Rocket Lab (NASDAQ:RKLB) Price Target Raised to $120.00

Rocket Lab (NASDAQ:RKLB) had its price target raised by equities researchers at Bank of America from $60.00 to $120.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the rocket manufacturer’s stock. Bank of America‘s price target suggests a potential upside of 25.37% from the stock’s previous close.

RKLB has been the subject of several other reports. Robert W. Baird assumed coverage on Rocket Lab in a report on Wednesday, October 15th. They issued an “outperform” rating and a $83.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Rocket Lab in a research note on Wednesday, December 3rd. Morgan Stanley raised Rocket Lab from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $67.00 to $105.00 in a research report on Friday. Citigroup reaffirmed a “market perform” rating on shares of Rocket Lab in a research note on Wednesday, November 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rocket Lab in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $72.92.

Rocket Lab Stock Performance

Shares of Rocket Lab stock opened at $95.71 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.18 and a quick ratio of 2.83. The stock has a market capitalization of $51.13 billion, a price-to-earnings ratio of -249.00 and a beta of 2.16. The business has a 50-day moving average of $62.43 and a 200 day moving average of $54.79. Rocket Lab has a 12 month low of $14.71 and a 12 month high of $99.58.

Rocket Lab (NASDAQ:RKLB) last announced its quarterly earnings data on Monday, November 10th. The rocket manufacturer reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Rocket Lab had a negative return on equity of 27.26% and a negative net margin of 35.64%.The business had revenue of $155.08 million during the quarter, compared to the consensus estimate of $152.45 million. During the same period in the previous year, the company posted ($0.10) earnings per share. The business’s revenue for the quarter was up 48.0% on a year-over-year basis. As a group, sell-side analysts forecast that Rocket Lab will post -0.38 earnings per share for the current year.

Insider Transactions at Rocket Lab

In other news, SVP Arjun Kampani sold 28,615 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $40.65, for a total transaction of $1,163,199.75. Following the completion of the transaction, the senior vice president directly owned 461,014 shares of the company’s stock, valued at approximately $18,740,219.10. This represents a 5.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Merline Saintil sold 96,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $86.58, for a total value of $8,311,680.00. Following the completion of the sale, the director directly owned 292,529 shares in the company, valued at approximately $25,327,160.82. This trade represents a 24.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 4,306,150 shares of company stock valued at $271,865,732 over the last ninety days. Insiders own 11.90% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. boosted its holdings in shares of Rocket Lab by 176.1% in the third quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer’s stock valued at $580,952,000 after acquiring an additional 7,734,788 shares in the last quarter. Norges Bank acquired a new stake in shares of Rocket Lab in the 2nd quarter valued at $164,751,000. Invesco Ltd. boosted its holdings in Rocket Lab by 67.0% during the second quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer’s stock valued at $223,287,000 after acquiring an additional 2,504,054 shares during the period. Vanguard Group Inc. grew its position in Rocket Lab by 5.4% in the 3rd quarter. Vanguard Group Inc. now owns 41,809,723 shares of the rocket manufacturer’s stock worth $2,003,104,000 after purchasing an additional 2,127,565 shares during the last quarter. Finally, Marex Group plc bought a new stake in shares of Rocket Lab during the second quarter valued at approximately $74,359,000. 71.78% of the stock is owned by institutional investors.

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.