Rocket Lab USA (NASDAQ:RKLB) Stock Price Expected to Rise, Bank of America Analyst Says

Rocket Lab USA (NASDAQ:RKLB) had its price target increased by equities researchers at Bank of America from $10.00 to $30.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the rocket manufacturer’s stock. Bank of America‘s target price would suggest a potential upside of 57.89% from the stock’s current price.

A number of other research analysts have also commented on RKLB. Stifel Nicolaus increased their price objective on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday. Citigroup increased their price target on Rocket Lab USA from $7.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. 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. Wells Fargo & Company upped their price objective on shares of Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Cantor Fitzgerald lifted their target price on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Rocket Lab USA presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.72.

Rocket Lab USA Price Performance

NASDAQ RKLB opened at $19.00 on Thursday. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.43. The firm has a market capitalization of $9.44 billion, a price-to-earnings ratio of -51.35 and a beta of 1.29. The company has a 50 day simple moving average of $10.11 and a 200-day simple moving average of $6.77. Rocket Lab USA has a 52-week low of $3.47 and a 52-week high of $22.55.

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

Insider Activity at Rocket Lab USA

In related news, General Counsel Arjun Kampani sold 28,563 shares of the firm’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 transaction, the general counsel now owns 637,558 shares of the company’s stock, valued at approximately $4,437,403.68. This trade represents a 4.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in 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 during the period. Ieq Capital LLC bought a new stake in Rocket Lab USA in the second quarter valued at approximately $5,469,000. Mizuho Markets Americas LLC bought a new stake in Rocket Lab USA in the third quarter valued at approximately $8,930,000. Geode Capital Management LLC raised its stake in Rocket Lab USA by 12.2% in the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after buying an additional 898,223 shares during the period. Finally, Tocqueville Asset Management L.P. increased its stake in shares of Rocket Lab USA by 217.1% during the first quarter. Tocqueville Asset Management L.P. now owns 1,284,060 shares of the rocket manufacturer’s stock worth $5,277,000 after purchasing an additional 879,160 shares during the period. 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.