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

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

RKLB has been the subject of several other reports. Morgan Stanley lowered Rocket Lab USA from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $8.00 to $6.00 in a research report on Monday, July 15th. KeyCorp boosted their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 price objective on shares of Rocket Lab USA in a research note on Monday, September 30th. The Goldman Sachs Group raised their price target on shares of Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Finally, JMP Securities assumed coverage on Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating on the stock. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.75.

Rocket Lab USA Trading Up 0.4 %

Shares of Rocket Lab USA stock traded up $0.05 during trading hours on Wednesday, hitting $13.51. The company’s stock had a trading volume of 17,769,112 shares, compared to its average volume of 9,993,000. The firm has a fifty day moving average of $9.30 and a 200-day moving average of $6.42. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.43 and a current ratio of 2.82. The stock has a market cap of $6.71 billion, a price-to-earnings ratio of -38.60 and a beta of 1.29. Rocket Lab USA has a twelve month low of $3.47 and a twelve month high of $13.90.

Rocket Lab USA (NASDAQ:RKLB) last announced its earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share 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 during the quarter, compared to analyst estimates of $105.47 million. During the same quarter last year, the firm posted ($0.10) earnings per share. Rocket Lab USA’s revenue was up 71.2% compared to the same quarter last year. Research analysts forecast that Rocket Lab USA will post -0.39 EPS for the current 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 dated Thursday, August 22nd. The stock was 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 approximately $292,235.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the company’s stock in a transaction 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 transaction, the general counsel now owns 637,558 shares in the company, 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 Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the sale, the director now owns 42,353 shares in the company, valued at $292,235.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 130,521 shares of company stock worth $906,059 over the last ninety days. Corporate insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Rocket Lab USA by 9.2% in the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after acquiring an additional 2,448,789 shares during the period. ARK Investment Management LLC increased its stake in Rocket Lab USA by 6.6% in the second quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock valued at $30,226,000 after purchasing an additional 391,778 shares during the period. American Century Companies Inc. raised its holdings in shares of Rocket Lab USA by 11.1% in the second quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock valued at $13,713,000 after buying an additional 284,360 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Rocket Lab USA by 25.6% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock worth $10,193,000 after buying an additional 432,501 shares during the period. Finally, Tocqueville Asset Management L.P. grew its holdings in shares of Rocket Lab USA by 217.1% during the first quarter. Tocqueville Asset Management L.P. now owns 1,284,060 shares of the rocket manufacturer’s stock worth $5,277,000 after buying an additional 879,160 shares during the last quarter. Hedge funds and other institutional investors 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.