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

Rocket Lab (NASDAQ:RKLB - Free Report) had its target price upped by Bank of America from $30.00 to $50.00 in a research note released on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the rocket manufacturer's stock.

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

Rocket Lab Stock Up 7.6%

RKLB traded up $3.63 during trading on Wednesday, reaching $51.32. 41,957,904 shares of the stock were exchanged, compared to its average volume of 18,699,258. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.72 and a current ratio of 2.08. The stock's 50 day moving average price is $30.29 and its two-hundred day moving average price is $25.48. Rocket Lab has a twelve month low of $4.20 and a twelve month high of $53.41. The stock has a market cap of $23.28 billion, a P/E ratio of -127.88 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released 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 company had revenue of $122.57 million during the quarter, compared to analyst estimates of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. Rocket Lab's revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. Equities analysts expect that Rocket Lab will post -0.38 EPS for the current year.

Insider Activity

In other Rocket Lab news, Director Matthew Ocko sold 820,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $26.01, for a total value of $21,328,200.00. Following the completion of the sale, the director owned 1,083,053 shares of the company's stock, valued at approximately $28,170,208.53. This trade represents a 43.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Frank Klein sold 44,885 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $26.66, for a total value of $1,196,634.10. Following the completion of the transaction, the insider owned 1,370,190 shares in the company, valued at approximately $36,529,265.40. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,130,995 shares of company stock worth $29,686,039 in the last 90 days. 13.70% of the stock is owned by company insiders.

Institutional Trading of Rocket Lab

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sandy Spring Bank acquired a new position in shares of Rocket Lab during the fourth quarter valued at about $26,000. Versant Capital Management Inc lifted its position in Rocket Lab by 118.1% in the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock valued at $28,000 after acquiring an additional 860 shares in the last quarter. MassMutual Private Wealth & Trust FSB acquired a new position in Rocket Lab during the 1st quarter valued at about $29,000. Farther Finance Advisors LLC lifted its holdings in shares of Rocket Lab by 181.1% in the first quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock valued at $35,000 after purchasing an additional 1,226 shares in the last quarter. Finally, Spectrum Wealth Counsel LLC boosted its position in shares of Rocket Lab by 100.0% during the first quarter. Spectrum Wealth Counsel LLC now owns 2,000 shares of the rocket manufacturer's stock valued at $36,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 71.78% of the company's stock.

Rocket Lab 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.