KeyCorp Cuts Rocket Lab USA (NASDAQ:RKLB) Price Target to $28.00

Rocket Lab USA (NASDAQ:RKLB) had its price target reduced by investment analysts at KeyCorp from $32.00 to $28.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the rocket manufacturer’s stock. KeyCorp’s price objective would suggest a potential upside of 37.52% from the company’s current price.

Several other analysts have also commented on RKLB. Stifel Nicolaus raised their price objective on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research report on Monday. Wells Fargo & Company raised their target price on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 11th. Bank of America raised their target price on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, The Goldman Sachs Group raised their target price on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.83.

Rocket Lab USA Stock Performance

NASDAQ:RKLB traded up $0.53 during trading hours on Friday, hitting $20.36. 16,782,869 shares of the company were exchanged, compared to its average volume of 19,816,680. The stock has a market capitalization of $10.18 billion, a price-to-earnings ratio of -53.84 and a beta of 1.99. Rocket Lab USA has a 52-week low of $3.47 and a 52-week high of $33.34. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The company’s 50 day moving average price is $26.79 and its 200-day moving average price is $17.71.

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

Insider Activity

In other news, Director Alexander R. Slusky sold 50,000 shares of Rocket Lab USA stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value of $1,150,000.00. Following the completion of the sale, the director now directly owns 534,675 shares of the company’s stock, valued at approximately $12,297,525. The trade was a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Nina Armagno sold 10,000 shares of Rocket Lab USA stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $23.63, for a total value of $236,300.00. Following the completion of the sale, the director now directly owns 132,294 shares of the company’s stock, valued at $3,126,107.22. The trade was a 7.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Spectrum Wealth Counsel LLC acquired a new position in Rocket Lab USA during the 4th quarter worth $25,000. Sandy Spring Bank acquired a new position in Rocket Lab USA during the 4th quarter worth approximately $26,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Rocket Lab USA during the 4th quarter valued at approximately $40,000. Quarry LP acquired a new position in Rocket Lab USA during the fourth quarter worth $48,000. Finally, NewEdge Advisors LLC boosted its position in shares of 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 worth $49,000 after buying an additional 1,750 shares in the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

About Rocket Lab USA

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.