Rocket Lab USA (NASDAQ:RKLB – Get Free Report)‘s stock had its “overweight” rating reissued by research analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They currently have a $7.00 target price on the rocket manufacturer’s stock. Cantor Fitzgerald’s price target would indicate a potential downside of 24.16% from the company’s current price.
RKLB has been the topic of a number of other research reports. 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. BTIG Research assumed coverage on shares of Rocket Lab USA in a research report on Wednesday, June 26th. They set a “neutral” rating for the company. Roth Mkm reaffirmed a “buy” rating and issued a $7.00 price target on shares of Rocket Lab USA in a research report on Tuesday, June 18th. Citigroup boosted their price objective on Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Finally, Morgan Stanley lowered Rocket Lab USA from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $8.00 to $6.00 in a report on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Rocket Lab USA presently has an average rating of “Hold” and a consensus target price of $6.68.
View Our Latest Stock Analysis on RKLB
Rocket Lab USA Stock Down 5.1 %
Rocket Lab USA (NASDAQ:RKLB – Get Free Report) last announced its quarterly 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. 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 during the quarter, compared to analysts’ expectations of $105.47 million. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. The business’s quarterly revenue was up 71.2% compared to the same quarter last year. Sell-side analysts forecast that Rocket Lab USA will post -0.39 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was 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. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $198,798.48. Following the sale, the general counsel now owns 637,558 shares in the company, valued at $4,437,403.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael D. Griffin sold 39,446 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the sale, the director now directly owns 42,353 shares in the company, valued at approximately $292,235.70. The disclosure for this sale can be found here. Insiders have sold a total of 130,521 shares of company stock valued at $906,059 over the last three months. 13.70% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RKLB. Vanguard Group Inc. raised its holdings in shares of Rocket Lab USA by 9.2% in the 1st quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock worth $119,192,000 after buying an additional 2,448,789 shares in the last quarter. Principal Financial Group Inc. raised its stake in Rocket Lab USA by 18.1% during the first quarter. Principal Financial Group Inc. now owns 38,074 shares of the rocket manufacturer’s stock worth $156,000 after acquiring an additional 5,838 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Rocket Lab USA by 40.9% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 91,619 shares of the rocket manufacturer’s stock valued at $440,000 after acquiring an additional 26,605 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Rocket Lab USA by 2.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 294,054 shares of the rocket manufacturer’s stock valued at $1,209,000 after purchasing an additional 6,534 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Rocket Lab USA by 15.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,691,090 shares of the rocket manufacturer’s stock worth $6,950,000 after purchasing an additional 229,512 shares during the last quarter. Institutional investors 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.
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