Rocket Lab USA (NASDAQ:RKLB) Sets New 52-Week High After Strong Earnings

Rocket Lab USA, Inc. (NASDAQ:RKLB) reached a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $18.25 and last traded at $18.25, with a volume of 7558365 shares traded. The stock had previously closed at $14.66.

The rocket manufacturer reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. Rocket Lab USA had a negative return on equity of 37.95% and a negative net margin of 51.76%. The company had revenue of $104.81 million for the quarter, compared to the consensus estimate of $102.74 million.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. JMP Securities began coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating for the company. Citigroup increased their price objective on Rocket Lab USA from $7.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Stifel Nicolaus boosted their target price on Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday. Wells Fargo & Company raised their price target on Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $7.00 price target on shares of Rocket Lab USA in a research note on Monday, September 30th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $10.69.

Insider Buying and Selling

In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the completion of the sale, the chief financial officer now directly owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Michael D. Griffin sold 39,446 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $292,235.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Adam C. Spice sold 62,512 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 1,321,165 shares of the company’s stock, valued at $9,195,308.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

Large investors have recently made changes to their positions in the company. D.A. Davidson & CO. acquired a new position in shares of Rocket Lab USA in the third quarter worth about $116,000. Citigroup Inc. raised its position in Rocket Lab USA by 46.8% during the third quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after acquiring an additional 220,432 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Rocket Lab USA by 22.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after purchasing an additional 532,207 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Rocket Lab USA during the third quarter worth about $921,000. Finally, Advisors Asset Management Inc. raised its position in shares of Rocket Lab USA by 28.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 14,438 shares of the rocket manufacturer’s stock worth $140,000 after purchasing an additional 3,220 shares during the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Rocket Lab USA Trading Up 28.4 %

The company has a fifty day moving average of $9.64 and a 200-day moving average of $6.61. The company has a current ratio of 2.82, a quick ratio of 2.43 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $9.35 billion, a price-to-earnings ratio of -56.08 and a beta of 1.29.

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.