Wells Fargo & Company Issues Positive Forecast for Rocket Lab USA (NASDAQ:RKLB) Stock Price

Rocket Lab USA (NASDAQ:RKLB) had its price objective raised by equities researchers at Wells Fargo & Company from $5.25 to $13.50 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the rocket manufacturer’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 32.43% from the company’s current price.

A number of other equities analysts also recently weighed in on the company. Citigroup boosted 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. KeyCorp increased their price target on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. The Goldman Sachs Group lifted their price objective on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 price objective on shares of Rocket Lab USA in a research report on Monday, September 30th. Finally, Stifel Nicolaus lifted their target price on shares of Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Rocket Lab USA currently has an average rating of “Moderate Buy” and an average price target of $10.69.

Rocket Lab USA Stock Up 36.3 %

RKLB stock traded up $5.32 during mid-day trading on Wednesday, reaching $19.98. The company had a trading volume of 89,647,641 shares, compared to its average volume of 10,486,625. The company has a market capitalization of $9.92 billion, a price-to-earnings ratio of -56.08 and a beta of 1.29. Rocket Lab USA has a 52 week low of $3.47 and a 52 week high of $22.55. The stock has a 50 day simple moving average of $9.64 and a two-hundred day simple moving average of $6.61. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.82 and a quick ratio of 2.43.

Rocket Lab USA (NASDAQ:RKLB) last released its earnings results on Tuesday, November 12th. The rocket manufacturer reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.01. Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 37.95%. The business had revenue of $104.81 million during the quarter, compared to analysts’ expectations of $102.74 million. As a group, equities analysts predict that Rocket Lab USA will post -0.39 earnings per share for the current fiscal year.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 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 transaction of $435,083.52. Following the completion of the transaction, the chief financial officer now directly owns 1,321,165 shares in the company, valued at $9,195,308.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Michael D. Griffin sold 39,446 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the sale, the director now owns 42,353 shares of the company’s stock, valued at $292,235.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction dated Thursday, August 22nd. The shares were 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 130,521 shares of company stock valued at $906,059. Company insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its position in Rocket Lab USA by 4.4% during the 3rd quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock valued at $395,000 after purchasing an additional 1,709 shares during the period. Wellington Shields & Co. LLC lifted its holdings in Rocket Lab USA by 3.8% in the second quarter. Wellington Shields & Co. LLC now owns 69,142 shares of the rocket manufacturer’s stock valued at $332,000 after buying an additional 2,503 shares during the period. Amalgamated Bank grew its holdings in Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after acquiring an additional 2,538 shares during the period. 180 Wealth Advisors LLC raised its position in shares of Rocket Lab USA by 7.5% in the 2nd quarter. 180 Wealth Advisors LLC now owns 40,180 shares of the rocket manufacturer’s stock worth $214,000 after acquiring an additional 2,807 shares in the last quarter. Finally, Lakeridge Wealth Management LLC lifted its stake in shares of Rocket Lab USA by 30.0% in the 3rd quarter. Lakeridge Wealth Management LLC now owns 13,000 shares of the rocket manufacturer’s stock valued at $126,000 after purchasing an additional 3,000 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.