Rocket Lab USA (NASDAQ:RKLB) Given New $11.00 Price Target at KeyCorp

Rocket Lab USA (NASDAQ:RKLB) had its target price increased by KeyCorp from $8.00 to $11.00 in a research note released on Friday, Benzinga reports. KeyCorp currently has an overweight rating on the rocket manufacturer’s stock.

Several other research analysts also recently weighed in on the company. JMP Securities began coverage on Rocket Lab USA in a research note on Thursday, September 12th. They set a market perform rating on the stock. The Goldman Sachs Group started coverage on Rocket Lab USA in a research note on Tuesday, June 11th. They set a neutral rating and a $4.50 price target on the stock. Citigroup boosted their price objective on Rocket Lab USA from $5.45 to $7.00 and gave the company a buy rating in a report on Wednesday, August 14th. BTIG Research began coverage on Rocket Lab USA in a report on Wednesday, June 26th. They issued a neutral rating for the company. Finally, Cantor Fitzgerald reaffirmed an overweight rating and issued a $7.00 price target on shares of Rocket Lab USA in a report on Monday, September 23rd. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $6.68.

Rocket Lab USA Trading Up 12.5 %

Shares of NASDAQ RKLB opened at $9.78 on Friday. The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90. The business has a fifty day simple moving average of $6.26 and a two-hundred day simple moving average of $5.00. The firm has a market cap of $4.82 billion, a PE ratio of -26.43 and a beta of 1.27. Rocket Lab USA has a twelve month low of $3.47 and a twelve month high of $10.29.

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

Insider Activity

In other news, Director Michael D. Griffin sold 39,446 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the completion of the sale, the director now directly owns 42,353 shares in the company, valued at $292,235.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Michael D. Griffin sold 39,446 shares of the 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 completion of the transaction, the director now directly owns 42,353 shares in the company, valued at $292,235.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Arjun Kampani sold 28,563 shares of the 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 $4,437,403.68. The disclosure for this sale can be found here. Insiders sold 130,521 shares of company stock worth $906,059 over the last ninety days. Corporate insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC purchased a new position in Rocket Lab USA in the second quarter worth approximately $46,000. Baxter Bros Inc. purchased a new position in shares of Rocket Lab USA during the second quarter worth $48,000. Advisors Asset Management Inc. boosted its position in shares of Rocket Lab USA by 59.4% during the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after buying an additional 4,032 shares during the period. 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, CIBC Asset Management Inc purchased a new position in shares of Rocket Lab USA during the second quarter worth $67,000. 71.78% of the stock is currently 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.