Needham & Company LLC Increases Rocket Lab (NASDAQ:RKLB) Price Target to $120.00

Rocket Lab (NASDAQ:RKLB) had its price objective boosted by equities research analysts at Needham & Company LLC from $95.00 to $120.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the rocket manufacturer’s stock. Needham & Company LLC’s price objective indicates a potential upside of 13.95% from the company’s previous close.

RKLB has been the subject of a number of other research reports. TD Cowen upped their price objective on shares of Rocket Lab from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Friday. Roth Mkm upped their price objective on shares of Rocket Lab from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Bank of America upped their price objective on shares of Rocket Lab from $60.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Zacks Research cut shares of Rocket Lab from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $105.00 price objective (up from $90.00) on shares of Rocket Lab in a research report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Rocket Lab presently has a consensus rating of “Moderate Buy” and an average price target of $91.79.

Rocket Lab Stock Performance

RKLB stock opened at $105.31 on Monday. The business’s fifty day moving average is $72.88 and its 200-day moving average is $68.50. The company has a quick ratio of 4.02, a current ratio of 4.47 and a debt-to-equity ratio of 0.02. The company has a market cap of $59.96 billion, a P/E ratio of -329.09 and a beta of 2.30. Rocket Lab has a twelve month low of $20.23 and a twelve month high of $105.62.

Rocket Lab (NASDAQ:RKLB) last posted its quarterly earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.07). The company had revenue of $200.35 million for the quarter, compared to the consensus estimate of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The firm’s quarterly revenue was up 63.4% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.12) EPS. Equities research analysts forecast that Rocket Lab will post -0.22 EPS for the current year.

Insider Activity

In other Rocket Lab news, SVP Arjun Kampani sold 28,761 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $69.59, for a total transaction of $2,001,477.99. Following the completion of the transaction, the senior vice president owned 421,699 shares in the company, valued at approximately $29,346,033.41. This represents a 6.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Frank Klein sold 44,482 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $69.59, for a total value of $3,095,502.38. Following the transaction, the insider owned 1,125,005 shares of the company’s stock, valued at approximately $78,289,097.95. This trade represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 233,449 shares of company stock worth $16,487,233. 8.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rocket Lab

A number of large investors have recently added to or reduced their stakes in the company. Sara Bay Financial increased its holdings in Rocket Lab by 0.7% during the 4th quarter. Sara Bay Financial now owns 15,905 shares of the rocket manufacturer’s stock worth $1,121,000 after purchasing an additional 117 shares in the last quarter. ORG Partners LLC increased its holdings in Rocket Lab by 9.1% during the 4th quarter. ORG Partners LLC now owns 1,458 shares of the rocket manufacturer’s stock worth $102,000 after purchasing an additional 121 shares in the last quarter. Bartlett & CO. Wealth Management LLC boosted its stake in shares of Rocket Lab by 7.1% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 1,869 shares of the rocket manufacturer’s stock worth $120,000 after buying an additional 124 shares during the last quarter. Sovereign Financial Group Inc. boosted its stake in shares of Rocket Lab by 3.9% during the 1st quarter. Sovereign Financial Group Inc. now owns 3,320 shares of the rocket manufacturer’s stock worth $213,000 after buying an additional 125 shares during the last quarter. Finally, Traynor Capital Management Inc. boosted its stake in shares of Rocket Lab by 1.9% during the 4th quarter. Traynor Capital Management Inc. now owns 7,191 shares of the rocket manufacturer’s stock worth $502,000 after buying an additional 133 shares during the last quarter. 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.