Rocket Lab USA (NASDAQ:RKLB) Price Target Lowered to $18.00 at Wells Fargo & Company

Rocket Lab USA (NASDAQ:RKLB) had its price target reduced by research analysts at Wells Fargo & Company from $21.00 to $18.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the rocket manufacturer’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 4.77% from the stock’s current price.

Several other research analysts also recently commented on the company. Citigroup decreased their price objective on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. KeyCorp lowered their target price 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, February 28th. The Goldman Sachs Group increased their price target on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research report on Monday, February 24th. Finally, Stifel Nicolaus increased their target price on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Rocket Lab USA currently has an average rating of “Moderate Buy” and an average price target of $22.72.

Rocket Lab USA Stock Performance

Shares of RKLB traded down $0.34 during trading hours on Tuesday, hitting $17.18. The stock had a trading volume of 19,880,891 shares, compared to its average volume of 14,942,646. Rocket Lab USA has a 12 month low of $3.47 and a 12 month high of $33.34. The stock has a fifty day moving average price of $22.33 and a 200 day moving average price of $20.19. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. The firm has a market capitalization of $7.79 billion, a PE ratio of -46.43 and a beta of 2.08.

Rocket Lab USA (NASDAQ:RKLB) last released its quarterly earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The firm had revenue of $132.39 million for the quarter, compared to the consensus estimate of $130.58 million. Analysts anticipate that Rocket Lab USA will post -0.38 EPS for the current year.

Insider Buying and Selling at Rocket Lab USA

In related news, insider Frank Klein sold 1,835 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.93, for a total value of $36,571.55. Following the completion of the transaction, the insider now owns 1,417,644 shares of the company’s stock, valued at approximately $28,253,644.92. This trade represents a 0.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Lab USA

Several institutional investors have recently modified their holdings of RKLB. Geode Capital Management LLC raised its holdings in Rocket Lab USA by 12.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after buying an additional 898,223 shares during the period. National Bank of Canada FI increased its position in 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 valued at $490,000 after acquiring an additional 30,178 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of Rocket Lab USA by 22.4% in the third quarter. Nomura Asset Management Co. Ltd. now owns 227,438 shares of the rocket manufacturer’s stock valued at $2,213,000 after acquiring an additional 41,551 shares during the period. Franklin Resources Inc. bought a new stake in shares of Rocket Lab USA in the 3rd quarter worth about $107,000. Finally, Udine Wealth Management Inc. purchased a new position in shares of Rocket Lab USA during the 4th quarter worth about $1,342,000. 71.78% of the stock is 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.