Rocket Lab USA, Inc. (NASDAQ:RKLB) to Post FY2024 Earnings of ($0.39) Per Share, Cantor Fitzgerald Forecasts

Rocket Lab USA, Inc. (NASDAQ:RKLB) – Equities research analysts at Cantor Fitzgerald dropped their FY2024 earnings per share (EPS) estimates for Rocket Lab USA in a research note issued on Monday, August 12th. Cantor Fitzgerald analyst A. Sheppard now expects that the rocket manufacturer will earn ($0.39) per share for the year, down from their previous estimate of ($0.38). Cantor Fitzgerald currently has a “Overweight” rating and a $6.00 target price on the stock. The consensus estimate for Rocket Lab USA’s current full-year earnings is ($0.41) per share.

Rocket Lab USA (NASDAQ:RKLB) last released 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. Rocket Lab USA had a negative return on equity of 32.78% and a negative net margin of 54.17%. The business had revenue of $106.25 million for the quarter, compared to analyst estimates of $105.47 million. During the same quarter last year, the firm posted ($0.10) earnings per share. The business’s revenue was up 71.2% compared to the same quarter last year.

A number of other brokerages also recently commented on RKLB. BTIG Research started coverage on shares of Rocket Lab USA in a research note on Wednesday, June 26th. They issued a “neutral” rating on the stock. Roth Mkm reissued a “buy” rating and issued a $7.00 price objective on shares of Rocket Lab USA in a research note on Tuesday, June 18th. Citigroup lifted their target price on Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a research report on Wednesday. The Goldman Sachs Group began coverage on Rocket Lab USA in a research report on Tuesday, June 11th. They set a “neutral” rating and a $4.50 price target on the stock. Finally, Morgan Stanley downgraded Rocket Lab USA from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $8.00 to $6.00 in a report on Monday, July 15th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Rocket Lab USA has a consensus rating of “Moderate Buy” and an average price target of $6.75.

Rocket Lab USA Trading Up 12.5 %

RKLB stock opened at $5.83 on Wednesday. Rocket Lab USA has a 12 month low of $3.47 and a 12 month high of $6.59. The firm’s 50-day moving average is $4.99 and its 200 day moving average is $4.47. The company has a market capitalization of $2.87 billion, a PE ratio of -15.76 and a beta of 1.25. The company has a debt-to-equity ratio of 0.86, a current ratio of 3.12 and a quick ratio of 2.69.

Insider Buying and Selling at Rocket Lab USA

In other news, General Counsel Arjun Kampani sold 29,026 shares of Rocket Lab USA stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $4.22, for a total value of $122,489.72. Following the transaction, the general counsel now owns 666,121 shares of the company’s stock, valued at approximately $2,811,030.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other 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 completion of the sale, the general counsel now owns 666,121 shares in the company, valued at approximately $2,811,030.62. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Adam C. Spice sold 63,529 shares of the business’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $4.22, for a total value of $268,092.38. Following the transaction, 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. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Spire Wealth Management increased its stake in Rocket Lab USA by 257.1% during the 1st quarter. Spire Wealth Management now owns 10,000 shares of the rocket manufacturer’s stock valued at $41,000 after purchasing an additional 7,200 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Rocket Lab USA by 59.4% in the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after acquiring an additional 4,032 shares during the period. International Assets Investment Management LLC purchased a new position in Rocket Lab USA in the 2nd quarter worth $46,000. Baxter Bros Inc. acquired a new stake in Rocket Lab USA during the 2nd quarter worth about $48,000. Finally, Amalgamated Bank grew its stake in Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after purchasing an additional 2,538 shares during the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.