Citizens Jmp Upgrades Rocket Lab (NASDAQ:RKLB) to "Outperform"

Key Points

• Citizens Jmp upgraded Rocket Lab (RKLB) from "market perform" to "outperform" and set a $85 price target, implying roughly a 25.6% upside from the prior close.
• Analyst consensus is a "Moderate Buy" with an average target of about $79.85; ratings include 2 Strong Buy, 8 Buy, 6 Hold and 1 Sell.
• Insiders—including CEO Peter Beck and SVP Arjun Kampani—have been selling shares, with 341,949 shares (~$25.9M) sold in the last quarter; insiders now own 11.9% of the company.

Rocket Lab (NASDAQ:RKLB - Get Free Report) was upgraded by equities researchers at Citizens Jmp from a "market perform" rating to an "outperform" rating in a research note issued to investors on Tuesday,Finviz reports. The brokerage currently has a $85.00 target price on the rocket manufacturer's stock. Citizens Jmp's target price would indicate a potential upside of 25.61% from the stock's previous close.

RKLB has been the topic of several other research reports. Cantor Fitzgerald reissued an "overweight" rating and set a $85.00 price target on shares of Rocket Lab in a research report on Friday, March 13th. Bank of America increased their price target on shares of Rocket Lab from $60.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, January 20th. Clear Str raised shares of Rocket Lab to a "strong-buy" rating in a research report on Wednesday, March 18th. Stifel Nicolaus increased their price target on shares of Rocket Lab from $75.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, December 22nd. Finally, Wells Fargo & Company started coverage on shares of Rocket Lab in a research report on Wednesday, April 1st. They set an "equal weight" rating and a $60.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $79.85.

Rocket Lab Trading Down 0.1%

Shares of RKLB stock opened at $67.67 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.08 and a quick ratio of 3.61. The firm has a market cap of $38.40 billion, a PE ratio of -182.89 and a beta of 2.20. The company has a 50-day moving average of $71.11 and a two-hundred day moving average of $65.32. Rocket Lab has a 1-year low of $14.71 and a 1-year high of $99.58.

Insider Transactions at Rocket Lab

In related news, SVP Arjun Kampani sold 23,711 shares of the firm's stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total value of $1,706,006.45. Following the sale, the senior vice president owned 397,988 shares of the company's stock, valued at $28,635,236.60. This trade represents a 5.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Peter Beck sold 18,857 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total transaction of $1,312,258.63. Following the completion of the sale, the chief executive officer directly owned 884,085 shares in the company, valued at approximately $61,523,475.15. This trade represents a 2.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 341,949 shares of company stock valued at $25,923,913 over the last quarter. Insiders own 11.90% of the company's stock.

Institutional Trading of Rocket Lab

Several hedge funds have recently added to or reduced their stakes in RKLB. Arizona State Retirement System raised its holdings in Rocket Lab by 13.6% during the third quarter. Arizona State Retirement System now owns 127,794 shares of the rocket manufacturer's stock worth $6,123,000 after purchasing an additional 15,307 shares in the last quarter. Cadent Capital Advisors LLC acquired a new stake in Rocket Lab during the third quarter worth approximately $668,000. Firsthand Capital Management Inc. raised its holdings in Rocket Lab by 40.0% during the third quarter. Firsthand Capital Management Inc. now owns 70,000 shares of the rocket manufacturer's stock worth $3,354,000 after purchasing an additional 20,000 shares in the last quarter. Swiss National Bank raised its holdings in Rocket Lab by 67.7% during the third quarter. Swiss National Bank now owns 1,243,630 shares of the rocket manufacturer's stock worth $59,582,000 after purchasing an additional 501,830 shares in the last quarter. Finally, Orion Porfolio Solutions LLC acquired a new stake in Rocket Lab during the second quarter worth approximately $1,009,000. Institutional investors and hedge funds own 71.78% of the company's stock.

Rocket Lab Company Profile

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.

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