Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 3.5% After Analyst Downgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price dropped 3.5% during trading on Tuesday after Wells Fargo & Company lowered their price target on the stock from $22.00 to $21.00. Wells Fargo & Company currently has an equal weight rating on the stock. Rocket Lab USA traded as low as $17.51 and last traded at $18.00. Approximately 9,386,590 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 20,279,541 shares. The stock had previously closed at $18.66.

A number of other research firms have also commented on RKLB. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research report on Monday, February 24th. The Goldman Sachs Group boosted their target price on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Citigroup cut their price objective on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Friday. Bank of America boosted their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Stifel Nicolaus raised their target price on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

Insider Activity at Rocket Lab USA

In other news, Director Nina Armagno sold 10,000 shares of the firm’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 of the company’s stock, valued at approximately $3,126,107.22. This trade represents a 7.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 13.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rocket Lab USA

A number of institutional investors and hedge funds have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Rocket Lab USA during the 4th quarter valued at $4,134,000. University of Texas Texas AM Investment Management Co. bought a new stake in Rocket Lab USA in the fourth quarter valued at about $84,000. Sunbelt Securities Inc. lifted its stake in Rocket Lab USA by 911.9% in the fourth quarter. Sunbelt Securities Inc. now owns 5,717 shares of the rocket manufacturer’s stock valued at $150,000 after buying an additional 5,152 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Rocket Lab USA by 30.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 682,790 shares of the rocket manufacturer’s stock worth $17,391,000 after buying an additional 159,642 shares during the period. Finally, Voloridge Investment Management LLC bought a new stake in shares of Rocket Lab USA in the 4th quarter valued at about $22,331,000. 71.78% of the stock is owned by institutional investors.

Rocket Lab USA Stock Down 3.6 %

The business’s 50-day moving average is $26.57 and its two-hundred day moving average is $18.09. The firm has a market capitalization of $8.99 billion, a price-to-earnings ratio of -48.60 and a beta of 1.99. 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 (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) 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 business had revenue of $132.39 million for the quarter, compared to analyst estimates of $130.58 million. On average, equities analysts anticipate that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

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.