Rocket Lab USA (NASDAQ:RKLB) Sees Large Volume Increase Following Analyst Upgrade

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) saw unusually-strong trading volume on Thursday after Wells Fargo & Company raised their price target on the stock from $5.25 to $13.50. Wells Fargo & Company currently has an equal weight rating on the stock. Approximately 13,521,038 shares were traded during mid-day trading, an increase of 27% from the previous session’s volume of 10,653,604 shares.The stock last traded at $17.68 and had previously closed at $18.83.

RKLB has been the topic of several other research reports. KeyCorp increased their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. The Goldman Sachs Group raised their target price on Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 price target on shares of Rocket Lab USA in a research note on Monday, September 30th. Stifel Nicolaus raised their price objective on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, JMP Securities started coverage on Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating for the company. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $10.69.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, 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 value of $435,083.52. Following the sale, the chief financial officer now directly owns 1,321,165 shares in the company, valued at $9,195,308.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Michael D. Griffin sold 39,446 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the sale, the director now directly owns 42,353 shares in the company, valued at approximately $292,235.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 stock was sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,521 shares of company stock worth $906,059 in the last ninety days. 13.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Lab USA

Several institutional investors and hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. boosted its position in shares of Rocket Lab USA by 59.4% during the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after acquiring an additional 4,032 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Rocket Lab USA in the 2nd quarter valued at approximately $46,000. Baxter Bros Inc. acquired a new position in shares of Rocket Lab USA in the 2nd quarter worth approximately $48,000. Amalgamated Bank lifted its position in shares of Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after buying an additional 2,538 shares during the period. Finally, CIBC Asset Management Inc acquired a new stake in Rocket Lab USA in the 2nd quarter valued at $67,000. Institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Trading Down 6.1 %

The company has a 50 day moving average of $9.89 and a 200 day moving average of $6.70. The firm has a market cap of $8.78 billion, a price-to-earnings ratio of -51.49 and a beta of 1.29. The company has a current ratio of 2.82, a quick ratio of 2.43 and a debt-to-equity ratio of 0.90.

Rocket Lab USA (NASDAQ:RKLB) last issued its earnings results on Tuesday, November 12th. The rocket manufacturer reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 37.95%. The company had revenue of $104.81 million for the quarter, compared to the consensus estimate of $102.74 million. As a group, research analysts anticipate that Rocket Lab USA, Inc. will post -0.39 EPS 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.