Rocket Lab USA (NASDAQ:RKLB) Price Target Raised to $12.00

Rocket Lab USA (NASDAQ:RKLB) had its target price increased by equities research analysts at KeyCorp from $11.00 to $12.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the rocket manufacturer’s stock. KeyCorp’s target price indicates a potential upside of 9.99% from the stock’s current price.

A number of other equities analysts have also recently commented on RKLB. The Goldman Sachs Group lifted their price target on Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Morgan Stanley cut Rocket Lab USA from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $8.00 to $6.00 in a research report on Monday, July 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $7.00 target price on shares of Rocket Lab USA in a research report on Monday, September 30th. JMP Securities initiated coverage on Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating for the company. Finally, BTIG Research initiated coverage on shares of Rocket Lab USA in a research note on Wednesday, June 26th. They set a “neutral” rating for the company. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $6.89.

Rocket Lab USA Stock Down 2.2 %

Shares of NASDAQ RKLB opened at $10.91 on Thursday. The business has a 50-day moving average of $8.04 and a 200-day moving average of $5.75. The firm has a market capitalization of $5.42 billion, a price-to-earnings ratio of -31.17 and a beta of 1.32. Rocket Lab USA has a 12 month low of $3.47 and a 12 month high of $11.52. 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) last announced its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.02. The firm had revenue of $106.25 million for the quarter, compared to analyst estimates of $105.47 million. Rocket Lab USA had a negative return on equity of 34.12% and a negative net margin of 54.17%. The company’s revenue was up 71.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.10) EPS. Sell-side analysts expect that Rocket Lab USA will post -0.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Rocket Lab USA

In other news, Director Michael D. Griffin sold 39,446 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total value of $272,177.40. Following the transaction, the director now owns 42,353 shares in the company, valued at $292,235.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, General Counsel Arjun Kampani sold 28,563 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $198,798.48. Following the completion of the transaction, the general counsel now owns 637,558 shares of the company’s stock, valued at $4,437,403.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael D. Griffin sold 39,446 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were 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 approximately $292,235.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 130,521 shares of company stock worth $906,059. Insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Several hedge funds have recently bought and sold shares of RKLB. Advisors Asset Management Inc. boosted its holdings in shares of Rocket Lab USA by 59.4% in the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after purchasing an additional 4,032 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Rocket Lab USA in the 2nd quarter valued at $46,000. Baxter Bros Inc. bought a new position in Rocket Lab USA in the second quarter worth about $48,000. Amalgamated Bank raised its stake in shares of Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after acquiring an additional 2,538 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new position in shares of Rocket Lab USA during the second quarter worth $67,000. Hedge funds and other institutional investors 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.