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

Rocket Lab (NASDAQ:RKLB) had its price target dropped by stock analysts at Needham & Company LLC from $110.00 to $95.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the rocket manufacturer’s stock. Needham & Company LLC’s price objective suggests a potential upside of 37.48% from the stock’s current price.

A number of other research firms have also commented on RKLB. TD Cowen reaffirmed a “buy” rating on shares of Rocket Lab in a research note on Thursday, January 22nd. Bank of America lifted their target price on shares of Rocket Lab from $60.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Cantor Fitzgerald upped their price target on shares of Rocket Lab from $72.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday. Citigroup reaffirmed a “market perform” rating on shares of Rocket Lab in a research note on Wednesday, November 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rocket Lab in a research note on Thursday, January 22nd. One investment 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 given a Sell rating to the company. Based on data from MarketBeat.com, Rocket Lab presently has an average rating of “Moderate Buy” and an average price target of $75.92.

Rocket Lab Trading Down 4.9%

Shares of NASDAQ RKLB opened at $69.10 on Friday. Rocket Lab has a 12 month low of $14.71 and a 12 month high of $99.58. The company has a market cap of $36.91 billion, a price-to-earnings 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. The business has a fifty day simple moving average of $78.11 and a 200-day simple moving average of $61.25.

Insider Activity at Rocket Lab

In related news, Director Nina Armagno sold 27,314 shares of Rocket Lab stock in a transaction on Friday, December 19th. The stock was sold at an average price of $68.21, for a total transaction of $1,863,087.94. Following the completion of the sale, the director owned 108,940 shares of the company’s stock, valued at approximately $7,430,797.40. This trade represents a 20.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Frank Klein sold 100,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $72.95, for a total value of $7,295,000.00. Following the completion of the transaction, the insider owned 1,169,487 shares in the company, valued at $85,314,076.65. This trade represents a 7.88% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 4,138,979 shares of company stock worth $265,048,346. 11.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Lab

Institutional investors have recently made changes to their positions in the company. Aventura Private Wealth LLC acquired a new position in Rocket Lab in the fourth quarter worth approximately $25,000. Mcguire Capital Advisors Inc. bought a new stake in Rocket Lab in the fourth quarter worth approximately $27,000. Zions Bancorporation National Association UT acquired a new position in shares of Rocket Lab during the 4th quarter worth $28,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Rocket Lab during the 4th quarter worth $29,000. Finally, Ankerstar Wealth LLC acquired a new stake in shares of Rocket Lab in the 4th quarter valued at $31,000. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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.