Rocket Lab USA (NASDAQ:RKLB) Price Target Raised to $7.00 at Citigroup

Rocket Lab USA (NASDAQ:RKLB) had its target price upped by Citigroup from $5.45 to $7.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the rocket manufacturer’s stock.

A number of other research analysts also recently issued reports on RKLB. The Goldman Sachs Group began coverage on Rocket Lab USA in a research note on Tuesday, June 11th. They issued a neutral rating and a $4.50 price objective for the company. BTIG Research began coverage on shares of Rocket Lab USA in a research report on Wednesday, June 26th. They set a neutral rating for the company. Morgan Stanley downgraded 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. Roth Mkm reiterated a buy rating and issued a $7.00 target price on shares of Rocket Lab USA in a research note on Tuesday, June 18th. Finally, Cantor Fitzgerald reissued an overweight rating and set a $6.00 target price on shares of Rocket Lab USA in a research report on Monday, July 22nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $6.75.

Rocket Lab USA Stock Up 3.5 %

Rocket Lab USA stock traded up $0.18 during midday trading on Wednesday, hitting $5.36. 796,259 shares of the stock were exchanged, compared to its average volume of 7,830,676. Rocket Lab USA has a 52-week low of $3.47 and a 52-week high of $6.59. The company has a quick ratio of 2.69, a current ratio of 3.12 and a debt-to-equity ratio of 0.86. The business’s 50-day moving average price is $4.97 and its 200-day moving average price is $4.47. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of -14.00 and a beta of 1.25.

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, topping analysts’ consensus estimates of ($0.10) by $0.02. The firm had revenue of $106.25 million for the quarter, compared to the consensus estimate of $105.47 million. Rocket Lab USA had a negative return on equity of 32.78% and a negative net margin of 54.17%. The company’s revenue was up 71.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.10) EPS. On average, research analysts expect that Rocket Lab USA will post -0.41 EPS for the current fiscal year.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 29,026 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $4.22, for a total transaction of $122,489.72. Following the sale, the general counsel now owns 666,121 shares in the company, valued at $2,811,030.62. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Rocket Lab USA news, General Counsel Arjun Kampani sold 29,026 shares of Rocket Lab USA stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $4.22, for a total transaction of $122,489.72. Following the completion of the transaction, the general counsel now owns 666,121 shares of the company’s stock, valued at approximately $2,811,030.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Adam C. Spice sold 63,529 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $4.22, for a total value of $268,092.38. Following the sale, the chief financial officer now owns 1,383,677 shares in the company, valued at $5,839,116.94. The disclosure for this sale can be found here. 13.70% of the stock is owned by company insiders.

Institutional Trading of Rocket Lab USA

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Rocket Lab USA by 9.2% during the 1st 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 in the last quarter. Ieq Capital LLC purchased a new position in Rocket Lab USA during the second quarter worth about $5,469,000. Tocqueville Asset Management L.P. increased its stake in Rocket Lab USA by 217.1% in the 1st 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 last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Rocket Lab USA by 25.6% in the 2nd 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 during the last quarter. Finally, ARK Investment Management LLC raised its holdings in shares of Rocket Lab USA by 6.6% in the 2nd quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock valued at $30,226,000 after acquiring an additional 391,778 shares in the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

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.