Rocket Lab USA, Inc. (NASDAQ:RKLB – Get Free Report) shares shot up 8.7% during trading on Thursday after KeyCorp raised their price target on the stock from $11.00 to $12.00. KeyCorp currently has an overweight rating on the stock. Rocket Lab USA traded as high as $12.09 and last traded at $11.86. 7,536,354 shares were traded during trading, a decline of 24% from the average session volume of 9,854,891 shares. The stock had previously closed at $10.91.
Several other brokerages have also recently issued reports on RKLB. BTIG Research began coverage on Rocket Lab USA in a research note on Wednesday, June 26th. They issued a “neutral” rating on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $7.00 target price on shares of Rocket Lab USA in a report on Monday, September 30th. Citigroup upped their target price on Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Morgan Stanley lowered Rocket Lab USA from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $8.00 to $6.00 in a report on Monday, July 15th. Finally, The Goldman Sachs Group upped their target price on Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $6.89.
Read Our Latest Research Report on RKLB
Insider Activity
Hedge Funds Weigh In On Rocket Lab USA
Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Rocket Lab USA by 9.2% in the 1st quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after acquiring an additional 2,448,789 shares during the period. Principal Financial Group Inc. grew its position in Rocket Lab USA by 18.1% during the 1st quarter. Principal Financial Group Inc. now owns 38,074 shares of the rocket manufacturer’s stock worth $156,000 after purchasing an additional 5,838 shares during the period. Hennion & Walsh Asset Management Inc. grew its position in Rocket Lab USA by 40.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 91,619 shares of the rocket manufacturer’s stock worth $440,000 after purchasing an additional 26,605 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Rocket Lab USA by 2.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 294,054 shares of the rocket manufacturer’s stock worth $1,209,000 after purchasing an additional 6,534 shares during the period. Finally, Venture Visionary Partners LLC acquired a new stake in Rocket Lab USA during the 3rd quarter worth about $886,000. 71.78% of the stock is owned by institutional investors and hedge funds.
Rocket Lab USA Price Performance
The firm has a 50-day simple moving average of $8.04 and a two-hundred day simple moving average of $5.75. The company has a market capitalization of $5.89 billion, a price-to-earnings ratio of -33.88 and a beta of 1.32. 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 – Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.02. Rocket Lab USA had a negative return on equity of 34.12% and a negative net margin of 54.17%. The company had revenue of $106.25 million for the quarter, compared to the consensus estimate of $105.47 million. During the same period last year, the firm earned ($0.10) EPS. The firm’s revenue for the quarter was up 71.2% compared to the same quarter last year. As a group, analysts predict that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current fiscal 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.
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