Rocket Lab USA (NASDAQ:RKLB) Given New $24.00 Price Target at Cantor Fitzgerald

Rocket Lab USA (NASDAQ:RKLB) had its price objective raised by Cantor Fitzgerald from $7.00 to $24.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the rocket manufacturer’s stock.

Several other equities analysts also recently weighed in on the company. Citigroup raised their price target on Rocket Lab USA from $7.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group boosted their price target on Rocket Lab USA from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Thursday, October 10th. Stifel Nicolaus raised their price objective on Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday. KeyCorp upped their target price on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, Wells Fargo & Company raised their price target on Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $14.72.

Rocket Lab USA Stock Performance

Rocket Lab USA stock traded up $1.21 during mid-day trading on Thursday, reaching $18.57. 16,734,592 shares of the company were exchanged, compared to its average volume of 10,830,236. The firm’s 50-day simple moving average is $10.11 and its two-hundred day simple moving average is $6.77. Rocket Lab USA has a twelve month low of $3.47 and a twelve month high of $22.55. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.43 and a current ratio of 2.58. The firm has a market cap of $9.22 billion, a PE ratio of -50.54 and a beta of 1.29.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings results on Tuesday, November 12th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $104.81 million for the quarter, compared to analyst estimates of $102.74 million. Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. 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 other news, General Counsel Arjun Kampani sold 28,563 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $198,798.48. Following the transaction, the general counsel now owns 637,558 shares in the company, valued at $4,437,403.68. This represents a 4.29 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $435,083.52. Following the completion of the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at $9,195,308.40. This trade represents a 4.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 130,521 shares of company stock valued at $906,059 in the last three months. 13.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab USA

Several hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. lifted its position in shares of Rocket Lab USA by 59.4% during the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after purchasing an additional 4,032 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Rocket Lab USA in the 2nd quarter valued at $46,000. Baxter Bros Inc. bought a new stake in shares of Rocket Lab USA in the 2nd quarter worth about $48,000. Amalgamated Bank increased its holdings 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 in the last quarter. Finally, CIBC Asset Management Inc bought a new position in Rocket Lab USA in the 2nd quarter valued at $67,000. 71.78% of the stock is owned by institutional investors and hedge funds.

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.