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

by · The Markets Daily

Rocket Lab USA (NASDAQ:RKLB – Get Free Report) had its target price raised by equities research analysts at Citigroup from $7.00 to $13.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the rocket manufacturer’s stock. Citigroup’s price objective would indicate a potential upside of 2.85% from the company’s current price.

RKLB has been the topic of a number of other reports. KeyCorp raised their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. 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. Morgan Stanley downgraded shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $8.00 to $6.00 in a report on Monday, July 15th. Cantor Fitzgerald restated an “overweight” rating and set a $7.00 price objective on shares of Rocket Lab USA in a report on Monday, September 30th. Finally, JMP Securities assumed coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They set a “market perform” rating for the company. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Rocket Lab USA has a consensus rating of “Hold” and an average price target of $7.75.

Check Out Our Latest Analysis on RKLB

Rocket Lab USA Stock Up 7.0 %

Shares of Rocket Lab USA stock traded up $0.83 during trading hours on Wednesday, reaching $12.64. The company’s stock had a trading volume of 9,937,062 shares, compared to its average volume of 9,894,019. Rocket Lab USA has a one year low of $3.47 and a one year high of $12.73. The company has a market capitalization of $6.28 billion, a P/E ratio of -36.11 and a beta of 1.29. The stock’s fifty day simple moving average is $8.87 and its two-hundred day simple moving average is $6.25. 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 (NASDAQ:RKLB – Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $106.25 million for the quarter, compared to analyst estimates of $105.47 million. During the same period last year, the firm earned ($0.10) earnings per share. The business’s quarterly revenue was up 71.2% compared to the same quarter last year. On average, research analysts forecast that Rocket Lab USA will post -0.39 earnings per share for the current year.

Insider Transactions at Rocket Lab USA

In other news, CFO Adam C. Spice sold 62,512 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 value of $435,083.52. Following the completion of the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at $9,195,308.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other 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 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 trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA stock in a transaction dated 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 owns 1,321,165 shares of the company’s stock, valued at $9,195,308.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 130,521 shares of company stock worth $906,059 over the last quarter. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Rocket Lab USA by 9.2% during 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 in the last quarter. International Assets Investment Management LLC grew its stake in Rocket Lab USA by 934.5% during the third quarter. International Assets Investment Management LLC now owns 98,176 shares of the rocket manufacturer’s stock valued at $10,090,000 after acquiring an additional 88,686 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in Rocket Lab USA by 40.9% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 91,619 shares of the rocket manufacturer’s stock valued at $440,000 after acquiring an additional 26,605 shares in the last quarter. Venture Visionary Partners LLC purchased a new position in Rocket Lab USA during the third quarter valued at approximately $886,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Rocket Lab USA by 2.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 294,054 shares of the rocket manufacturer’s stock valued at $1,209,000 after acquiring an additional 6,534 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Company Profile

(Get Free Report)

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.

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