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

Rocket Lab USA (NASDAQ:RKLB) had its target price hoisted by KeyCorp from $8.00 to $11.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an overweight 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 decreased their target price for the company from $8.00 to $6.00 in a research report on Monday, July 15th. BTIG Research started coverage on Rocket Lab USA in a research note on Wednesday, June 26th. They set a neutral rating for the company. Citigroup raised their target price on Rocket Lab USA from $5.45 to $7.00 and gave the stock a buy rating in a research note on Wednesday, August 14th. Cantor Fitzgerald restated an overweight rating and issued a $7.00 target price on shares of Rocket Lab USA in a research note on Monday, September 23rd. Finally, The Goldman Sachs Group assumed coverage on Rocket Lab USA in a research report on Tuesday, June 11th. They set a neutral rating and a $4.50 price target for the company. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of $6.68.

Rocket Lab USA Price Performance

Rocket Lab USA stock opened at $9.78 on Friday. Rocket Lab USA has a 52-week low of $3.47 and a 52-week high of $10.29. The stock’s 50 day moving average price is $6.26 and its two-hundred day moving average price is $5.00. 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 capitalization of $4.82 billion, a price-to-earnings ratio of -26.43 and a beta of 1.27.

Rocket Lab USA (NASDAQ:RKLB) last issued its earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. Rocket Lab USA had a negative return on equity of 34.12% and a negative net margin of 54.17%. 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 business earned ($0.10) EPS. Rocket Lab USA’s quarterly revenue was up 71.2% compared to the same quarter last year. On average, equities analysts predict that Rocket Lab USA will post -0.39 earnings per share for the current year.

Insiders Place Their Bets

In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA 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 transaction, the chief financial officer now directly owns 1,321,165 shares of the company’s stock, valued at approximately $9,195,308.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA 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 sale, the general counsel now directly owns 637,558 shares in the company, valued at $4,437,403.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of the business’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 completion of the sale, the chief financial officer now directly owns 1,321,165 shares in the company, valued at $9,195,308.40. The disclosure for this sale can be found here. Insiders have sold 130,521 shares of company stock valued at $906,059 in the last ninety days. Company insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake 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 worth $119,192,000 after purchasing an additional 2,448,789 shares during the last quarter. Ieq Capital LLC purchased a new stake in Rocket Lab USA during the second quarter valued at $5,469,000. Tocqueville Asset Management L.P. increased its position in 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 valued at $5,277,000 after acquiring an additional 879,160 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Rocket Lab USA by 25.6% in 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 in the last quarter. Finally, ARK Investment Management LLC increased its position 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 worth $30,226,000 after buying an additional 391,778 shares in the last quarter. 71.78% of the stock is owned by institutional investors.

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.