Cantor Fitzgerald Reaffirms Overweight Rating for Rocket Lab USA (NASDAQ:RKLB)

Cantor Fitzgerald reiterated their overweight rating on shares of Rocket Lab USA (NASDAQ:RKLB) in a research report released on Monday, Benzinga reports. The firm currently has a $7.00 target price on the rocket manufacturer’s stock.

A number of other equities analysts also recently commented on RKLB. KeyCorp lifted their price objective on shares of Rocket Lab USA from $8.00 to $11.00 and gave the stock an overweight rating in a report on Friday, September 27th. BTIG Research assumed coverage on shares of Rocket Lab USA in a research report on Wednesday, June 26th. They set a neutral rating for the company. Roth Mkm reissued a buy rating and issued a $7.00 target price on shares of Rocket Lab USA in a report on Tuesday, June 18th. Morgan Stanley lowered Rocket Lab USA from an overweight rating to an equal weight rating and lowered their target price for the company from $8.00 to $6.00 in a report on Monday, July 15th. Finally, Citigroup increased their price target on Rocket Lab USA from $5.45 to $7.00 and gave the stock a buy rating in a research report on Wednesday, August 14th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $6.68.

Rocket Lab USA Price Performance

RKLB opened at $9.71 on Monday. The company has a market capitalization of $4.82 billion, a P/E ratio of -26.24 and a beta of 1.27. The company has a 50-day moving average of $6.51 and a 200-day moving average of $5.11. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.43 and a current ratio of 2.82. Rocket Lab USA has a 1-year low of $3.47 and a 1-year high of $10.29.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $106.25 million during the quarter, compared to analyst estimates of $105.47 million. During the same period in the previous year, the company earned ($0.10) earnings per share. Rocket Lab USA’s quarterly revenue was up 71.2% on a year-over-year basis. Equities analysts expect that Rocket Lab USA will post -0.39 EPS for the current fiscal year.

Insider Buying and Selling

In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the sale, the chief financial officer now directly owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Rocket Lab USA news, Director Michael D. Griffin sold 39,446 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total value of $272,177.40. Following the completion of the sale, the director now directly owns 42,353 shares of the company’s stock, valued at approximately $292,235.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $435,083.52. Following the completion of the transaction, the chief financial officer now directly owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The disclosure for this sale can be found here. Insiders sold 130,521 shares of company stock valued at $906,059 over the last 90 days. 13.70% of the stock is currently owned by company insiders.

Institutional Trading of Rocket Lab USA

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased 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 buying an additional 2,448,789 shares in the last quarter. ARK Investment Management LLC raised its position in shares of Rocket Lab USA by 6.6% during the second quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock worth $30,226,000 after purchasing an additional 391,778 shares during the period. American Century Companies Inc. lifted its holdings in shares of Rocket Lab USA by 11.1% during 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 purchasing an additional 284,360 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Rocket Lab USA by 25.6% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock valued at $10,193,000 after purchasing an additional 432,501 shares during the period. Finally, Nikko Asset Management Americas Inc. boosted its position in shares of Rocket Lab USA by 15.7% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,691,090 shares of the rocket manufacturer’s stock valued at $6,917,000 after purchasing an additional 229,512 shares during the period. 71.78% of the stock is owned by institutional investors and hedge funds.

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.