Needham & Company LLC Initiates Coverage on Rocket Lab USA (NASDAQ:RKLB)

Needham & Company LLC initiated coverage on shares of Rocket Lab USA (NASDAQ:RKLB - Free Report) in a research report sent to investors on Friday, MarketBeat.com reports. The firm issued a buy rating and a $28.00 price target on the rocket manufacturer's stock.

RKLB has been the topic of several other research reports. TD Cowen raised shares of Rocket Lab USA to a "strong-buy" rating in a research report on Monday, February 24th. The Goldman Sachs Group increased their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a "neutral" rating in a report on Thursday, January 16th. Citigroup cut their price target on shares of Rocket Lab USA from $35.00 to $33.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Wells Fargo & Company dropped their target price on shares of Rocket Lab USA from $21.00 to $18.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Finally, Morgan Stanley raised their target price on Rocket Lab USA from $18.00 to $20.00 and gave the company an "equal weight" rating in a research report on Monday, March 10th. Five investment 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $23.25.

Rocket Lab USA Stock Down 0.5 %

RKLB traded down $0.11 during midday trading on Friday, hitting $22.56. The company had a trading volume of 3,908,688 shares, compared to its average volume of 15,452,495. The stock's 50 day moving average price is $19.50 and its 200 day moving average price is $21.41. The company has a market capitalization of $10.23 billion, a price-to-earnings ratio of -61.15 and a beta of 2.08. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. Rocket Lab USA has a 52 week low of $3.66 and a 52 week high of $33.34.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last issued its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.01). Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The firm had revenue of $132.39 million for the quarter, compared to analyst estimates of $130.58 million. On average, research analysts anticipate that Rocket Lab USA will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In other Rocket Lab USA news, insider Frank Klein sold 1,835 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.93, for a total transaction of $36,571.55. Following the sale, the insider now owns 1,417,644 shares of the company's stock, valued at $28,253,644.92. The trade was a 0.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 13.70% of the company's stock.

Hedge Funds Weigh In On Rocket Lab USA

Several hedge funds have recently made changes to their positions in RKLB. Franklin Resources Inc. bought a new position in Rocket Lab USA in the 3rd quarter worth about $107,000. Udine Wealth Management Inc. purchased a new position in Rocket Lab USA during the fourth quarter valued at approximately $1,342,000. Van ECK Associates Corp grew its stake in Rocket Lab USA by 26.9% during the fourth quarter. Van ECK Associates Corp now owns 166,369 shares of the rocket manufacturer's stock valued at $4,237,000 after acquiring an additional 35,293 shares in the last quarter. AlphaCentric Advisors LLC increased its holdings in Rocket Lab USA by 66.7% during the 4th quarter. AlphaCentric Advisors LLC now owns 25,000 shares of the rocket manufacturer's stock worth $637,000 after acquiring an additional 10,000 shares during the period. Finally, Stratos Wealth Partners LTD. purchased a new stake in Rocket Lab USA in the 4th quarter worth approximately $1,281,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

About Rocket Lab USA

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.