Rocket Lab USA (NASDAQ:RKLB) Trading Up 7.1% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price traded up 7.1% during mid-day trading on Friday . The company traded as high as $18.60 and last traded at $18.82. 4,672,951 shares were traded during mid-day trading, a decline of 68% from the average session volume of 14,404,912 shares. The stock had previously closed at $17.57.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Cantor Fitzgerald raised their price target on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Citigroup lowered their price target on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Wells Fargo & Company lowered their price target on shares of Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating for the company in a research note on Monday, March 3rd. The Goldman Sachs Group raised their price target on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Finally, Bank of America raised their price target on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.06.

Rocket Lab USA Stock Up 6.9 %

The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $8.52 billion, a PE ratio of -50.43 and a beta of 2.06. The business has a 50-day moving average price of $25.30 and a 200-day moving average price of $18.58.

Rocket Lab USA (NASDAQ:RKLB) last posted its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The company had revenue of $132.39 million during the quarter, compared to analyst estimates of $130.58 million. Equities research analysts forecast that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors have recently modified their holdings of the business. Spectrum Wealth Counsel LLC purchased a new stake in Rocket Lab USA during the 4th quarter worth about $25,000. Sandy Spring Bank acquired a new position in Rocket Lab USA during the 4th quarter worth approximately $26,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Rocket Lab USA during the fourth quarter worth $40,000. Quarry LP purchased a new position in Rocket Lab USA in the fourth quarter valued at $48,000. Finally, NewEdge Advisors LLC raised its stake in Rocket Lab USA by 1,000.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer’s stock valued at $49,000 after buying an additional 1,750 shares in 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.