KeyCorp Raises Rocket Lab USA (NASDAQ:RKLB) Price Target to $12.00

Rocket Lab USA (NASDAQ:RKLB) had its target price raised by KeyCorp from $11.00 to $12.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an overweight rating on the rocket manufacturer’s stock.

Several other research firms have also commented on RKLB. BTIG Research began coverage on shares of Rocket Lab USA in a research note on Wednesday, June 26th. They set a “neutral” rating for the company. Morgan Stanley lowered Rocket Lab USA from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $8.00 to $6.00 in a research note on Monday, July 15th. JMP Securities initiated coverage on Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating on the stock. The Goldman Sachs Group increased 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. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 price target on shares of Rocket Lab USA in a research note on Monday, September 30th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Rocket Lab USA presently has an average rating of “Hold” and an average price target of $6.89.

Rocket Lab USA Stock Performance

Shares of NASDAQ RKLB opened at $11.18 on Thursday. Rocket Lab USA has a 1 year low of $3.47 and a 1 year high of $12.09. The firm has a market cap of $5.55 billion, a P/E ratio of -31.94 and a beta of 1.32. The stock has a fifty day moving average price of $8.24 and a two-hundred day moving average price of $5.84. 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) last announced its earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $106.25 million during the quarter, compared to analysts’ expectations of $105.47 million. During the same quarter last year, the business posted ($0.10) earnings per share. The company’s quarterly revenue was up 71.2% on a year-over-year basis. Research analysts forecast that Rocket Lab USA will post -0.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Arjun Kampani sold 28,563 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 $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. This 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 can be accessed through this link. In other news, General Counsel Arjun Kampani sold 28,563 shares of the company’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 transaction, the general counsel now directly owns 637,558 shares of the company’s stock, valued at approximately $4,437,403.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Adam C. Spice sold 62,512 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 value of $435,083.52. Following the sale, the chief financial officer now owns 1,321,165 shares of the company’s stock, valued at approximately $9,195,308.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rocket Lab USA

Hedge funds have recently added to or reduced their stakes in the company. Wellington Shields & Co. LLC grew its position in Rocket Lab USA by 3.8% in the second quarter. Wellington Shields & Co. LLC now owns 69,142 shares of the rocket manufacturer’s stock worth $332,000 after acquiring an additional 2,503 shares in the last quarter. Amalgamated Bank increased its position in Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after buying an additional 2,538 shares during the last quarter. 180 Wealth Advisors LLC raised its holdings in Rocket Lab USA by 7.5% during the second quarter. 180 Wealth Advisors LLC now owns 40,180 shares of the rocket manufacturer’s stock valued at $214,000 after buying an additional 2,807 shares in the last quarter. Lakeridge Wealth Management LLC increased its position in shares of Rocket Lab USA by 30.0% during the third quarter. Lakeridge Wealth Management LLC now owns 13,000 shares of the rocket manufacturer’s stock valued at $126,000 after purchasing an additional 3,000 shares during the period. Finally, Verus Capital Partners LLC lifted its position in Rocket Lab USA by 11.9% in the second quarter. Verus Capital Partners LLC now owns 33,160 shares of the rocket manufacturer’s stock worth $159,000 after purchasing an additional 3,525 shares during the period. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.