Rocket Lab (NASDAQ:RKLB) Stock Gets Price Target Cut from Piper Sandler

Rocket Lab (NASDAQ:RKLB) had its price target decreased by Piper Sandler from $83.00 to $58.00 in a report published on Tuesday, Marketbeat reports. Piper Sandler currently has a neutral rating on the rocket manufacturer’s stock.

Several other research firms have also recently weighed in on RKLB. Raymond James Financial initiated coverage on Rocket Lab in a research report on Friday, September 11th. They set an “outperform” rating and a $80.00 price objective on the stock. Wall Street Zen cut Rocket Lab from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Berenberg Bank began coverage on Rocket Lab in a research note on Wednesday, September 2nd. They issued a “buy” rating and a $83.00 target price for the company. Citizens Jmp dropped their price target on Rocket Lab from $130.00 to $90.00 and set a “market outperform” rating on the stock in a research report on Friday, October 16th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Rocket Lab in a research note on Friday, October 16th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.10.

Rocket Lab Trading Down 3.1%

NASDAQ:RKLB opened at $64.07 on Tuesday. The firm’s fifty day simple moving average is $62.51 and its 200 day simple moving average is $78.48. Rocket Lab has a twelve month low of $37.57 and a twelve month high of $151.00.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings data on Monday, November 9th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.05). Rocket Lab had a negative return on equity of 5.79% and a negative net margin of 25.73%. The company had revenue of $267.83 million during the quarter, compared to the consensus estimate of $257.21 million. On average, analysts expect that Rocket Lab will post -0.20 EPS for the current year.

Insider Activity

In other news, SVP Arjun Kampani sold 7,754 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $69.63, for a total value of $539,911.02. Following the sale, the senior vice president directly owned 256,951 shares of the company’s stock, valued at $17,891,498.13. The trade was a 2.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Marvin Clevenger sold 15,051 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $69.63, for a total value of $1,048,001.13. Following the completion of the sale, the insider owned 458,924 shares in the company, valued at $31,954,878.12. The trade was a 3.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 551,832 shares of company stock valued at $34,940,037. 8.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Lab

A number of institutional investors have recently modified their holdings of RKLB. BlackRock Inc. bought a new position in Rocket Lab in the 2nd quarter worth about $4,124,970,000. Katamaran Capital LLP grew its position in Rocket Lab by 86.2% during the 1st quarter. Katamaran Capital LLP now owns 19,808 shares of the rocket manufacturer’s stock valued at $1,272,000 after purchasing an additional 9,172 shares during the last quarter. Y.D. More Investments Ltd purchased a new stake in Rocket Lab during the 1st quarter valued at about $642,000. Swiss National Bank increased its stake in Rocket Lab by 17.8% during the 1st quarter. Swiss National Bank now owns 1,410,930 shares of the rocket manufacturer’s stock valued at $90,610,000 after purchasing an additional 212,700 shares in the last quarter. Finally, Bank of Nova Scotia increased its stake in Rocket Lab by 149.8% during the 1st quarter. Bank of Nova Scotia now owns 49,957 shares of the rocket manufacturer’s stock valued at $3,209,000 after purchasing an additional 29,956 shares in the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Rocket Lab

Investors following RKLB have been watching these stories:

• Positive Sentiment: Rocket Lab says its 100th Electron launch is scheduled for November 14, a major operational milestone. The mission will carry an Earth-imaging satellite for Japan’s iQPS, highlighting continued launch activity and execution in the small-satellite market. Rocket Lab To Launch Milestone 100th Electron Rocket This Week
• Positive Sentiment: Rocket Lab’s ESCAPADE spacecraft completed precise Mars-bound maneuvers, demonstrating deep-space navigation and mission-operations capabilities that could support future spacecraft business. Can ESCAPADE Strengthen Rocket Lab’s Deep-Space Capabilities?
• Negative Sentiment: Several analysts have cut price targets, including Piper Sandler (to $58 from $83) and Morgan Stanley (to $103 from $105), reflecting caution around execution and valuation. Berenberg’s modest increase offers a counterpoint, leaving analyst views mixed. Piper Sandler Cuts Rocket Lab Price Target

About Rocket Lab

Rocket Lab is a space company that provides launch services and spacecraft and satellite systems for commercial, civil, and national security customers. Founded in 2006 by Peter Beck, the company operates internationally, with headquarters in Long Beach, California, and launch operations in New Zealand and the United States. Its launch business centers on Electron, a small orbital rocket designed to carry satellites to space, and HASTE, a suborbital vehicle used for hypersonic test missions. Rocket Lab is also developing Neutron, a larger launch vehicle.