Rocket Lab (NASDAQ:RKLB) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Rocket Lab (NASDAQ:RKLB) to a hold rating in a research note published on Wednesday morning,Zacks.com reports.

Several other brokerages also recently weighed in on RKLB. Needham & Company LLC reaffirmed a “buy” rating and set a $120.00 target price on shares of Rocket Lab in a research note on Tuesday, June 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 price target on shares of Rocket Lab in a research report on Tuesday, June 30th. TD Cowen boosted their price target on shares of Rocket Lab from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. New Street Research initiated coverage on Rocket Lab in a research report on Wednesday, May 13th. They set a “buy” rating and a $150.00 price objective on the stock. Finally, Clear Str raised Rocket Lab to a “strong-buy” rating in a research report on Wednesday, March 18th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Rocket Lab currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.18.

Rocket Lab Stock Performance

Shares of Rocket Lab stock opened at $67.62 on Wednesday. The business has a 50-day moving average of $107.97 and a 200 day moving average of $87.15. Rocket Lab has a 12 month low of $37.57 and a 12 month high of $151.00. The stock has a market capitalization of $39.14 billion, a price-to-earnings ratio of -211.31 and a beta of 2.54. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.47 and a quick ratio of 4.02.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.07). The company had revenue of $200.35 million for the quarter, compared to analyst estimates of $189.65 million. Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The business’s revenue for the quarter was up 63.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.12) earnings per share. As a group, sell-side analysts forecast that Rocket Lab will post -0.26 earnings per share for the current year.

Insider Buying and Selling

In other Rocket Lab news, insider Frank Klein sold 36,860 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $147.42, for a total value of $5,433,901.20. Following the sale, the insider directly owned 1,006,987 shares of the company’s stock, valued at approximately $148,450,023.54. This represents a 3.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Peter Beck sold 990,960 shares of Rocket Lab stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $82.86, for a total transaction of $82,110,945.60. Following the sale, the chief executive officer directly owned 1,724,221 shares of the company’s stock, valued at approximately $142,868,952.06. This trade represents a 36.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 3,849,294 shares of company stock worth $362,816,208. Corporate insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Aventura Private Wealth LLC acquired a new stake in shares of Rocket Lab in the 4th quarter worth $25,000. Mcguire Capital Advisors Inc. purchased a new position in shares of Rocket Lab in the 4th quarter valued at about $27,000. Zions Bancorporation National Association UT purchased a new position in shares of Rocket Lab in the 4th quarter valued at about $28,000. EverSource Wealth Advisors LLC lifted its stake in shares of Rocket Lab by 109.5% in the second quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock valued at $28,000 after purchasing an additional 416 shares during the period. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in Rocket Lab during the fourth quarter worth about $29,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Rocket Lab

Here are the key news stories impacting Rocket Lab this week:

• Negative Sentiment: Piper Sandler initiated coverage with a Neutral/Hold view, signaling limited near-term upside and adding to investor caution after the stock had already been sliding. Rocket Lab Stock Plunges After Piper Sandler Starts Coverage at Neutral
• Negative Sentiment: Investors are also worried about Rocket Lab’s pending $8 billion Iridium acquisition, including possible share dilution and the need for $3.6 billion in bridge financing, which could weigh on the stock. Why Is Rocket Lab Stock Falling on Thursday?
• Negative Sentiment: Recent reports point to a broader selloff across space stocks, with fear around debt, volatility, and sector sentiment spilling over into RKLB. AST SpaceMobile Stock Sinks as SpaceX Fallout Rattles Space Sector
• Negative Sentiment: Technical traders say RKLB broke an important support level, raising the risk of further downside if buyers do not step in soon. Stock of the Day: Where Is the Bottom for Rocket Lab?

About Rocket Lab

Rocket Lab is an aerospace company that provides launch services, spacecraft, and space systems for commercial and government customers. The company’s primary launch vehicle is Electron, a small-lift orbital rocket designed to deploy small satellites and rideshare payloads to low Earth orbit. Rocket Lab also develops and manufactures the Rutherford engine, noted for its electric-pump-fed design and additive-manufactured components, which powers Electron and supports the company’s propulsion capabilities.