KeyCorp Increases Rocket Lab USA (NASDAQ:RKLB) Price Target to $11.00

Rocket Lab USA (NASDAQ:RKLB) had its target price upped by stock analysts at KeyCorp from $8.00 to $11.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the rocket manufacturer’s stock. KeyCorp’s target price suggests a potential upside of 12.47% from the company’s current price.

RKLB has been the subject of a number of other reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 price objective on shares of Rocket Lab USA in a report on Monday, September 23rd. The Goldman Sachs Group began coverage on shares of Rocket Lab USA in a research report on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 price target on the stock. Roth Mkm reissued a “buy” rating and issued a $7.00 price target on shares of Rocket Lab USA in a research report on Tuesday, June 18th. BTIG Research assumed coverage on shares of Rocket Lab USA in a research report on Wednesday, June 26th. They issued a “neutral” rating on the stock. Finally, Morgan Stanley cut shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $8.00 to $6.00 in a research note on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Rocket Lab USA has a consensus rating of “Hold” and an average target price of $6.68.

Rocket Lab USA Stock Performance

NASDAQ RKLB opened at $9.78 on Friday. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of -26.43 and a beta of 1.27. The company has a current ratio of 2.82, a quick ratio of 2.43 and a debt-to-equity ratio of 0.90. The firm’s 50 day simple moving average is $6.26 and its 200 day simple moving average is $4.99. Rocket Lab USA has a 1 year low of $3.47 and a 1 year high of $10.29.

Rocket Lab USA (NASDAQ:RKLB) last released its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.02. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The firm had revenue of $106.25 million during the quarter, compared to the consensus estimate of $105.47 million. During the same quarter last year, the firm earned ($0.10) earnings per share. The company’s revenue for the quarter was up 71.2% on a year-over-year basis. As a group, research analysts expect that Rocket Lab USA will post -0.39 earnings per share for the current fiscal year.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of the firm’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 transaction of $435,083.52. Following the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other 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 transaction, the general counsel now owns 637,558 shares of the company’s stock, valued at $4,437,403.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Adam C. Spice sold 62,512 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $435,083.52. Following the completion of the transaction, the chief financial officer now directly owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The disclosure for this sale can be found here. Insiders have sold 130,521 shares of company stock worth $906,059 in the last quarter. Company insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Rocket Lab USA by 9.2% during the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after acquiring an additional 2,448,789 shares during the last quarter. ARK Investment Management LLC increased its position in Rocket Lab USA by 6.6% during the second 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 during the last quarter. American Century Companies Inc. increased its position in Rocket Lab USA by 11.1% during the second quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock valued at $13,713,000 after acquiring an additional 284,360 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Rocket Lab USA by 25.6% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock valued at $10,193,000 after acquiring an additional 432,501 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. increased its position in Rocket Lab USA by 15.7% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,691,090 shares of the rocket manufacturer’s stock valued at $6,917,000 after acquiring an additional 229,512 shares during the last quarter. Institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Company Profile

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.