Rocket Lab USA (NASDAQ:RKLB) Stock Price Expected to Rise, Citigroup Analyst Says

Rocket Lab USA (NASDAQ:RKLB) had its price objective hoisted by Citigroup from $7.00 to $13.00 in a research report released on Wednesday morning,Benzinga reports. Citigroup currently has a buy rating on the rocket manufacturer’s stock.

RKLB has been the topic of several other research reports. 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. JMP Securities initiated coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating on the stock. Morgan Stanley lowered shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $8.00 to $6.00 in a report on Monday, July 15th. KeyCorp lifted their target price on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Finally, The Goldman Sachs Group increased their price target on Rocket Lab USA from $4.50 to $5.00 and gave the company 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $7.75.

Rocket Lab USA Price Performance

RKLB opened at $13.51 on Wednesday. Rocket Lab USA has a 1 year low of $3.47 and a 1 year high of $13.90. The company’s 50 day simple moving average is $9.30 and its 200 day simple moving average is $6.42. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.82 and a quick ratio of 2.43.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.02. The company had revenue of $106.25 million during the quarter, compared to analysts’ expectations of $105.47 million. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The business’s quarterly revenue was up 71.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.10) EPS. On average, equities analysts forecast that Rocket Lab USA will post -0.39 EPS for the current year.

Insiders Place Their Bets

In related news, General Counsel Arjun Kampani sold 28,563 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $198,798.48. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, General Counsel Arjun Kampani sold 28,563 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $198,798.48. Following the completion of the transaction, the general counsel now owns 637,558 shares in the company, valued at $4,437,403.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Adam C. Spice sold 62,512 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $435,083.52. Following the transaction, the chief financial officer now owns 1,321,165 shares of the company’s stock, valued at approximately $9,195,308.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,521 shares of company stock valued at $906,059 over the last 90 days. 13.70% of the stock is owned by company insiders.

Institutional Trading of Rocket Lab USA

Hedge funds have recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. grew its position in Rocket Lab USA by 15.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,691,090 shares of the rocket manufacturer’s stock worth $6,950,000 after purchasing an additional 229,512 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in Rocket Lab USA in the 1st quarter valued at approximately $192,000. Susquehanna Fundamental Investments LLC bought a new stake in Rocket Lab USA during the 1st quarter valued at $704,000. Verus Capital Partners LLC acquired a new position in Rocket Lab USA during the 1st quarter worth $122,000. Finally, ProShare Advisors LLC grew its stake in shares of Rocket Lab USA by 10.2% in the first quarter. ProShare Advisors LLC now owns 50,879 shares of the rocket manufacturer’s stock worth $209,000 after purchasing an additional 4,713 shares in the last quarter. 71.78% of the stock is currently owned by institutional investors.

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.