KeyCorp Increases Rocket Lab USA (NASDAQ:RKLB) Price Target to $11.00

Rocket Lab USA (NASDAQ:RKLB) had its price objective boosted by stock analysts at KeyCorp from $8.00 to $11.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the rocket manufacturer’s stock. KeyCorp’s price objective would suggest a potential upside of 12.47% from the company’s previous close.

RKLB has been the subject of several other reports. Roth Mkm reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Rocket Lab USA in a research report on Tuesday, June 18th. BTIG Research assumed coverage on shares of Rocket Lab USA in a report on Wednesday, June 26th. They issued a “neutral” rating on the stock. The Goldman Sachs Group assumed coverage on shares of Rocket Lab USA in a report on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 price target on the stock. JMP Securities assumed coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating on the stock. Finally, Citigroup increased their price target on shares of Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Rocket Lab USA currently has a consensus rating of “Hold” and an average price target of $6.68.

Rocket Lab USA Stock Up 12.5 %

NASDAQ:RKLB opened at $9.78 on Friday. Rocket Lab USA has a 1-year low of $3.47 and a 1-year high of $10.29. The company has a 50-day moving average of $6.26 and a 200 day moving average of $4.99. The firm has a market cap of $4.86 billion, a PE ratio of -26.43 and a beta of 1.27. 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 released its quarterly earnings results 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 business had revenue of $106.25 million during the quarter, compared to analyst estimates 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 company’s quarterly revenue was up 71.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.10) earnings per share. As a group, research analysts anticipate that Rocket Lab USA will post -0.39 EPS for the current fiscal year.

Insider Transactions at Rocket Lab USA

In related news, CFO Adam C. Spice sold 62,512 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 $435,083.52. Following the completion of the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at $9,195,308.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 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 value of $435,083.52. Following the completion of the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at $9,195,308.40. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, General Counsel Arjun Kampani sold 28,563 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value 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 approximately $4,437,403.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 130,521 shares of company stock valued at $906,059. 13.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. grew 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 valued at $44,000 after purchasing an additional 4,032 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Rocket Lab USA in the second quarter valued at $46,000. Baxter Bros Inc. acquired a new stake in Rocket Lab USA in the second quarter valued at $48,000. Amalgamated Bank grew its holdings in Rocket Lab USA by 26.7% in the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after purchasing an additional 2,538 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in Rocket Lab USA in the second quarter valued at $67,000. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.