Rocket Lab (NASDAQ:RKLB – Get Free Report) had its price target dropped by stock analysts at Bank of America from $115.00 to $110.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the rocket manufacturer’s stock. Bank of America‘s target price would suggest a potential upside of 72.74% from the company’s previous close.
A number of other brokerages have also commented on RKLB. Weiss Ratings reissued a “sell (d-)” rating on shares of Rocket Lab in a research report on Friday, July 17th. Cantor Fitzgerald lifted their price target on shares of Rocket Lab from $96.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, August 11th. BTIG Research reissued a “hold” rating on shares of Rocket Lab in a research report on Tuesday, May 12th. Citigroup restated a “market outperform” rating on shares of Rocket Lab in a research note on Tuesday, July 28th. Finally, KeyCorp restated an “overweight” rating on shares of Rocket Lab in a report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $110.35.
Read Our Latest Analysis on Rocket Lab
Rocket Lab Stock Down 1.1%
Rocket Lab (NASDAQ:RKLB – Get Free Report) last announced its earnings results on Monday, August 10th. The rocket manufacturer reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). The firm had revenue of $234.07 million during the quarter, compared to analyst estimates of $231.62 million. Rocket Lab had a negative net margin of 21.51% and a negative return on equity of 6.48%. As a group, equities research analysts predict that Rocket Lab will post -0.2 EPS for the current year.
Insider Buying and Selling
In other news, Director Alexander R. Slusky sold 40,000 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $123.60, for a total value of $4,944,000.00. Following the sale, the director directly owned 334,675 shares of the company’s stock, valued at approximately $41,365,830. This represents a 10.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frank Klein sold 45,692 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $69.63, for a total transaction of $3,181,533.96. Following the completion of the sale, the insider owned 961,295 shares of the company’s stock, valued at $66,934,970.85. This trade represents a 4.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 3,524,214 shares of company stock worth $309,110,848. Corporate insiders own 8.40% of the company’s stock.
Institutional Trading of Rocket Lab
Several institutional investors and hedge funds have recently bought and sold shares of RKLB. AQR Capital Management LLC lifted its position in shares of Rocket Lab by 114.0% in the first quarter. AQR Capital Management LLC now owns 174,308 shares of the rocket manufacturer’s stock valued at $3,117,000 after buying an additional 92,849 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of Rocket Lab by 1,812.1% during the 1st quarter. NewEdge Advisors LLC now owns 36,807 shares of the rocket manufacturer’s stock worth $658,000 after acquiring an additional 34,882 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Rocket Lab by 53.8% during the 1st quarter. Jones Financial Companies Lllp now owns 15,745 shares of the rocket manufacturer’s stock worth $282,000 after acquiring an additional 5,507 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Rocket Lab by 13.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 773,548 shares of the rocket manufacturer’s stock valued at $13,831,000 after acquiring an additional 90,758 shares during the period. Finally, Focus Partners Wealth raised its stake in Rocket Lab by 1.0% in the 1st quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer’s stock valued at $1,206,000 after acquiring an additional 681 shares during the period. Institutional investors own 71.78% of the company’s stock.
About Rocket Lab
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.
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