Cantor Fitzgerald Forecasts Strong Price Appreciation for Rocket Lab (NASDAQ:RKLB) Stock

Key Points

• Cantor Fitzgerald raised its price target for Rocket Lab (NASDAQ:RKLB) from $35.00 to $54.00, suggesting a potential upside of 21.97% from the stock's previous close with an "overweight" rating.
• Several market analysts have revised their ratings and price targets, with Citigroup and Bank of America increasing theirs to $50.00, indicating a positive outlook for the stock.
• Despite a loss per share of ($0.13) in the latest quarter, Rocket Lab reported a year-over-year revenue increase of 35.9%, bringing in $144.50 million.

Rocket Lab (NASDAQ:RKLB - Get Free Report) had its price objective increased by equities research analysts at Cantor Fitzgerald from $35.00 to $54.00 in a report released on Friday,Benzinga reports. The firm presently has an "overweight" rating on the rocket manufacturer's stock. Cantor Fitzgerald's target price suggests a potential upside of 21.97% from the stock's previous close.

Other equities research analysts also recently issued reports about the stock. Citigroup reissued a "buy" rating and issued a $50.00 price target (up from $33.00) on shares of Rocket Lab in a research note on Monday, July 14th. Bank of America upped their price target on Rocket Lab from $30.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Roth Capital lifted their price objective on Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. KeyCorp boosted their price objective on Rocket Lab from $40.00 to $50.00 and gave the company an "overweight" rating in a report on Friday. Finally, Needham & Company LLC restated a "buy" rating and set a $55.00 target price (up from $45.00) on shares of Rocket Lab in a report on Friday. Five 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, the company has an average rating of "Moderate Buy" and a consensus target price of $42.27.

Rocket Lab Price Performance

Shares of RKLB traded up $0.06 during trading hours on Friday, hitting $44.27. 21,044,829 shares of the stock were exchanged, compared to its average volume of 19,867,688. The stock's 50-day moving average price is $37.19 and its two-hundred day moving average price is $27.75. Rocket Lab has a 12-month low of $5.03 and a 12-month high of $53.44. 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 company has a market cap of $20.43 billion, a price-to-earnings ratio of -110.72 and a beta of 2.17.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The rocket manufacturer reported ($0.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.06). Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. The company had revenue of $144.50 million for the quarter, compared to analyst estimates of $135.42 million. During the same period last year, the firm posted ($0.08) EPS. The business's quarterly revenue was up 35.9% on a year-over-year basis. Research analysts expect that Rocket Lab will post -0.38 earnings per share for the current year.

Insider Activity

In other Rocket Lab news, insider Arjun Kampani sold 5,194 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $30.00, for a total transaction of $155,820.00. Following the transaction, the insider owned 530,230 shares of the company's stock, valued at approximately $15,906,900. This trade represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Merline Saintil sold 6,353 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total value of $212,063.14. Following the completion of the sale, the director directly owned 419,569 shares of the company's stock, valued at $14,005,213.22. The trade was a 1.49% 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 valued at $29,686,039 over the last quarter. Company insiders own 11.90% of the company's stock.

Institutional Investors Weigh In On Rocket Lab

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Rocket Lab by 10.6% during the 1st quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer's stock worth $715,728,000 after purchasing an additional 3,833,969 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Rocket Lab during the second quarter worth about $192,918,000. Invesco Ltd. grew its holdings in shares of Rocket Lab by 56.1% during the first 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. FMR LLC grew its holdings in shares of Rocket Lab by 30,853.3% during the fourth 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. Finally, Northern Trust Corp increased its position in Rocket Lab by 9.5% in the 4th quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer's stock valued at $82,207,000 after acquiring an additional 281,339 shares during the period. Hedge funds and other 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.

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