Needham & Company LLC Increases Rocket Lab (NASDAQ:RKLB) Price Target to $120.00

Key Points

• Needham & Company LLC raised its price target on Rocket Lab from $95 to $120 while keeping a buy rating, implying about 13.95% upside from the current share price.
• Rocket Lab reported stronger-than-expected quarterly revenue of $200.35 million, up 63.4% year over year, while EPS matched estimates at -$0.07 and the company raised its Q2 guidance.
• Analyst sentiment is mixed but generally positive, with the consensus rating at Moderate Buy and a consensus target price of $91.79, even as some firms recently upgraded or downgraded their views.

Rocket Lab (NASDAQ:RKLB - Get Free Report) had its target price boosted by research analysts at Needham & Company LLC from $95.00 to $120.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the rocket manufacturer's stock. Needham & Company LLC's price objective indicates a potential upside of 13.95% from the stock's current price.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group boosted their target price on Rocket Lab from $47.00 to $69.00 and gave the stock a "neutral" rating in a report on Tuesday, January 20th. KeyCorp cut shares of Rocket Lab from an "overweight" rating to a "sector weight" rating in a research report on Thursday, January 15th. Roth Mkm raised their price objective on shares of Rocket Lab from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Friday, April 17th. Craig Hallum upgraded shares of Rocket Lab from a "hold" rating to a "buy" rating and set a $98.00 price objective for the company in a research report on Friday. Finally, Citigroup restated an "outperform" rating on shares of Rocket Lab in a research report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Rocket Lab currently has a consensus rating of "Moderate Buy" and a consensus target price of $91.79.

Rocket Lab Stock Down 0.2%

Shares of RKLB opened at $105.31 on Monday. The company has a market capitalization of $59.96 billion, a P/E ratio of -329.09 and a beta of 2.30. 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 has a one year low of $20.23 and a one year high of $105.62. The business's 50 day simple moving average is $72.88 and its 200-day simple moving average is $68.50.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, hitting the consensus estimate of ($0.07). The business had revenue of $200.35 million for the quarter, compared to the consensus estimate of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.Rocket Lab's revenue was up 63.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.12) EPS. As a group, sell-side analysts predict that Rocket Lab will post -0.22 EPS for the current fiscal year.

Insider Activity

In other Rocket Lab news, CEO Peter Beck sold 18,857 shares of the company's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total transaction of $1,312,258.63. Following the transaction, the chief executive officer owned 884,085 shares of the company's stock, valued at approximately $61,523,475.15. This represents a 2.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Arjun Kampani sold 28,761 shares of the company's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total value of $2,001,477.99. Following the transaction, the senior vice president directly owned 421,699 shares in the company, valued at approximately $29,346,033.41. This represents a 6.38% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 233,449 shares of company stock worth $16,487,233. 8.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Rocket Lab by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer's stock worth $3,308,033,000 after buying an additional 5,610,469 shares in the last quarter. Baillie Gifford & Co. lifted its stake in shares of Rocket Lab by 47.2% in the 4th quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer's stock valued at $1,245,317,000 after purchasing an additional 5,725,536 shares during the period. Capital World Investors lifted its stake in shares of Rocket Lab by 12.0% in the 4th quarter. Capital World Investors now owns 16,200,726 shares of the rocket manufacturer's stock valued at $1,130,172,000 after purchasing an additional 1,738,623 shares during the period. State Street Corp lifted its stake in shares of Rocket Lab by 1.0% in the 4th quarter. State Street Corp now owns 12,520,223 shares of the rocket manufacturer's stock valued at $873,411,000 after purchasing an additional 120,652 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Rocket Lab by 10.1% in the 4th quarter. Geode Capital Management LLC now owns 9,004,724 shares of the rocket manufacturer's stock valued at $626,605,000 after purchasing an additional 825,158 shares during the period. Institutional investors and hedge funds own 71.78% of the company's stock.

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.

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