Cantor Fitzgerald Reaffirms Overweight Rating for Rocket Lab USA (NASDAQ:RKLB)

Cantor Fitzgerald reaffirmed their overweight rating on shares of Rocket Lab USA (NASDAQ:RKLB) in a report released on Monday, Benzinga reports. They currently have a $7.00 price target on the rocket manufacturer’s stock.

A number of other equities analysts have also commented on the stock. BTIG Research assumed coverage on shares of Rocket Lab USA in a report on Wednesday, June 26th. They issued a neutral rating on the stock. The Goldman Sachs Group assumed coverage on Rocket Lab USA in a report on Tuesday, June 11th. They issued a neutral rating and a $4.50 price target for the company. Citigroup lifted their price objective on Rocket Lab USA from $5.45 to $7.00 and gave the stock a buy rating in a report on Wednesday, August 14th. Morgan Stanley lowered Rocket Lab USA from an overweight rating to an equal weight rating and cut their target price for the company from $8.00 to $6.00 in a research report on Monday, July 15th. Finally, Roth Mkm reissued a buy rating and set a $7.00 price target on shares of Rocket Lab USA in a research report on Tuesday, June 18th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $6.86.

Rocket Lab USA Price Performance

RKLB stock opened at $8.69 on Monday. The firm has a market cap of $4.32 billion, a P/E ratio of -23.70 and a beta of 1.27. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.43 and a current ratio of 2.82. Rocket Lab USA has a 1 year low of $3.47 and a 1 year high of $8.98. The stock has a 50-day simple moving average of $6.10 and a 200-day simple moving average of $4.93.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company 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 quarterly revenue was up 71.2% on a year-over-year basis. On average, equities analysts predict that Rocket Lab USA will post -0.39 earnings per share for the current fiscal year.

Insider Transactions at Rocket Lab USA

In related news, CFO Adam C. Spice sold 62,512 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the completion of the sale, the chief financial officer now owns 1,321,165 shares of the company’s stock, valued at approximately $9,195,308.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Michael D. Griffin sold 39,446 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the sale, the director now owns 42,353 shares of the company’s stock, valued at approximately $292,235.70. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of the business’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 value of $435,083.52. Following the transaction, the chief financial officer now owns 1,321,165 shares of the company’s stock, valued at approximately $9,195,308.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Lab USA

Hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. lifted its position in 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 purchasing an additional 4,032 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Rocket Lab USA in the second quarter valued at approximately $46,000. Baxter Bros Inc. bought a new stake in shares of Rocket Lab USA during the second quarter valued at approximately $48,000. Amalgamated Bank boosted its position in shares of Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after buying an additional 2,538 shares during the period. Finally, Brown Advisory Inc. bought a new position in Rocket Lab USA in the 4th quarter worth approximately $61,000. 71.78% of the stock is currently owned by 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.