Rocket Lab USA (NASDAQ:RKLB) Given New $30.00 Price Target at Bank of America

Rocket Lab USA (NASDAQ:RKLB) had its target price upped by Bank of America from $10.00 to $30.00 in a report released on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the rocket manufacturer’s stock.

Other equities research analysts have also recently issued reports about the company. The Goldman Sachs Group upped their price target on Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Cantor Fitzgerald raised their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday. JMP Securities began coverage on shares of Rocket Lab USA in a research report on Thursday, September 12th. They issued a “market perform” rating for the company. Citigroup raised their price target on Rocket Lab USA from $7.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company raised their price objective on Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.72.

Rocket Lab USA Stock Performance

Shares of RKLB traded up $1.21 on Thursday, reaching $18.57. 16,734,592 shares of the company’s stock traded hands, compared to its average volume of 10,830,236. The stock has a market cap of $9.22 billion, a PE ratio of -50.54 and a beta of 1.29. Rocket Lab USA has a 52-week low of $3.47 and a 52-week high of $22.55. The company has a current ratio of 2.58, a quick ratio of 2.43 and a debt-to-equity ratio of 0.97. The stock’s 50 day simple moving average is $10.11 and its two-hundred day simple moving average is $6.77.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings data on Tuesday, November 12th. The rocket manufacturer reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.01. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The business had revenue of $104.81 million for the quarter, compared to the consensus estimate of $102.74 million. On average, analysts forecast that Rocket Lab USA will post -0.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $198,798.48. Following the completion of the transaction, the general counsel now directly owns 637,558 shares of the company’s stock, valued at $4,437,403.68. This trade represents a 4.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 directly owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. This represents a 4.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 130,521 shares of company stock valued at $906,059 in the last quarter. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Rocket Lab USA by 9.2% in the 1st 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 in the last quarter. ARK Investment Management LLC increased its holdings in Rocket Lab USA by 6.6% in the 2nd 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. Charles Schwab Investment Management Inc. raised its position in Rocket Lab USA by 22.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after buying an additional 532,207 shares during the last quarter. American Century Companies Inc. lifted its stake in Rocket Lab USA by 11.1% during the 2nd quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock valued at $13,713,000 after acquiring an additional 284,360 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Rocket Lab USA by 25.6% during 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 acquiring an additional 432,501 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.