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

Rocket Lab USA (NASDAQ:RKLB) had its price objective raised by investment analysts at Citigroup from $7.00 to $13.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the rocket manufacturer’s stock. Citigroup’s price target suggests a potential downside of 3.42% from the company’s current price.

Several other research firms have also commented on RKLB. JMP Securities started coverage on Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating on the stock. Morgan Stanley downgraded Rocket Lab USA from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $8.00 to $6.00 in a report on Monday, July 15th. The Goldman Sachs Group raised their price objective on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $7.00 target price on shares of Rocket Lab USA in a report on Monday, September 30th. Finally, KeyCorp lifted their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rocket Lab USA currently has an average rating of “Hold” and a consensus price target of $7.75.

Rocket Lab USA Stock Performance

NASDAQ:RKLB opened at $13.46 on Wednesday. Rocket Lab USA has a 52 week low of $3.47 and a 52 week high of $13.89. The company has a fifty day simple moving average of $9.15 and a two-hundred day simple moving average of $6.35. The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90. The company has a market cap of $6.68 billion, a price-to-earnings ratio of -38.46 and a beta of 1.29.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, topping 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 company had revenue of $106.25 million for the quarter, compared to the consensus estimate of $105.47 million. During the same quarter in the prior year, the business earned ($0.10) EPS. Rocket Lab USA’s revenue was up 71.2% on a year-over-year basis. As a group, equities analysts anticipate that Rocket Lab USA will post -0.39 earnings per share for the current fiscal year.

Insider Transactions at Rocket Lab USA

In related news, Director Michael D. Griffin sold 39,446 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the transaction, the director now owns 42,353 shares in the company, valued at $292,235.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Rocket Lab USA news, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the transaction, the director now directly owns 42,353 shares in the company, valued at approximately $292,235.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Arjun Kampani sold 28,563 shares of the business’s 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 transaction, the general counsel now directly owns 637,558 shares in the company, valued at approximately $4,437,403.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 130,521 shares of company stock worth $906,059. Company insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position 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 purchasing an additional 2,448,789 shares during the period. Ieq Capital LLC acquired a new stake in shares of Rocket Lab USA in the 2nd quarter valued at approximately $5,469,000. Mizuho Markets Americas LLC purchased a new stake in shares of Rocket Lab USA in the third quarter valued at approximately $8,930,000. Tocqueville Asset Management L.P. grew its holdings in 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 acquiring an additional 879,160 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in Rocket Lab USA by 25.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock worth $10,193,000 after acquiring an additional 432,501 shares in the last quarter. 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.