Rocket Lab (NASDAQ:RKLB) Price Target Cut to $95.00 by Analysts at Needham & Company LLC

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

RKLB has been the subject of several other reports. Citigroup reissued a “market perform” rating on shares of Rocket Lab in a report on Wednesday, November 12th. The Goldman Sachs Group upped their price target on shares of Rocket Lab from $47.00 to $69.00 and gave the company a “neutral” rating in a research report on Tuesday, January 20th. Roth Mkm reissued a “buy” rating and set a $75.00 price objective on shares of Rocket Lab in a research report on Tuesday, November 11th. Citizens Jmp restated a “market perform” rating on shares of Rocket Lab in a research note on Friday. Finally, Bank of America increased their target price on shares of Rocket Lab from $60.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Rocket Lab has a consensus rating of “Moderate Buy” and an average target price of $75.92.

Rocket Lab Stock Performance

NASDAQ RKLB opened at $69.10 on Friday. The company has a fifty day moving average of $78.11 and a two-hundred day moving average of $61.25. The company has a market capitalization of $36.91 billion, a PE ratio of -186.75 and a beta of 2.20. Rocket Lab has a 1 year low of $14.71 and a 1 year high of $99.58. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.18 and a quick ratio of 2.83.

Insider Buying and Selling at Rocket Lab

In related news, CEO Peter Beck sold 1,560,254 shares of the stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $57.47, for a total transaction of $89,667,797.38. Following the completion of the transaction, the chief executive officer directly owned 939,746 shares of the company’s stock, valued at $54,007,202.62. This represents a 62.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Adam C. Spice sold 1,365,665 shares of the firm’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $75.50, for a total transaction of $103,107,707.50. Following the completion of the sale, the chief financial officer owned 1,359,568 shares of the company’s stock, valued at approximately $102,647,384. The trade was a 50.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 4,138,979 shares of company stock valued at $265,048,346. Insiders own 11.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RKLB. Wilmington Savings Fund Society FSB acquired a new stake in Rocket Lab in the third quarter valued at $25,000. Hara Capital LLC acquired a new position in shares of Rocket Lab during the 3rd quarter worth $25,000. Aventura Private Wealth LLC purchased a new position in shares of Rocket Lab in the 4th quarter valued at about $25,000. UMB Bank n.a. lifted its stake in shares of Rocket Lab by 352.5% in the third quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock valued at $26,000 after purchasing an additional 423 shares during the period. Finally, Sound Income Strategies LLC purchased a new stake in Rocket Lab during the third quarter worth about $27,000. Institutional investors and hedge funds own 71.78% of the company’s stock.

Rocket Lab Company Profile

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.