Citigroup Issues Positive Forecast for Rocket Lab USA (NASDAQ:RKLB) Stock Price

Rocket Lab USA (NASDAQ:RKLB) had its target price boosted by Citigroup from $7.00 to $13.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the rocket manufacturer’s stock.

Several other brokerages have also recently weighed in on RKLB. Cantor Fitzgerald reissued an “overweight” rating and set a $7.00 price target on shares of Rocket Lab USA in a research report on Monday, September 30th. The Goldman Sachs Group lifted 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 lowered 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. JMP Securities assumed coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating for the company. Finally, KeyCorp raised their price target on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $7.75.

Rocket Lab USA Price Performance

Shares of Rocket Lab USA stock opened at $13.05 on Wednesday. The stock has a market capitalization of $6.48 billion, a P/E ratio of -37.28 and a beta of 1.29. The business has a 50 day simple moving average of $9.01 and a two-hundred day simple moving average of $6.30. Rocket Lab USA has a 12 month low of $3.47 and a 12 month high of $13.06. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.82 and a quick ratio of 2.43.

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 analysts’ consensus estimates 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 company had revenue of $106.25 million for the quarter, compared to analyst estimates of $105.47 million. During the same quarter last year, the firm posted ($0.10) EPS. The firm’s revenue for the quarter was up 71.2% on a year-over-year basis. As a group, analysts predict that Rocket Lab USA will post -0.39 EPS for the current fiscal year.

Insider Buying and Selling at Rocket Lab USA

In other news, General Counsel Arjun Kampani sold 28,563 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $198,798.48. Following the transaction, the general counsel now owns 637,558 shares in the company, valued at approximately $4,437,403.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, General Counsel Arjun Kampani sold 28,563 shares of the business’s stock in a transaction on 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 sale, the general counsel now directly owns 637,558 shares of the company’s stock, valued at $4,437,403.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was 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 approximately $9,195,308.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 130,521 shares of company stock valued at $906,059. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Institutional investors have recently modified their holdings of the business. Advisors Asset Management Inc. grew its stake in shares of Rocket Lab USA by 59.4% in the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after purchasing an additional 4,032 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Rocket Lab USA in the 2nd quarter valued at approximately $46,000. Baxter Bros Inc. acquired a new position in Rocket Lab USA during the 2nd quarter worth approximately $48,000. Amalgamated Bank increased its holdings in shares of Rocket Lab USA by 26.7% in the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after purchasing an additional 2,538 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new position in Rocket Lab USA during the second quarter worth about $67,000. 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.