Rocket Lab USA (NASDAQ:RKLB) Price Target Cut to $5.45

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) had its target price lowered by analysts at Citigroup from $6.00 to $5.45 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a "buy" rating on the rocket manufacturer's stock. Citigroup's target price indicates a potential upside of 37.28% from the stock's previous close.

Several other brokerages have also recently weighed in on RKLB. Wells Fargo & Company dropped their price objective on shares of Rocket Lab USA from $5.00 to $4.25 and set an "equal weight" rating for the company in a research note on Thursday, April 4th. KeyCorp assumed coverage on shares of Rocket Lab USA in a research report on Wednesday, January 17th. They issued an "overweight" rating and a $8.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.39.

Rocket Lab USA Stock Performance

Shares of RKLB traded down $0.09 during midday trading on Tuesday, reaching $3.97. The stock had a trading volume of 17,269,423 shares, compared to its average volume of 8,343,313. The firm has a 50 day simple moving average of $4.01 and a 200-day simple moving average of $4.45. Rocket Lab USA has a one year low of $3.47 and a one year high of $8.05. The firm has a market cap of $1.94 billion, a PE ratio of -10.26 and a beta of 1.18. The company has a current ratio of 2.13, a quick ratio of 1.65 and a debt-to-equity ratio of 0.19.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last announced its quarterly earnings data on Monday, May 6th. The rocket manufacturer reported ($0.09) 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 company had revenue of $92.80 million during the quarter, compared to the consensus estimate of $94.98 million. During the same quarter last year, the firm posted ($0.10) EPS. The company's quarterly revenue was up 69.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Rocket Lab USA will post -0.42 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Rocket Lab USA

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Rocket Lab USA by 4.7% in the 3rd quarter. Vanguard Group Inc. now owns 26,100,419 shares of the rocket manufacturer's stock worth $114,320,000 after purchasing an additional 1,167,403 shares during the last quarter. Graham Capital Management L.P. purchased a new position in Rocket Lab USA in the 3rd quarter worth about $221,000. American Century Companies Inc. raised its position in Rocket Lab USA by 12.0% in the 3rd quarter. American Century Companies Inc. now owns 3,701,611 shares of the rocket manufacturer's stock worth $16,213,000 after buying an additional 396,501 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in Rocket Lab USA by 13.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 256,088 shares of the rocket manufacturer's stock worth $1,122,000 after buying an additional 29,990 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its position in Rocket Lab USA by 25.9% in the 3rd quarter. Rafferty Asset Management LLC now owns 83,514 shares of the rocket manufacturer's stock worth $366,000 after buying an additional 17,181 shares during the last quarter. 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.