Rocket Lab USA (NASDAQ:RKLB) Earns “Overweight” Rating from Cantor Fitzgerald

Rocket Lab USA (NASDAQ:RKLB)‘s stock had its “overweight” rating reissued by equities researchers at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They currently have a $6.00 price objective on the rocket manufacturer’s stock. Cantor Fitzgerald’s target price suggests a potential upside of 31.87% from the company’s previous close.

Several other brokerages have also commented on RKLB. The Goldman Sachs Group began coverage on shares of Rocket Lab USA in a report on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 price objective for the company. BTIG Research began coverage on shares of Rocket Lab USA in a research report on Wednesday, June 26th. They issued a “neutral” rating on the stock. Wells Fargo & Company cut their price objective on shares of Rocket Lab USA from $5.00 to $4.25 and set an “equal weight” rating on the stock in a research report on Thursday, April 4th. Citigroup cut their price objective on shares of Rocket Lab USA from $6.00 to $5.45 and set a “buy” rating on the stock in a research report on Tuesday, May 7th. Finally, Roth Mkm reissued a “buy” rating and set a $7.00 price objective on shares of Rocket Lab USA in a research report on Tuesday, June 18th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $6.65.

Rocket Lab USA Stock Performance

Shares of NASDAQ RKLB traded down $0.25 during midday trading on Monday, hitting $4.55. The company’s stock had a trading volume of 3,796,737 shares, compared to its average volume of 8,196,778. The stock has a fifty day moving average price of $4.31 and a 200 day moving average price of $4.47. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of -12.30 and a beta of 1.25. Rocket Lab USA has a one year low of $3.47 and a one year high of $8.05. The company has a current ratio of 3.12, a quick ratio of 2.69 and a debt-to-equity ratio of 0.86.

Rocket Lab USA (NASDAQ:RKLB) last released its quarterly earnings results on Monday, May 6th. The rocket manufacturer reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. Rocket Lab USA had a negative net margin of 64.15% and a negative return on equity of 32.50%. The business had revenue of $92.80 million during the quarter, compared to analysts’ expectations of $94.98 million. During the same quarter in the previous year, the company earned ($0.10) EPS. The business’s quarterly revenue was up 69.0% compared to the same quarter last year. On average, research analysts forecast that Rocket Lab USA will post -0.41 EPS for the current fiscal year.

Insider Transactions at Rocket Lab USA

In other news, CFO Adam C. Spice sold 63,529 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $4.22, for a total value of $268,092.38. Following the transaction, the chief financial officer now owns 1,383,677 shares of the company’s stock, valued at $5,839,116.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Rocket Lab USA news, CFO Adam C. Spice sold 63,529 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $4.22, for a total transaction of $268,092.38. Following the transaction, the chief financial officer now owns 1,383,677 shares in the company, valued at $5,839,116.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Arjun Kampani sold 29,026 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $4.22, for a total transaction of $122,489.72. Following the transaction, the general counsel now owns 666,121 shares in the company, valued at approximately $2,811,030.62. The disclosure for this sale can be found here. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Rocket Lab USA by 4.7% in the third quarter. Vanguard Group Inc. now owns 26,100,419 shares of the rocket manufacturer’s stock worth $114,320,000 after purchasing an additional 1,167,403 shares during the last quarter. Van ECK Associates Corp lifted its stake in Rocket Lab USA by 20.2% in the fourth quarter. Van ECK Associates Corp now owns 95,704 shares of the rocket manufacturer’s stock worth $529,000 after acquiring an additional 16,115 shares during the period. Graham Capital Management L.P. purchased a new stake in Rocket Lab USA in the third quarter worth about $221,000. Foundations Investment Advisors LLC purchased a new stake in Rocket Lab USA in the fourth quarter worth about $116,000. Finally, American Century Companies Inc. lifted its stake in Rocket Lab USA by 12.0% in the third quarter. American Century Companies Inc. now owns 3,701,611 shares of the rocket manufacturer’s stock worth $16,213,000 after acquiring an additional 396,501 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.