Rocket Lab USA (NASDAQ:RKLB) Price Target Raised to $13.00

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

A number of other research firms also recently commented on RKLB. JMP Securities started coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 price target on shares of Rocket Lab USA in a report on Monday, September 30th. KeyCorp upped their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Morgan Stanley cut Rocket Lab USA from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $8.00 to $6.00 in a report on Monday, July 15th. Finally, The Goldman Sachs Group upped 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. 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, the stock currently has an average rating of “Hold” and a consensus price target of $7.75.

Rocket Lab USA Stock Up 10.5 %

RKLB stock opened at $13.05 on Wednesday. The company’s 50 day simple moving average is $9.01 and its 200-day simple moving average is $6.30. The firm has a market capitalization of $6.48 billion, a PE ratio of -37.28 and a beta of 1.29. 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 has a 12 month low of $3.47 and a 12 month high of $13.06.

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

Insider Transactions at Rocket Lab USA

In related news, CFO Adam C. Spice sold 62,512 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the sale, the chief financial officer now owns 1,321,165 shares of the company’s stock, valued at $9,195,308.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Michael D. Griffin sold 39,446 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the sale, the director now directly owns 42,353 shares of the company’s stock, valued at $292,235.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the transaction, the chief financial officer now owns 1,321,165 shares of the company’s stock, valued at $9,195,308.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 130,521 shares of company stock worth $906,059. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. lifted its holdings in Rocket Lab USA by 4.4% in the 3rd quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock worth $395,000 after purchasing an additional 1,709 shares during the last quarter. Wellington Shields & Co. LLC boosted its holdings in shares of Rocket Lab USA by 3.8% during the 2nd quarter. Wellington Shields & Co. LLC now owns 69,142 shares of the rocket manufacturer’s stock worth $332,000 after buying an additional 2,503 shares during the period. Amalgamated Bank grew its stake in Rocket Lab USA by 26.7% in the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after buying an additional 2,538 shares during the last quarter. 180 Wealth Advisors LLC raised its holdings in Rocket Lab USA by 7.5% in the 2nd quarter. 180 Wealth Advisors LLC now owns 40,180 shares of the rocket manufacturer’s stock worth $214,000 after acquiring an additional 2,807 shares during the period. Finally, Lakeridge Wealth Management LLC lifted its position in Rocket Lab USA by 30.0% during the 3rd quarter. Lakeridge Wealth Management LLC now owns 13,000 shares of the rocket manufacturer’s stock worth $126,000 after acquiring an additional 3,000 shares during the last quarter. 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.