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

Rocket Lab USA (NASDAQ:RKLB) had its price target dropped by analysts at Citigroup from $6.00 to $5.45 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the rocket manufacturer’s stock. Citigroup’s target price points to a potential upside of 32.93% from the company’s current price.

A number of other equities research analysts have also commented 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 on the stock in a report on Thursday, April 4th. KeyCorp started coverage on Rocket Lab USA in a research report on Wednesday, January 17th. They set an “overweight” rating and a $8.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.39.

Rocket Lab USA Stock Up 3.3 %

NASDAQ:RKLB opened at $4.10 on Tuesday. Rocket Lab USA has a 1 year low of $3.47 and a 1 year high of $8.05. The stock has a 50-day moving average price of $3.98 and a two-hundred day moving average price of $4.44. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of -10.79 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) last released its quarterly earnings data on Monday, May 6th. The rocket manufacturer reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.02. 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 $92.80 million for the quarter, compared to analysts’ expectations of $94.98 million. During the same quarter in the previous year, the business posted ($0.10) EPS. Rocket Lab USA’s revenue for the quarter was up 69.0% on a year-over-year basis. As a group, equities analysts expect that Rocket Lab USA will post -0.42 earnings per share for the current year.

Insider Buying and Selling

In other Rocket Lab USA news, CFO Adam C. Spice sold 67,160 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $6,129,375.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, General Counsel Arjun Kampani sold 31,394 shares of the company’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 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 SEC, 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 transaction, the chief financial officer now 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. 13.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rocket Lab USA

Several institutional investors and hedge funds have recently added to or reduced their stakes in RKLB. ProShare Advisors LLC lifted its position in shares of Rocket Lab USA by 10.2% during the 1st quarter. ProShare Advisors LLC now owns 50,879 shares of the rocket manufacturer’s stock worth $209,000 after buying an additional 4,713 shares during the last quarter. Verus Capital Partners LLC acquired a new stake in shares of Rocket Lab USA in the 1st quarter valued at approximately $122,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Rocket Lab USA during the 1st quarter valued at approximately $704,000. Nikko Asset Management Americas Inc. increased its position in Rocket Lab USA by 15.7% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 1,691,090 shares of the rocket manufacturer’s stock worth $6,917,000 after purchasing an additional 229,512 shares in the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in Rocket Lab USA in the 1st quarter valued at approximately $192,000. 71.78% of the stock is currently owned by institutional investors.

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.