Wells Fargo & Company Cuts Rocket Lab USA (NASDAQ:RKLB) Price Target to $4.25

Rocket Lab USA (NASDAQ:RKLB - Free Report) had its target price decreased by Wells Fargo & Company from $5.00 to $4.25 in a report released on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the rocket manufacturer's stock.

A number of other equities analysts have also weighed in on RKLB. Citigroup restated a buy rating and set a $6.00 target price on shares of Rocket Lab USA in a research report on Monday, February 12th. KeyCorp began coverage on Rocket Lab USA in a report on Wednesday, January 17th. They set an overweight rating and a $8.00 price objective on the stock. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $6.00 target price on shares of Rocket Lab USA in a report on Friday, December 22nd. One investment analyst has 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 currently has an average rating of Moderate Buy and a consensus target price of $7.46.

Rocket Lab USA Price Performance

Shares of NASDAQ:RKLB traded up $0.02 during trading on Thursday, hitting $3.90. 6,553,808 shares of the company's stock were exchanged, compared to its average volume of 8,693,183. 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 has a 52-week low of $3.62 and a 52-week high of $8.05. The business's 50-day simple moving average is $4.37 and its 200 day simple moving average is $4.55. The company has a market cap of $1.91 billion, a price-to-earnings ratio of -10.26 and a beta of 1.17.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last released its earnings results on Tuesday, 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). Rocket Lab USA had a negative return on equity of 30.54% and a negative net margin of 74.64%. The business had revenue of $59.99 million for the quarter, compared to analysts' expectations of $62.90 million. During the same quarter in the prior year, the business posted ($0.08) EPS. The business's revenue for the quarter was up 15.9% compared to the same quarter last year. As a group, equities analysts predict that Rocket Lab USA will post -0.42 EPS for the current year.

Insiders Place Their Bets

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 31,394 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 value of $133,424.50. Following the completion of the sale, the general counsel now owns 695,147 shares of the company's stock, valued at $2,954,374.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Rocket Lab USA news, General Counsel Arjun Kampani sold 31,394 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $4.25, for a total value of $133,424.50. Following the sale, the general counsel now owns 695,147 shares in the company, valued at $2,954,374.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Adam C. Spice sold 67,160 shares of the company's stock in a transaction dated Tuesday, March 5th. The stock was 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 owns 1,442,206 shares in the company, valued at $6,129,375.50. The disclosure for this sale can be found here. 15.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Rocket Lab USA

Several hedge funds have recently made changes to their positions in RKLB. Vanguard Group Inc. raised its holdings in shares of Rocket Lab USA by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 26,551,789 shares of the rocket manufacturer's stock valued at $146,831,000 after purchasing an additional 451,370 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Rocket Lab USA in the 4th quarter worth $852,000. Price T Rowe Associates Inc. MD raised its position in shares of Rocket Lab USA by 4.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 150,034 shares of the rocket manufacturer's stock worth $830,000 after acquiring an additional 7,038 shares in the last quarter. Barclays PLC raised its position in shares of Rocket Lab USA by 297.9% in the 4th quarter. Barclays PLC now owns 503,648 shares of the rocket manufacturer's stock worth $2,785,000 after acquiring an additional 377,066 shares in the last quarter. Finally, Vident Advisory LLC raised its position in shares of Rocket Lab USA by 29.6% in the 4th quarter. Vident Advisory LLC now owns 148,919 shares of the rocket manufacturer's stock worth $824,000 after acquiring an additional 34,049 shares in the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

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.