Cantor Fitzgerald Reiterates Overweight Rating for Rocket Lab USA (NASDAQ:RKLB)

Rocket Lab USA (NASDAQ:RKLB)‘s stock had its “overweight” rating restated by equities researchers at Cantor Fitzgerald in a report released on Monday, Benzinga reports. They presently have a $7.00 price target on the rocket manufacturer’s stock. Cantor Fitzgerald’s price target points to a potential downside of 7.77% from the company’s current price.

A number of other research firms have also commented on RKLB. Roth Mkm reaffirmed a “buy” rating and set a $7.00 price target on shares of Rocket Lab USA in a research report on Tuesday, June 18th. Citigroup raised their target price on shares of Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Morgan Stanley cut shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $8.00 to $6.00 in a report on Monday, July 15th. The Goldman Sachs Group started coverage on shares of Rocket Lab USA in a report on Tuesday, June 11th. They set a “neutral” rating and a $4.50 price objective on the stock. Finally, BTIG Research began coverage on shares of Rocket Lab USA in a research note on Wednesday, June 26th. They issued a “neutral” rating for the company. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $6.86.

Rocket Lab USA Stock Performance

Shares of NASDAQ:RKLB opened at $7.59 on Monday. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -20.51 and a beta of 1.27. The firm’s 50 day simple moving average is $6.04 and its 200 day simple moving average is $4.90. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.82 and a quick ratio of 2.43. Rocket Lab USA has a fifty-two week low of $3.47 and a fifty-two week high of $7.72.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The company had revenue of $106.25 million for the quarter, compared to analysts’ expectations of $105.47 million. During the same period last year, the firm posted ($0.10) earnings per share. The business’s quarterly revenue was up 71.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Rocket Lab USA will post -0.4 earnings per share for the current year.

Insider Activity

In related news, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $435,083.52. Following the completion of the transaction, the chief financial officer now directly owns 1,321,165 shares of the company’s stock, valued at $9,195,308.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Adam C. Spice sold 62,512 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the transaction, the chief financial officer now directly owns 1,321,165 shares in the company, valued at $9,195,308.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Arjun Kampani sold 28,563 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $198,798.48. Following the completion of the sale, the general counsel now owns 637,558 shares of the company’s stock, valued at approximately $4,437,403.68. The disclosure for this sale can be found here. Insiders sold 130,521 shares of company stock worth $906,059 in the last quarter. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

A number of institutional investors have recently bought and sold shares of RKLB. Advisors Asset Management Inc. boosted its stake in shares of Rocket Lab USA by 59.4% during the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after acquiring an additional 4,032 shares during the period. International Assets Investment Management LLC bought a new position in Rocket Lab USA during the second quarter worth $46,000. Baxter Bros Inc. acquired a new position in shares of Rocket Lab USA in the second quarter valued at $48,000. Amalgamated Bank raised its position in shares of Rocket Lab USA by 26.7% in the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after purchasing an additional 2,538 shares during the period. Finally, Brown Advisory Inc. acquired a new stake in shares of Rocket Lab USA during the 4th quarter worth about $61,000. Institutional investors and hedge funds 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.