Rocket Lab USA (NASDAQ:RKLB) Shares Gap Up to $4.34

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $4.34, but opened at $4.59. Rocket Lab USA shares last traded at $4.63, with a volume of 2,568,371 shares.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Wells Fargo & Company decreased their price target on Rocket Lab USA from $5.00 to $4.25 and set an “equal weight” rating for the company in a research note on Thursday, April 4th. Citigroup decreased their target price on Rocket Lab USA from $6.00 to $5.45 and set a “buy” rating for the company in a research report on Tuesday, May 7th. Roth Mkm reissued a “buy” rating and issued a $7.00 price target on shares of Rocket Lab USA in a research report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.00 price objective on shares of Rocket Lab USA in a report on Tuesday, May 28th. Finally, The Goldman Sachs Group began coverage on shares of Rocket Lab USA in a report on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 target price on the stock. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rocket Lab USA presently has an average rating of “Moderate Buy” and a consensus target price of $6.65.

Rocket Lab USA Stock Up 13.1 %

The firm has a fifty day simple moving average of $4.14 and a 200 day simple moving average of $4.46. The company has a quick ratio of 2.69, a current ratio of 3.12 and a debt-to-equity ratio of 0.86.

Rocket Lab USA (NASDAQ:RKLB) last released its quarterly earnings data on Monday, May 6th. The rocket manufacturer reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. The business had revenue of $92.80 million for the quarter, compared to analysts’ expectations of $94.98 million. Rocket Lab USA had a negative return on equity of 32.50% and a negative net margin of 64.15%. Rocket Lab USA’s quarterly revenue was up 69.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.10) earnings per share. As a group, analysts expect that Rocket Lab USA, Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Arjun Kampani sold 29,026 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $4.22, for a total value of $122,489.72. Following the completion of the transaction, the general counsel now owns 666,121 shares of the company’s stock, valued at $2,811,030.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, General Counsel Arjun Kampani sold 29,026 shares of the business’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $4.22, for a total value of $122,489.72. Following the sale, the general counsel now owns 666,121 shares of the company’s stock, valued at approximately $2,811,030.62. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Adam C. Spice sold 63,529 shares of the company’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $4.22, for a total value of $268,092.38. Following the completion of the sale, the chief financial officer now owns 1,383,677 shares in the company, valued at $5,839,116.94. The disclosure for this sale can be found here. 13.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rocket Lab USA

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Rocket Lab USA by 9.2% in the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after buying an additional 2,448,789 shares in the last quarter. Tocqueville Asset Management L.P. boosted its stake in Rocket Lab USA by 217.1% in the first quarter. Tocqueville Asset Management L.P. now owns 1,284,060 shares of the rocket manufacturer’s stock worth $5,277,000 after purchasing an additional 879,160 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Rocket Lab USA during the third quarter worth $2,271,000. American Century Companies Inc. grew its holdings in shares of Rocket Lab USA by 12.0% during the third quarter. American Century Companies Inc. now owns 3,701,611 shares of the rocket manufacturer’s stock worth $16,213,000 after purchasing an additional 396,501 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Rocket Lab USA by 15.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,057,607 shares of the rocket manufacturer’s stock valued at $9,012,000 after buying an additional 269,388 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.