Needham & Company LLC Cuts Rocket Lab (NASDAQ:RKLB) Price Target to $95.00

Rocket Lab (NASDAQ:RKLB) had its price target lowered by Needham & Company LLC from $110.00 to $95.00 in a research note published on Friday,Benzinga reports. The firm currently has a buy rating on the rocket manufacturer’s stock.

A number of other research firms have also recently commented on RKLB. KeyCorp cut shares of Rocket Lab from an “overweight” rating to a “sector weight” rating in a research report on Thursday, January 15th. Roth Mkm reissued a “buy” rating and issued a $75.00 price target on shares of Rocket Lab in a research note on Tuesday, November 11th. The Goldman Sachs Group increased their price objective on shares of Rocket Lab from $47.00 to $69.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 20th. Zacks Research downgraded shares of Rocket Lab from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Finally, Morgan Stanley upgraded Rocket Lab from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $67.00 to $105.00 in a research note on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.92.

Rocket Lab Price Performance

NASDAQ:RKLB opened at $69.10 on Friday. Rocket Lab has a 52 week low of $14.71 and a 52 week high of $99.58. The stock’s fifty day moving average is $78.11 and its two-hundred day moving average is $61.25. The company has a market capitalization of $36.91 billion, a P/E ratio of -186.75 and a beta of 2.20. The company has a quick ratio of 2.83, a current ratio of 3.18 and a debt-to-equity ratio of 0.32.

Insiders Place Their Bets

In other Rocket Lab news, insider Frank Klein sold 100,000 shares of the firm’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $72.95, for a total value of $7,295,000.00. Following the sale, the insider directly owned 1,169,487 shares in the company, valued at $85,314,076.65. This trade represents a 7.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Merline Saintil sold 12,500 shares of Rocket Lab stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $90.00, for a total value of $1,125,000.00. Following the sale, the director directly owned 280,029 shares of the company’s stock, valued at $25,202,610. This trade represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 4,138,979 shares of company stock worth $265,048,346. 11.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Lab

Several institutional investors have recently added to or reduced their stakes in RKLB. Baillie Gifford & Co. lifted its position in shares of Rocket Lab by 176.1% during the 3rd quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer’s stock worth $580,952,000 after buying an additional 7,734,788 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Rocket Lab by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock valued at $3,308,033,000 after buying an additional 5,610,469 shares during the last quarter. Norges Bank acquired a new stake in Rocket Lab during the 4th quarter worth $341,036,000. Invesco Ltd. lifted its position in Rocket Lab by 67.0% in the second quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer’s stock valued at $223,287,000 after acquiring an additional 2,504,054 shares during the last quarter. Finally, Marex Group plc acquired a new position in Rocket Lab in the second quarter valued at $74,359,000. Hedge funds and other 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.