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

Key Points

• KeyCorp raised Rocket Lab's price target from $40.00 to $50.00, indicating a potential upside of 13.25% from its current stock price.
• Rocket Lab's stock has received multiple upgrades from research analysts, with Citigroup also marking a target of $50.00 and Bank of America increasing theirs to $50.00 as well.
• Despite a 35.9% year-over-year revenue increase to $144.5 million, Rocket Lab reported a earnings per share loss of ($0.13) for the quarter, missing expectations.

Rocket Lab (NASDAQ:RKLB - Get Free Report) had its price target hoisted by research analysts at KeyCorp from $40.00 to $50.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the rocket manufacturer's stock. KeyCorp's price target indicates a potential upside of 13.25% from the stock's current price.

Other research analysts also recently issued reports about the company. Citigroup restated 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. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $35.00 target price on shares of Rocket Lab in a report on Monday, July 14th. Bank of America boosted their price target on Rocket Lab from $30.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Craig Hallum initiated coverage on shares of Rocket Lab in a report on Monday, July 28th. They issued a "hold" rating and a $51.00 price objective on the stock. Finally, Roth Capital upped their price target on shares of Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $40.55.

Rocket Lab Trading Down 0.1%

Shares of Rocket Lab stock traded down $0.06 during trading on Friday, hitting $44.15. 15,229,750 shares of the company were exchanged, compared to its average volume of 19,801,650. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72. The firm has a market capitalization of $20.37 billion, a P/E ratio of -110.42 and a beta of 2.17. The firm's fifty day moving average price is $37.19 and its 200 day moving average price is $27.75. Rocket Lab has a 1-year low of $5.03 and a 1-year high of $53.44.

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 the consensus estimate of ($0.07) by ($0.06). The business had revenue of $144.50 million for the quarter, compared to the consensus estimate of $135.42 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The company's revenue for the quarter was up 35.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.08) EPS. As a group, sell-side analysts expect that Rocket Lab will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Rocket Lab

In other Rocket Lab news, Director Matthew Ocko sold 820,000 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $26.01, for a total transaction of $21,328,200.00. Following the transaction, the director directly owned 1,083,053 shares in the company, valued at approximately $28,170,208.53. This trade represents a 43.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Frank Klein sold 44,885 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.66, for a total transaction of $1,196,634.10. Following the transaction, the insider directly owned 1,370,190 shares in the company, valued at $36,529,265.40. The trade was a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,130,995 shares of company stock worth $29,686,039 in the last quarter. 11.90% of the stock is owned by insiders.

Institutional Trading of Rocket Lab

Several hedge funds have recently added to or reduced their stakes in RKLB. Wellington Management Group LLP purchased a new stake in Rocket Lab in the fourth quarter worth $17,261,000. SG Americas Securities LLC increased its stake in shares of Rocket Lab by 2,186.7% in the first quarter. SG Americas Securities LLC now owns 353,522 shares of the rocket manufacturer's stock worth $6,321,000 after purchasing an additional 338,062 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Rocket Lab by 52.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 58,652 shares of the rocket manufacturer's stock valued at $1,049,000 after buying an additional 20,076 shares in the last quarter. Smith Anglin Financial LLC boosted its holdings in Rocket Lab by 132.1% in the 1st quarter. Smith Anglin Financial LLC now owns 27,261 shares of the rocket manufacturer's stock worth $487,000 after buying an additional 15,515 shares during the period. Finally, Rhumbline Advisers grew its stake in Rocket Lab by 9.6% in the 1st quarter. Rhumbline Advisers now owns 525,018 shares of the rocket manufacturer's stock valued at $9,387,000 after buying an additional 45,889 shares in 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.

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