KeyCorp Cuts Rocket Lab USA (NASDAQ:RKLB) Price Target to $28.00

Rocket Lab USA (NASDAQ:RKLB) had its target price dropped by KeyCorp from $32.00 to $28.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the rocket manufacturer’s stock. KeyCorp’s target price would suggest a potential upside of 37.52% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Company raised their target price on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 11th. Bank of America raised their target price on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, November 14th. The Goldman Sachs Group lifted their price objective on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Stifel Nicolaus lifted their price objective on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, Citigroup lifted their price objective on Rocket Lab USA from $22.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Five 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.83.

Rocket Lab USA Trading Up 2.7 %

Shares of NASDAQ RKLB traded up $0.53 during midday trading on Friday, hitting $20.36. The stock had a trading volume of 16,782,869 shares, compared to its average volume of 19,816,680. The company has a market capitalization of $10.18 billion, a price-to-earnings ratio of -53.84 and a beta of 1.99. Rocket Lab USA has a 1-year low of $3.47 and a 1-year high of $33.34. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The company has a fifty day moving average price of $26.79 and a 200 day moving average price of $17.71.

Rocket Lab USA (NASDAQ:RKLB) last announced its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The company had revenue of $132.39 million for the quarter, compared to analysts’ expectations of $130.58 million. Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. On average, analysts predict 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 business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the completion of the transaction, the director now owns 534,675 shares in the company, valued at approximately $12,297,525. The trade was a 8.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Nina Armagno sold 10,000 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total value of $236,300.00. Following the completion of the sale, the director now directly owns 132,294 shares in the company, valued at $3,126,107.22. This represents a 7.03 % decrease in their position. The disclosure for this sale can be found here. Insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Hedge funds and other institutional investors have recently modified their holdings of the company. Citigroup Inc. raised its stake in shares of Rocket Lab USA by 46.8% in the 3rd quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after buying an additional 220,432 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Rocket Lab USA by 22.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after buying an additional 532,207 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Rocket Lab USA by 12.2% in the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after buying an additional 898,223 shares in the last quarter. FORA Capital LLC acquired a new stake in shares of Rocket Lab USA during the third quarter worth $449,000. Finally, National Bank of Canada FI raised its position in shares of Rocket Lab USA by 149.2% during the third quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock worth $490,000 after purchasing an additional 30,178 shares during the period. 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.