Cantor Fitzgerald Boosts Rocket Lab USA (NASDAQ:RKLB) Price Target to $24.00

Rocket Lab USA (NASDAQ:RKLB) had its target price raised by analysts at Cantor Fitzgerald from $7.00 to $24.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the rocket manufacturer’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 35.75% from the stock’s current price.

RKLB has been the subject of a number of other research reports. JMP Securities began coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating for the company. KeyCorp increased their target price on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. The Goldman Sachs Group boosted their price target on Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Wells Fargo & Company increased their price objective on Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Citigroup lifted their price objective on Rocket Lab USA from $7.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.81.

Rocket Lab USA Stock Performance

Shares of NASDAQ:RKLB traded down $1.15 during trading on Thursday, hitting $17.68. 13,521,038 shares of the stock were exchanged, compared to its average volume of 10,658,778. The company’s fifty day simple moving average is $9.89 and its 200-day simple moving average is $6.70. 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 company has a market capitalization of $8.78 billion, a price-to-earnings ratio of -47.78 and a beta of 1.29. Rocket Lab USA has a 1-year low of $3.47 and a 1-year high of $22.55.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings results on Tuesday, November 12th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.01. The firm had revenue of $104.81 million for the quarter, compared to analyst estimates of $102.74 million. Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 37.95%. Sell-side analysts expect that Rocket Lab USA will post -0.39 EPS for the current fiscal year.

Insider Activity at Rocket Lab USA

In related news, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were 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 in the company, valued at $9,195,308.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the sale, the chief financial officer now directly owns 1,321,165 shares in the company, valued at $9,195,308.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Arjun Kampani sold 28,563 shares of the stock in a transaction 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 completion of the sale, the general counsel now owns 637,558 shares in the company, valued at approximately $4,437,403.68. This trade represents a 0.00 % 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 worth $906,059 over the last 90 days. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors and hedge funds have recently modified their holdings of RKLB. FORA Capital LLC acquired a new position in shares of Rocket Lab USA in the third quarter valued at approximately $449,000. D.A. Davidson & CO. acquired a new position in Rocket Lab USA in the 3rd quarter worth $116,000. Citigroup Inc. increased its holdings in Rocket Lab USA by 46.8% during the 3rd quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after purchasing an additional 220,432 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of 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 valued at $28,006,000 after purchasing an additional 532,207 shares during the period. Finally, Intech Investment Management LLC bought a new stake in shares of Rocket Lab USA in the third quarter valued at about $921,000. 71.78% of the stock is currently 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.