Morgan Stanley Lowers Rocket Lab USA (NASDAQ:RKLB) to Equal Weight

Morgan Stanley cut shares of Rocket Lab USA (NASDAQ:RKLB) from an overweight rating to an equal weight rating in a research report report published on Monday morning, Marketbeat.com reports. They currently have $6.00 target price on the rocket manufacturer’s stock, down from their prior target price of $8.00.

Several other equities analysts also recently commented on RKLB. The Goldman Sachs Group started coverage on shares of Rocket Lab USA in a report on Tuesday, June 11th. They set a neutral rating and a $4.50 price target on the stock. Roth Mkm reiterated a buy rating and set a $7.00 price target on shares of Rocket Lab USA in a report on Tuesday, June 18th. Citigroup lowered their price objective on shares of Rocket Lab USA from $6.00 to $5.45 and set a buy rating for the company in a research report on Tuesday, May 7th. BTIG Research began coverage on shares of Rocket Lab USA in a research report on Wednesday, June 26th. They issued a neutral rating for the company. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $6.00 price objective on shares of Rocket Lab USA in a research report on Monday, July 1st. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Rocket Lab USA presently has a consensus rating of Moderate Buy and an average price target of $6.58.

Rocket Lab USA Stock Performance

Rocket Lab USA stock opened at $5.45 on Monday. The company’s 50-day moving average price is $4.64 and its 200-day moving average price is $4.47. Rocket Lab USA has a twelve month low of $3.47 and a twelve month high of $8.05. The company has a quick ratio of 2.69, a current ratio of 3.12 and a debt-to-equity ratio of 0.86. The company has a market cap of $2.69 billion, a PE ratio of -14.73 and a beta of 1.25.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings results on Monday, May 6th. The rocket manufacturer reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.02. The company had revenue of $92.80 million for the quarter, compared to the consensus estimate of $94.98 million. Rocket Lab USA had a negative net margin of 64.15% and a negative return on equity of 32.50%. The firm’s revenue was up 69.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.10) EPS. On average, equities research analysts forecast that Rocket Lab USA will post -0.41 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel Arjun Kampani sold 29,026 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $4.22, for a total transaction of $122,489.72. Following the transaction, the general counsel now directly owns 666,121 shares in the company, valued at $2,811,030.62. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Rocket Lab USA news, CFO Adam C. Spice sold 63,529 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $4.22, for a total value of $268,092.38. Following the completion of the sale, the chief financial officer now directly owns 1,383,677 shares in the company, valued at $5,839,116.94. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Arjun Kampani sold 29,026 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $4.22, for a total transaction of $122,489.72. Following the completion of the sale, the general counsel now owns 666,121 shares of the company’s stock, valued at $2,811,030.62. The disclosure for this sale can be found here. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RKLB. FNY Investment Advisers LLC purchased a new position in shares of Rocket Lab USA in the fourth quarter worth $34,000. Spire Wealth Management raised its holdings in shares of Rocket Lab USA by 257.1% in the first quarter. Spire Wealth Management now owns 10,000 shares of the rocket manufacturer’s stock worth $41,000 after buying an additional 7,200 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Rocket Lab USA by 59.4% in the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after buying an additional 4,032 shares during the last quarter. Baxter Bros Inc. purchased a new position in shares of Rocket Lab USA in the second quarter worth $48,000. Finally, Brown Advisory Inc. purchased a new position in shares of Rocket Lab USA in the fourth quarter worth $61,000. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.