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

Rocket Lab USA (NASDAQ:RKLB) had its target price lifted by investment analysts at Bank of America from $10.00 to $30.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the rocket manufacturer’s stock. Bank of America‘s price objective suggests a potential upside of 57.89% from the stock’s previous close.

Other analysts have also issued reports about the company. Cantor Fitzgerald lifted their price target on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday. The Goldman Sachs Group lifted their target price on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. KeyCorp upped their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Citigroup lifted their price target on shares of Rocket Lab USA from $7.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, Wells Fargo & Company increased their price objective on Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.72.

Rocket Lab USA Trading Up 9.4 %

Shares of Rocket Lab USA stock opened at $19.00 on Thursday. The firm’s 50-day moving average price is $10.11 and its two-hundred day moving average price is $6.77. The company has a market capitalization of $9.44 billion, a price-to-earnings ratio of -51.35 and a beta of 1.29. The company has a quick ratio of 2.43, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. Rocket Lab USA has a 12-month low of $3.47 and a 12-month high of $22.55.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings data on Tuesday, November 12th. The rocket manufacturer reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.01. The business had revenue of $104.81 million during the quarter, compared to the consensus estimate of $102.74 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. On average, analysts forecast that Rocket Lab USA will post -0.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the transaction, the chief financial officer now directly owns 1,321,165 shares in the company, valued at $9,195,308.40. This trade represents a 4.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Arjun Kampani sold 28,563 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 transaction of $198,798.48. Following the transaction, the general counsel now directly owns 637,558 shares in the company, valued at approximately $4,437,403.68. This represents a 4.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,521 shares of company stock worth $906,059 in the last three months. 13.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Lab USA

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RKLB. Allworth Financial LP raised its position in Rocket Lab USA by 1,827.6% during the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after purchasing an additional 8,992 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Rocket Lab USA during the 2nd quarter valued at $46,000. Baxter Bros Inc. bought a new position in Rocket Lab USA in the 2nd quarter worth $48,000. Smith Anglin Financial LLC purchased a new stake in shares of Rocket Lab USA in the 3rd quarter worth about $104,000. Finally, Advisors Asset Management Inc. lifted its holdings in Rocket Lab USA by 59.4% in the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after buying an additional 4,032 shares during the period. 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.