The Goldman Sachs Group Increases Rocket Lab USA (NASDAQ:RKLB) Price Target to $16.00

Rocket Lab USA (NASDAQ:RKLB) had its price target hoisted by analysts at The Goldman Sachs Group from $14.35 to $16.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the rocket manufacturer’s stock. The Goldman Sachs Group’s price objective indicates a potential downside of 24.12% from the stock’s previous close.

Several other research firms have also recently commented on RKLB. Citigroup cut their price target on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, February 28th. KeyCorp reduced their price objective on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Needham & Company LLC began coverage on Rocket Lab USA in a report on Friday, April 25th. They set a “buy” rating and a $28.00 price objective on the stock. Wells Fargo & Company dropped their target price 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. Finally, TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a research report on Monday, February 24th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.50.

Rocket Lab USA Stock Up 2.8%

RKLB stock traded up $0.58 during trading on Monday, hitting $21.09. 11,198,220 shares of the stock traded hands, compared to its average volume of 15,632,909. Rocket Lab USA has a 1 year low of $4.15 and a 1 year high of $33.34. The stock has a market cap of $9.56 billion, a price-to-earnings ratio of -57.12 and a beta of 2.04. The firm’s 50 day moving average is $19.69 and its two-hundred day moving average is $22.13. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates 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 previous year, the firm posted ($0.09) EPS. Rocket Lab USA’s revenue was up 32.1% on a year-over-year basis. On average, sell-side analysts anticipate that Rocket Lab USA will post -0.38 EPS for the current year.

Insider Transactions at Rocket Lab USA

In related news, insider Frank Klein sold 1,835 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.93, for a total transaction of $36,571.55. Following the transaction, the insider now directly owns 1,417,644 shares in the company, valued at $28,253,644.92. This trade represents a 0.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of large investors have recently made changes to their positions in the business. Spectrum Wealth Counsel LLC purchased a new position in Rocket Lab USA during the fourth quarter valued at $25,000. Sandy Spring Bank purchased a new stake in shares of Rocket Lab USA in the fourth quarter worth approximately $26,000. Versant Capital Management Inc increased its holdings in shares of Rocket Lab USA by 118.1% in the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer’s stock valued at $28,000 after acquiring an additional 860 shares during the period. MassMutual Private Wealth & Trust FSB purchased a new position in shares of Rocket Lab USA in the 1st quarter valued at $29,000. Finally, Farther Finance Advisors LLC grew its stake in Rocket Lab USA by 181.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer’s stock valued at $35,000 after purchasing an additional 1,226 shares during the last quarter. 71.78% of the stock is currently owned by institutional investors.

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.