Rocket Lab (NASDAQ:RKLB) Price Target Raised to $50.00

Rocket Lab (NASDAQ:RKLB) had its price target raised by Bank of America from $30.00 to $50.00 in a research report sent to investors on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the rocket manufacturer’s stock.

Several other equities analysts also recently commented on RKLB. Cantor Fitzgerald reiterated an “overweight” rating and set a $35.00 price target on shares of Rocket Lab in a report on Monday. Roth Capital boosted their price objective on shares of Rocket Lab from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, May 28th. Stifel Nicolaus upped their price target on shares of Rocket Lab from $29.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, May 28th. The Goldman Sachs Group began coverage on Rocket Lab in a research report on Monday, June 30th. They set a “neutral” rating and a $27.00 price target on the stock. Finally, Wells Fargo & Company decreased their price target on shares of Rocket Lab from $21.00 to $18.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Rocket Lab currently has a consensus rating of “Moderate Buy” and an average target price of $34.10.

Rocket Lab Trading Up 0.1%

Shares of Rocket Lab stock opened at $51.39 on Wednesday. The company’s fifty day simple moving average is $31.48 and its 200-day simple moving average is $25.83. The stock has a market capitalization of $23.31 billion, a PE ratio of -128.48 and a beta of 2.15. Rocket Lab has a 1-year low of $4.20 and a 1-year high of $53.44. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72.

Rocket Lab (NASDAQ:RKLB) last announced its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The firm had revenue of $122.57 million for the quarter, compared to the consensus estimate of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The firm’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.09) earnings per share. As a group, equities analysts anticipate that Rocket Lab will post -0.38 earnings per share for the current year.

Insider Activity at Rocket Lab

In related news, insider Frank Klein sold 2,546 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $30.00, for a total value of $76,380.00. Following the completion of the sale, the insider owned 1,365,826 shares of the company’s stock, valued at approximately $40,974,780. This trade represents a 0.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Arjun Kampani sold 5,194 shares of the company’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $30.00, for a total value of $155,820.00. Following the completion of the sale, the insider owned 530,230 shares of the company’s stock, valued at approximately $15,906,900. The trade was a 0.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,130,995 shares of company stock worth $29,686,039 in the last ninety days. 13.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rocket Lab

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Rocket Lab by 10.6% in the 1st quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer’s stock valued at $715,728,000 after acquiring an additional 3,833,969 shares during the period. Geode Capital Management LLC grew its holdings in Rocket Lab by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 8,285,693 shares of the rocket manufacturer’s stock worth $211,084,000 after acquiring an additional 32,658 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in Rocket Lab during the 2nd quarter worth approximately $192,918,000. Invesco Ltd. lifted its position in shares of Rocket Lab by 56.1% during the 1st quarter. Invesco Ltd. now owns 3,738,250 shares of the rocket manufacturer’s stock worth $66,840,000 after buying an additional 1,343,518 shares during the last quarter. Finally, FMR LLC lifted its position in shares of Rocket Lab by 30,853.3% during the 4th quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer’s stock worth $94,141,000 after buying an additional 3,684,195 shares during the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

About Rocket Lab

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.