KeyCorp Raises Rocket Lab USA (NASDAQ:RKLB) Price Target to $12.00

Rocket Lab USA (NASDAQ:RKLB) had its price objective hoisted by KeyCorp from $11.00 to $12.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the rocket manufacturer’s stock. KeyCorp’s price target would indicate a potential upside of 9.99% from the company’s previous close.

RKLB has been the topic of a number of other reports. Cantor Fitzgerald restated an “overweight” rating and issued a $7.00 price target on shares of Rocket Lab USA in a report on Monday, September 30th. JMP Securities assumed coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They issued a “market perform” rating on the stock. Morgan Stanley downgraded Rocket Lab USA from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $8.00 to $6.00 in a research report on Monday, July 15th. Citigroup raised their price target on shares of Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Finally, BTIG Research started coverage on Rocket Lab USA in a report on Wednesday, June 26th. They issued a “neutral” rating for the company. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $6.89.

Rocket Lab USA Price Performance

Shares of RKLB stock opened at $10.91 on Thursday. The company has a current ratio of 2.82, a quick ratio of 2.43 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $5.42 billion, a P/E ratio of -31.17 and a beta of 1.32. The stock has a 50 day moving average of $8.04 and a two-hundred day moving average of $5.75. Rocket Lab USA has a 12 month low of $3.47 and a 12 month high of $11.52.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.02. Rocket Lab USA had a negative return on equity of 34.12% and a negative net margin of 54.17%. The business had revenue of $106.25 million for the quarter, compared to the consensus estimate of $105.47 million. During the same quarter last year, the business posted ($0.10) EPS. The firm’s revenue was up 71.2% compared to the same quarter last year. As a group, equities analysts expect that Rocket Lab USA will post -0.39 EPS for the current year.

Insider Activity at Rocket Lab USA

In other news, CFO Adam C. Spice sold 62,512 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the transaction, the chief financial officer now owns 1,321,165 shares of the company’s stock, valued at $9,195,308.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, General Counsel Arjun Kampani sold 28,563 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $198,798.48. Following the transaction, the general counsel now owns 637,558 shares in the company, valued at approximately $4,437,403.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 130,521 shares of company stock valued at $906,059. 13.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Rocket Lab USA

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Rocket Lab USA by 9.2% during the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after purchasing an additional 2,448,789 shares during the period. ARK Investment Management LLC grew its position in Rocket Lab USA by 6.6% during the second quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock valued at $30,226,000 after buying an additional 391,778 shares during the period. American Century Companies Inc. increased its stake in shares of Rocket Lab USA by 11.1% during the 2nd quarter. American Century Companies Inc. now owns 2,856,973 shares of the rocket manufacturer’s stock worth $13,713,000 after purchasing an additional 284,360 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Rocket Lab USA by 25.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock worth $10,193,000 after buying an additional 432,501 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. raised its stake in Rocket Lab USA by 15.7% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,691,090 shares of the rocket manufacturer’s stock valued at $6,917,000 after acquiring an additional 229,512 shares during the period. Institutional investors own 71.78% of the company’s stock.

Rocket Lab USA 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.