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

Rocket Lab USA, Inc. (NASDAQ:RKLB) gapped up before the market opened 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 trading hands.

Analysts Set New Price Targets

Several brokerages have commented on RKLB. Citigroup decreased their price objective on shares of Rocket Lab USA from $6.00 to $5.45 and set a “buy” rating for the company in a research note on Tuesday, May 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.00 target price on shares of Rocket Lab USA in a report on Tuesday, May 28th. Wells Fargo & Company cut their target price on shares of Rocket Lab USA from $5.00 to $4.25 and set an “equal weight” rating for the company in a report on Thursday, April 4th. Finally, The Goldman Sachs Group initiated coverage on shares of Rocket Lab USA in a report on Tuesday, June 11th. They set a “neutral” rating and a $4.50 target price for the company. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.03.

Rocket Lab USA Stock Performance

The company has a market cap of $2.33 billion, a PE ratio of -12.43 and a beta of 1.23. The firm’s fifty day moving average is $4.09 and its 200 day moving average is $4.45. The company has a current ratio of 3.12, a quick ratio of 2.69 and a debt-to-equity ratio of 0.86.

Rocket Lab USA (NASDAQ:RKLB) last released its earnings results on Monday, May 6th. The rocket manufacturer reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. Rocket Lab USA had a negative net margin of 64.15% and a negative return on equity of 32.50%. The business had revenue of $92.80 million during the quarter, compared to analyst estimates of $94.98 million. During the same quarter in the prior year, the firm earned ($0.10) earnings per share. The company’s revenue for the quarter was up 69.0% compared to the same quarter last year. As a group, research analysts predict that Rocket Lab USA, Inc. will post -0.41 EPS for the current fiscal year.

Insider Transactions at Rocket Lab USA

In other news, CFO Adam C. Spice sold 63,529 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $4.22, for a total transaction of $268,092.38. Following the transaction, the chief financial officer now owns 1,383,677 shares of the company’s stock, valued at approximately $5,839,116.94. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Adam C. Spice sold 63,529 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $4.22, for a total transaction of $268,092.38. Following the transaction, the chief financial officer now owns 1,383,677 shares of the company’s stock, valued at approximately $5,839,116.94. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Arjun Kampani sold 29,026 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $4.22, for a total transaction of $122,489.72. Following the transaction, the general counsel now directly owns 666,121 shares in the company, valued at approximately $2,811,030.62. The disclosure for this sale can be found here. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Rocket Lab USA by 4.7% in the third quarter. Vanguard Group Inc. now owns 26,100,419 shares of the rocket manufacturer’s stock valued at $114,320,000 after buying an additional 1,167,403 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Rocket Lab USA by 20.2% during the fourth quarter. Van ECK Associates Corp now owns 95,704 shares of the rocket manufacturer’s stock worth $529,000 after purchasing an additional 16,115 shares in the last quarter. Graham Capital Management L.P. acquired a new stake in shares of Rocket Lab USA during the third quarter worth about $221,000. Foundations Investment Advisors LLC acquired a new stake in shares of Rocket Lab USA during the fourth quarter worth about $116,000. Finally, American Century Companies Inc. lifted its position 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 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.