
Rocket Lab (NASDAQ:RKLB) shares are trading on volatility Friday following the company’s Q2 earnings report.
What To Know: Rocket Lab reported a loss 13 cents per share, missing the consensus estimate of a 11 cent-loss. In addition, the company reported sales of $144.49 million, beating the consensus estimate of 134.53 million and representing 36% year-over-year increase.
Gross margin increased by 650 basis points from the prior year.
"Rocket Lab has delivered impressive gross margin expansion and another record revenue result this past quarter, driven by our strong operational performance and program execution that has us on track for a record year of launches and spacecraft delivery," said Peter Beck, founder and CEO of Rocket Lab.
The company ended the quarter with about $564.08 million in cash and cash equivalents.
Q3 Outlook: The company sees sales from $145.00 million to $155.00 million, versus the consensus estimate of $148.89 million.
Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.
- Keybanc analyst Michael Leshock maintained an Overweight rating on Rocket Lab and raised the price target from $40 to $50.
- Needham analyst Ryan Koontz maintained a Buy rating on Rocket Lab and raised the price target from $45 to $55.
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RKLB Price Action: At the time of publication, Rocket Lab stock is trading 3.89% higher at $45.93, according to data from Benzinga Pro.
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