Needham & Company LLC Raises Rocket Lab USA (NASDAQ:RKLB) Price Target to $32.00

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) had its price target boosted by Needham & Company LLC from $28.00 to $32.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the rocket manufacturer's stock. Needham & Company LLC's target price points to a potential upside of 20.08% from the company's current price.

RKLB has been the topic of several other reports. Wells Fargo & Company dropped their price objective on Rocket Lab USA from $21.00 to $18.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Morgan Stanley lifted their price objective on Rocket Lab USA from $18.00 to $20.00 and gave the stock an "equal weight" rating in a report on Monday, March 10th. TD Cowen upgraded Rocket Lab USA to a "strong-buy" rating in a report on Monday, February 24th. Citigroup dropped their price objective on Rocket Lab USA from $35.00 to $33.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Finally, KeyCorp dropped their price target on Rocket Lab USA from $32.00 to $28.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $25.18.

Rocket Lab USA Stock Down 2.6%

RKLB stock traded down $0.70 during midday trading on Wednesday, hitting $26.65. 12,664,618 shares of the company's stock were exchanged, compared to its average volume of 16,338,452. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. Rocket Lab USA has a 12-month low of $4.20 and a 12-month high of $33.34. The firm has a 50 day moving average price of $21.73 and a 200-day moving average price of $23.37. The stock has a market capitalization of $12.09 billion, a price-to-earnings ratio of -72.03 and a beta of 2.04.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The business had revenue of $122.57 million for the quarter, compared to analysts' expectations of $120.74 million. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. Rocket Lab USA's revenue for the quarter was up 32.1% compared to the same quarter last year. On average, analysts anticipate that Rocket Lab USA will post -0.38 EPS for the current year.

Insider Buying and Selling

In related news, insider Arjun Kampani sold 5,277 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $29.97, for a total transaction of $158,151.69. Following the completion of the transaction, the insider now directly owns 569,606 shares in the company, valued at $17,071,091.82. This represents a 0.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Frank Klein sold 1,835 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.93, for a total value of $36,571.55. Following the transaction, the insider now owns 1,417,644 shares of the company's stock, valued at approximately $28,253,644.92. The trade was a 0.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,234 shares of company stock worth $1,081,690 in the last three months. 13.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Chicago Partners Investment Group LLC grew its stake in shares of Rocket Lab USA by 0.4% in the fourth quarter. Chicago Partners Investment Group LLC now owns 79,943 shares of the rocket manufacturer's stock worth $2,187,000 after purchasing an additional 334 shares in the last quarter. Wellington Shields & Co. LLC grew its stake in shares of Rocket Lab USA by 0.5% in the fourth quarter. Wellington Shields & Co. LLC now owns 74,522 shares of the rocket manufacturer's stock worth $1,898,000 after purchasing an additional 383 shares in the last quarter. Allworth Financial LP grew its stake in shares of Rocket Lab USA by 4.0% in the first quarter. Allworth Financial LP now owns 11,888 shares of the rocket manufacturer's stock worth $213,000 after purchasing an additional 458 shares in the last quarter. Atria Wealth Solutions Inc. grew its stake in shares of Rocket Lab USA by 1.4% in the first quarter. Atria Wealth Solutions Inc. now owns 35,085 shares of the rocket manufacturer's stock worth $627,000 after purchasing an additional 500 shares in the last quarter. Finally, Signaturefd LLC grew its stake in shares of Rocket Lab USA by 12.2% in the fourth quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer's stock worth $153,000 after purchasing an additional 653 shares in the last quarter. Institutional investors own 71.78% of the company's stock.

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.