Rocket Lab USA (NASDAQ:RKLB) Shares Gap Down Following Analyst Downgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report)'s stock price gapped down before the market opened on Tuesday after Citigroup lowered their price target on the stock from $6.00 to $5.45. The stock had previously closed at $4.06, but opened at $3.90. Citigroup currently has a buy rating on the stock. Rocket Lab USA shares last traded at $3.75, with a volume of 2,266,293 shares trading hands.

A number of other equities research analysts have also weighed in on the company. KeyCorp initiated coverage on Rocket Lab USA in a research report on Wednesday, January 17th. They issued an "overweight" rating and a $8.00 price objective on the stock. Wells Fargo & Company reduced their price target on shares of Rocket Lab USA from $5.00 to $4.25 and set an "equal weight" rating on the stock in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $7.39.

Insider Buying and Selling

In other news, CFO Adam C. Spice sold 67,160 shares of Rocket Lab USA stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $4.25, for a total transaction of $285,430.00. Following the completion of the transaction, the chief financial officer now directly owns 1,442,206 shares in the company, valued at $6,129,375.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, General Counsel Arjun Kampani sold 31,394 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $4.25, for a total transaction of $133,424.50. Following the sale, the general counsel now directly owns 695,147 shares of the company's stock, valued at approximately $2,954,374.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Adam C. Spice sold 67,160 shares of the firm's stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $4.25, for a total transaction of $285,430.00. Following the sale, the chief financial officer now owns 1,442,206 shares of the company's stock, valued at $6,129,375.50. The disclosure for this sale can be found here. 13.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RKLB. FNY Investment Advisers LLC purchased a new position in Rocket Lab USA in the 4th quarter worth approximately $34,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Rocket Lab USA in the 3rd quarter worth $40,000. Spire Wealth Management raised its stake 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 purchasing an additional 7,200 shares during the last quarter. Wealthfront Advisers LLC bought a new position in shares of Rocket Lab USA during the third quarter valued at $44,000. Finally, CenterBook Partners LP purchased a new stake in shares of Rocket Lab USA during the third quarter valued at $44,000. Institutional investors own 71.78% of the company's stock.

Rocket Lab USA Price Performance

The firm has a 50-day moving average of $3.99 and a 200 day moving average of $4.44. The company has a market capitalization of $1.94 billion, a PE ratio of -10.45 and a beta of 1.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.13 and a quick ratio of 1.65.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last announced its quarterly earnings results on Monday, May 6th. The rocket manufacturer reported ($0.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.11) by $0.02. Rocket Lab USA had a negative net margin of 74.64% and a negative return on equity of 30.54%. The firm had revenue of $92.80 million for the quarter, compared to the consensus estimate of $94.98 million. During the same quarter last year, the firm posted ($0.10) EPS. The business's quarterly revenue was up 69.0% compared to the same quarter last year. As a group, research analysts anticipate that Rocket Lab USA, Inc. will post -0.42 earnings per share for the current fiscal year.

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.