Rocket Lab USA (NASDAQ:RKLB) Trading Down 3.5% After Analyst Downgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares fell 3.5% on Tuesday after Wells Fargo & Company lowered their price target on the stock from $22.00 to $21.00. Wells Fargo & Company currently has an equal weight rating on the stock. Rocket Lab USA traded as low as $17.51 and last traded at $18.00. 9,386,590 shares traded hands during trading, a decline of 54% from the average session volume of 20,279,541 shares. The stock had previously closed at $18.66.

RKLB has been the subject of several other research reports. The Goldman Sachs Group upped their price target on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Citigroup lowered their price target on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Friday. Stifel Nicolaus increased their price objective on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Cantor Fitzgerald lifted their target price on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Finally, KeyCorp reduced their price target on shares of Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Friday. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $21.50.

Insiders Place Their Bets

In related news, Director Nina Armagno sold 10,000 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total transaction of $236,300.00. Following the completion of the transaction, the director now owns 132,294 shares of the company’s stock, valued at approximately $3,126,107.22. The trade was a 7.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RKLB. Spectrum Wealth Counsel LLC bought a new stake in shares of Rocket Lab USA in the fourth quarter valued at about $25,000. Sandy Spring Bank acquired a new position in shares of Rocket Lab USA in the fourth quarter valued at $26,000. Wingate Wealth Advisors Inc. bought a new position in Rocket Lab USA in the fourth quarter worth $40,000. Quarry LP acquired a new stake in Rocket Lab USA during the fourth quarter worth $48,000. Finally, NewEdge Advisors LLC increased its holdings in Rocket Lab USA by 1,000.0% in the 4th quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer’s stock valued at $49,000 after buying an additional 1,750 shares during the period. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Rocket Lab USA Trading Down 3.6 %

The business’s 50 day moving average price is $26.57 and its 200-day moving average price is $18.09. The company has a market cap of $8.99 billion, a price-to-earnings ratio of -48.60 and a beta of 1.99. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The business had revenue of $132.39 million during the quarter, compared to analyst estimates of $130.58 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. On average, research analysts forecast that Rocket Lab USA, Inc. will post -0.38 EPS for the current year.

Rocket Lab USA Company Profile

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.