Rocket Lab USA (NASDAQ:RKLB) Given New $24.00 Price Target at Cantor Fitzgerald

Rocket Lab USA (NASDAQ:RKLB) had its price target lifted by Cantor Fitzgerald from $7.00 to $24.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the rocket manufacturer’s stock.

A number of other research firms also recently issued reports on RKLB. JMP Securities initiated coverage on Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating on the stock. The Goldman Sachs Group increased their price target on Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Wells Fargo & Company increased their price target on Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. KeyCorp increased their price target on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Finally, Citigroup increased their price target on Rocket Lab USA from $7.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Rocket Lab USA presently has a consensus rating of “Moderate Buy” and an average target price of $14.72.

Rocket Lab USA Price Performance

RKLB opened at $19.00 on Thursday. Rocket Lab USA has a 12-month low of $3.47 and a 12-month high of $22.55. The company has a current ratio of 2.58, a quick ratio of 2.43 and a debt-to-equity ratio of 0.97. The business’s fifty day simple moving average is $10.38 and its 200-day simple moving average is $6.90. The company has a market capitalization of $9.44 billion, a price-to-earnings ratio of -51.35 and a beta of 1.29.

Insider Buying and Selling at Rocket Lab USA

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $198,798.48. Following the completion of the sale, the general counsel now directly owns 637,558 shares in the company, valued at approximately $4,437,403.68. This trade represents a 4.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael D. Griffin sold 39,446 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total value of $272,177.40. Following the completion of the sale, the director now owns 42,353 shares of the company’s stock, valued at approximately $292,235.70. This trade represents a 48.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Rocket Lab USA

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Rocket Lab USA by 9.2% in the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after buying an additional 2,448,789 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Rocket Lab USA by 934.5% in the third quarter. International Assets Investment Management LLC now owns 98,176 shares of the rocket manufacturer’s stock worth $10,090,000 after purchasing an additional 88,686 shares during the last quarter. Mizuho Markets Americas LLC purchased a new position in shares of Rocket Lab USA in the third quarter worth about $8,930,000. Hennion & Walsh Asset Management Inc. raised its stake in shares of Rocket Lab USA by 40.9% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 91,619 shares of the rocket manufacturer’s stock worth $440,000 after purchasing an additional 26,605 shares during the last quarter. Finally, Venture Visionary Partners LLC purchased a new position in shares of Rocket Lab USA in the third quarter worth about $886,000. 71.78% of the stock is currently owned by hedge funds and other 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.