Rocket Lab USA’s (RKLB) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Rocket Lab USA (NASDAQ:RKLB) in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $28.00 price target on the rocket manufacturer’s stock.

A number of other research firms have also recently issued reports on RKLB. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a report on Monday, February 24th. Morgan Stanley lifted their price target on Rocket Lab USA from $18.00 to $20.00 and gave the company an “equal weight” rating in a report on Monday, March 10th. Wells Fargo & Company cut their price target on Rocket Lab USA from $21.00 to $18.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. 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 report on Friday, February 28th. Finally, The Goldman Sachs Group lifted their price target on Rocket Lab USA from $14.35 to $16.00 and gave the company a “neutral” rating in a report on Monday. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.50.

Rocket Lab USA Stock Up 4.5%

Shares of NASDAQ:RKLB opened at $25.22 on Tuesday. Rocket Lab USA has a 52 week low of $4.15 and a 52 week high of $33.34. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The company’s fifty day moving average is $20.04 and its 200-day moving average is $22.31. The company has a market capitalization of $11.44 billion, a PE ratio of -68.16 and a beta of 2.04.

Rocket Lab USA (NASDAQ:RKLB) last issued its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The firm had revenue of $122.57 million during the quarter, compared to analyst estimates of $120.74 million. During the same quarter in the prior year, the firm posted ($0.09) EPS. The firm’s revenue for the quarter was up 32.1% on a year-over-year basis. Equities research analysts predict that Rocket Lab USA will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rocket Lab USA news, insider Frank Klein sold 1,835 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.93, for a total transaction of $36,571.55. Following the completion of the sale, the insider now directly owns 1,417,644 shares of the company’s stock, valued at approximately $28,253,644.92. The trade was a 0.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in Rocket Lab USA by 6.4% during the 1st quarter. Royal Bank of Canada now owns 2,128,536 shares of the rocket manufacturer’s stock worth $38,057,000 after purchasing an additional 128,907 shares during the last quarter. Baird Financial Group Inc. grew its position in shares of Rocket Lab USA by 16.0% during the 1st quarter. Baird Financial Group Inc. now owns 217,765 shares of the rocket manufacturer’s stock worth $3,894,000 after buying an additional 30,036 shares during the period. Vident Advisory LLC grew its position in shares of Rocket Lab USA by 190.2% during the 1st quarter. Vident Advisory LLC now owns 589,410 shares of the rocket manufacturer’s stock worth $10,539,000 after buying an additional 386,285 shares during the period. Magnetar Financial LLC acquired a new position in shares of Rocket Lab USA during the 1st quarter worth about $1,211,000. Finally, FORA Capital LLC grew its position in shares of Rocket Lab USA by 13.0% during the 1st quarter. FORA Capital LLC now owns 256,832 shares of the rocket manufacturer’s stock worth $4,592,000 after buying an additional 29,574 shares during the period. 71.78% of the stock is owned by institutional investors.

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.