Rocket Lab USA (NASDAQ:RKLB) Price Target Cut to $33.00 by Analysts at Citigroup

Rocket Lab USA (NASDAQ:RKLB) had its target price dropped by equities research analysts at Citigroup from $35.00 to $33.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the rocket manufacturer’s stock. Citigroup’s target price indicates a potential upside of 67.54% from the stock’s current price.

A number of other research firms have also recently commented on RKLB. Stifel Nicolaus lifted their price target on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. KeyCorp dropped their price target on shares of Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Friday. Cantor Fitzgerald lifted their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Wells Fargo & Company increased their target price on Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 11th. Finally, TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research note on Monday. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Rocket Lab USA presently has an average rating of “Moderate Buy” and an average price target of $21.61.

Rocket Lab USA Trading Down 0.7 %

Shares of NASDAQ:RKLB traded down $0.13 during midday trading on Friday, reaching $19.70. The company’s stock had a trading volume of 29,601,988 shares, compared to its average volume of 20,201,875. The firm has a market capitalization of $9.85 billion, a price-to-earnings ratio of -53.17 and a beta of 1.99. The firm has a 50 day moving average price of $26.79 and a two-hundred day moving average price of $17.71. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. Rocket Lab USA has a fifty-two week low of $3.47 and a fifty-two week high of $33.34.

Rocket Lab USA (NASDAQ:RKLB) last posted its earnings results on Thursday, 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 39.47% and a negative net margin of 51.76%. The firm had revenue of $132.39 million during the quarter, compared to the consensus estimate of $130.58 million. As a group, analysts forecast that Rocket Lab USA will post -0.38 earnings per share for the current year.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, Director Alexander R. Slusky sold 50,000 shares of the company’s stock in a transaction that occurred 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 owns 534,675 shares of the company’s stock, valued at $12,297,525. This represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nina Armagno sold 10,000 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $23.63, for a total value of $236,300.00. Following the transaction, the director now owns 132,294 shares in the company, valued at approximately $3,126,107.22. This represents a 7.03 % decrease in their position. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Lab USA

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC raised its position in shares of Rocket Lab USA by 30,853.3% in the 4th quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer’s stock worth $94,141,000 after purchasing an additional 3,684,195 shares during the last quarter. Two Sigma Advisers LP bought a new position in Rocket Lab USA in the fourth quarter worth approximately $72,623,000. BNP Paribas Financial Markets purchased a new position in shares of Rocket Lab USA during the 4th quarter worth $56,977,000. Two Sigma Investments LP bought a new position in Rocket Lab USA in the 4th quarter worth $47,074,000. Finally, Renaissance Technologies LLC lifted its position in Rocket Lab USA by 1,765.4% during the fourth quarter. Renaissance Technologies LLC now owns 1,818,800 shares of the rocket manufacturer’s stock valued at $46,325,000 after purchasing an additional 1,721,300 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.