Rocket Lab (NASDAQ:RKLB) Stock Gets Price Target Reduction from Morgan Stanley

Rocket Lab (NASDAQ:RKLB) had its target price lowered by Morgan Stanley from $105.00 to $103.00 in a report issued on Wednesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the rocket manufacturer’s stock.

A number of other analysts have also recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Rocket Lab in a report on Thursday, October 15th. Barclays dropped their price target on Rocket Lab from $85.00 to $82.00 and set an “overweight” rating on the stock in a report on Tuesday. Roth Capital reiterated a “buy” rating on shares of Rocket Lab in a research report on Thursday, October 15th. Berenberg Bank started coverage on Rocket Lab in a research report on Wednesday, September 2nd. They set a “buy” rating and a $83.00 target price on the stock. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Rocket Lab in a report on Tuesday. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $99.10.

Rocket Lab Price Performance

RKLB opened at $61.53 on Wednesday. The stock’s fifty day moving average is $62.47 and its 200-day moving average is $78.36. Rocket Lab has a one year low of $37.57 and a one year high of $151.00.

Rocket Lab (NASDAQ:RKLB) last announced its earnings results on Monday, November 9th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.05). Rocket Lab had a negative net margin of 25.73% and a negative return on equity of 5.79%. The firm had revenue of $267.83 million for the quarter, compared to the consensus estimate of $257.21 million. As a group, equities research analysts predict that Rocket Lab will post -0.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Adam C. Spice sold 140,157 shares of the firm’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $70.82, for a total value of $9,925,918.74. Following the transaction, the chief financial officer directly owned 1,155,967 shares in the company, valued at approximately $81,865,582.94. This trade represents a 10.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nina Armagno sold 10,926 shares of the firm’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $52.78, for a total transaction of $576,674.28. Following the completion of the transaction, the director owned 100,496 shares in the company, valued at $5,304,178.88. The trade was a 9.81% 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. Over the last 90 days, insiders have sold 551,832 shares of company stock valued at $34,940,037. 8.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab

Several large investors have recently made changes to their positions in RKLB. Highland Investment Advisors LLC acquired a new position in shares of Rocket Lab during the second quarter worth approximately $30,000. Meeder Asset Management Inc. bought a new position in Rocket Lab during the second quarter worth $30,000. NBH Bank bought a new position in Rocket Lab during the second quarter worth $30,000. Cherry Tree Wealth Management LLC acquired a new position in Rocket Lab during the 2nd quarter valued at $32,000. Finally, Hilton Head Capital Partners LLC raised its stake in Rocket Lab by 3,590.0% during the 3rd quarter. Hilton Head Capital Partners LLC now owns 369 shares of the rocket manufacturer’s stock valued at $26,000 after purchasing an additional 359 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

Key Rocket Lab News

Here’s some of the latest news about RKLB:

• Positive Sentiment: Rocket Lab says its 100th Electron launch is scheduled for Nov. 14, carrying an Earth-imaging satellite for Japan’s iQPS. Reaching the milestone would demonstrate Electron’s launch cadence and operating track record. Rocket Lab announces 100th Electron launch
• Negative Sentiment: Rocket Lab’s Q3 loss per share of $0.12 was wider than analysts’ expected $0.07 loss, despite revenue exceeding estimates. The miss may have weighed on shares as investors assess the cost of growth. Q3 results and analyst outlook
• Negative Sentiment: Rocket Lab fell alongside other space stocks in a sector pullback attributed to hot inflation data. Neutron’s first launch has also slipped to 2027, and some analysts have cut price targets, adding caution despite the company’s backlog. Space stocks retreat on inflation data

Rocket Lab Company Profile

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.