rocket Lab USA has an average rating of "Moderate Buy" and a consensus target price of $25.18.

Rocket Lab USA Stock Performance

The stock's 50-day moving average is $22.59 and its 200-day moving average is $23.65. The firm has a market capitalization of $13.12 billion, a price-to-earnings ratio of -78.16 and a beta of 2.08. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The company had revenue of $122.57 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.09) earnings per share. On average, analysts predict that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other Rocket Lab USA news, insider Frank Klein sold 1,835 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.93, for a total value of $36,571.55. Following the completion of the transaction, the insider now directly owns 1,417,644 shares in the company, valued at approximately $28,253,644.92. This represents a 0.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Arjun Kampani sold 5,194 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $26.52, for a total transaction of $137,744.88. Following the completion of the transaction, the insider now owns 535,424 shares of the company's stock, valued at approximately $14,199,444.48. This trade represents a 0.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 136,937 shares of company stock worth $3,285,279 in the last three months. 13.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab USA

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Spectrum Wealth Counsel LLC acquired a new position in Rocket Lab USA in the 4th quarter valued at approximately $25,000. Sandy Spring Bank acquired a new position in Rocket Lab USA in the 4th quarter valued at approximately $26,000. Versant Capital Management Inc increased its position in Rocket Lab USA by 118.1% in the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock valued at $28,000 after acquiring an additional 860 shares during the period. MassMutual Private Wealth & Trust FSB bought a new stake in shares of Rocket Lab USA in the 1st quarter valued at $29,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of Rocket Lab USA by 181.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock valued at $35,000 after purchasing an additional 1,226 shares during the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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.