Rocket Lab USA (NASDAQ:RKLB) Sees Strong Trading Volume – Here’s What Happened

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) saw an uptick in trading volume on Monday . 13,854,093 shares were traded during mid-day trading, a decline of 17% from the previous session’s volume of 16,712,663 shares.The stock last traded at $32.36 and had previously closed at $28.92.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. KeyCorp restated an “overweight” rating on shares of Rocket Lab USA in a research report on Tuesday, June 3rd. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research report on Monday, February 24th. Roth Capital increased their price target on Rocket Lab USA from $25.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, May 28th. Morgan Stanley raised their price objective on Rocket Lab USA from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Monday, March 10th. Finally, Citigroup dropped their price objective on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a report on Friday, February 28th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.18.

Rocket Lab USA Stock Performance

The stock has a fifty day simple moving average of $22.59 and a two-hundred day simple moving average of $23.68. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The stock has a market cap of $14.16 billion, a price-to-earnings ratio of -83.88 and a beta of 2.08.

Rocket Lab USA (NASDAQ:RKLB) last released its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The business had revenue of $122.57 million during the quarter, compared to analyst estimates of $120.74 million. During the same period last year, the business earned ($0.09) earnings per share. The business’s quarterly revenue was up 32.1% compared to the same quarter last year. Analysts expect that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at Rocket Lab USA

In other news, insider Arjun Kampani sold 5,277 shares of the company’s stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $29.97, for a total transaction of $158,151.69. Following the completion of the transaction, the insider now directly owns 569,606 shares in the company, valued at approximately $17,071,091.82. This represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Frank Klein sold 44,885 shares of the firm’s stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.66, for a total value of $1,196,634.10. Following the sale, the insider now directly owns 1,370,190 shares in the company, valued at approximately $36,529,265.40. This trade represents a 3.17% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 136,937 shares of company stock valued at $3,285,279. 13.70% of the stock is currently owned by insiders.

Institutional Trading of Rocket Lab USA

Hedge funds have recently made changes to their positions in the company. Spectrum Wealth Counsel LLC acquired a new position in shares of Rocket Lab USA in the fourth quarter valued at approximately $25,000. Sandy Spring Bank acquired a new position in Rocket Lab USA in the 4th quarter valued at approximately $26,000. Wingate Wealth Advisors Inc. bought a new position in shares of Rocket Lab USA during the fourth quarter valued at $40,000. Versant Capital Management Inc lifted its holdings in shares of Rocket Lab USA by 118.1% during the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer’s stock worth $28,000 after purchasing an additional 860 shares during the period. Finally, MassMutual Private Wealth & Trust FSB bought a new stake in shares of Rocket Lab USA in the first quarter worth $29,000. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab USA Company Profile

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.