Rocket Lab (NASDAQ:RKLB) Stock Gets Price Target Reduction from Cantor Fitzgerald

Rocket Lab (NASDAQ:RKLB) had its price objective cut by Cantor Fitzgerald from $122.00 to $111.00 in a report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the rocket manufacturer’s stock.

RKLB has been the topic of several other research reports. KeyCorp dropped their target price on Rocket Lab from $135.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, October 15th. Barclays initiated coverage on Rocket Lab in a report on Friday, October 9th. They issued an “overweight” rating and a $85.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Rocket Lab in a research report on Thursday, October 15th. TD Cowen restated a “buy” rating and set a $90.00 price objective on shares of Rocket Lab in a research note on Thursday, October 15th. Finally, Citizens Jmp dropped their price objective on Rocket Lab from $130.00 to $90.00 and set a “market outperform” rating on the stock in a research report on Friday, October 16th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $99.10.

Rocket Lab Stock Down 3.1%

Shares of RKLB opened at $64.07 on Tuesday. The company has a 50 day moving average price of $62.51 and a 200-day moving average price of $78.48. Rocket Lab has a fifty-two week low of $37.57 and a fifty-two week high of $151.00.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings data on Monday, November 9th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.05). The business had revenue of $267.83 million for the quarter, compared to analysts’ expectations of $257.21 million. Rocket Lab had a negative net margin of 25.73% and a negative return on equity of 5.79%. As a group, sell-side analysts anticipate that Rocket Lab will post -0.20 earnings per share for the current fiscal year.

Insider Transactions at Rocket Lab

In related news, insider Marvin Clevenger sold 15,051 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $69.63, for a total value of $1,048,001.13. Following the transaction, the insider owned 458,924 shares in the company, valued at approximately $31,954,878.12. This represents a 3.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Arjun Kampani sold 6,034 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $66.65, for a total value of $402,166.10. Following the sale, the senior vice president directly owned 250,917 shares in the company, valued at approximately $16,723,618.05. This trade represents a 2.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 551,832 shares of company stock valued at $34,940,037 over the last quarter. Company insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab

Several hedge funds have recently bought and sold shares of the stock. Versant Capital Management Inc grew its stake in shares of Rocket Lab by 5.1% during the 2nd quarter. Versant Capital Management Inc now owns 2,049 shares of the rocket manufacturer’s stock worth $208,000 after purchasing an additional 100 shares during the period. Bartlett & CO. Wealth Management LLC increased its holdings 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 valued at $120,000 after purchasing an additional 124 shares in the last quarter. Parvin Asset Management LLC lifted its stake in shares of Rocket Lab by 4.0% in the 1st quarter. Parvin Asset Management LLC now owns 3,665 shares of the rocket manufacturer’s stock valued at $235,000 after purchasing an additional 140 shares during the period. Wedmont Private Capital lifted its stake in shares of Rocket Lab by 3.5% in the 3rd quarter. Wedmont Private Capital now owns 4,644 shares of the rocket manufacturer’s stock valued at $318,000 after purchasing an additional 157 shares during the period. Finally, DMC Group LLC lifted its stake in shares of Rocket Lab by 5.0% in the 2nd quarter. DMC Group LLC now owns 3,553 shares of the rocket manufacturer’s stock valued at $361,000 after purchasing an additional 170 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

More Rocket Lab News

These are some of the RKLB news items that stood out recently:

• Positive Sentiment: Rocket Lab says its 100th Electron launch is scheduled for November 14, a major operational milestone. The mission will carry an Earth-imaging satellite for Japan’s iQPS, highlighting continued launch activity and execution in the small-satellite market. Rocket Lab To Launch Milestone 100th Electron Rocket This Week
• Positive Sentiment: Berenberg raised its price target to $85 from $83 and reiterated a Buy rating. ARK Invest also disclosed a purchase of 18,086 Rocket Lab shares, worth about $1.2 million. Berenberg Raises Rocket Lab Stock Price Target Cathie Wood Buys More Rocket Lab Stock
• Negative Sentiment: The latest quarterly results showed revenue up about 73% year over year to $267.8 million and above expectations, but Rocket Lab’s loss per share was wider than analysts expected. The earnings miss, along with Neutron’s launch delay to 2027, has weighed on sentiment despite record backlog and demand. Q3 Earnings Call Highlights Neutron Demand and Launch Delays

About Rocket Lab

Rocket Lab is a space company that provides launch services and spacecraft and satellite systems for commercial, civil, and national security customers. Founded in 2006 by Peter Beck, the company operates internationally, with headquarters in Long Beach, California, and launch operations in New Zealand and the United States. Its launch business centers on Electron, a small orbital rocket designed to carry satellites to space, and HASTE, a suborbital vehicle used for hypersonic test missions. Rocket Lab is also developing Neutron, a larger launch vehicle.