Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 0.3% Following Analyst Downgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price was down 0.3% during trading on Monday 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 $20.17 and last traded at $20.44. Approximately 7,764,718 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 20,056,746 shares. The stock had previously closed at $20.49.

Other analysts have also recently issued reports about the stock. Stifel Nicolaus raised 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. TD Cowen raised shares of Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. 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, February 28th. Cantor Fitzgerald lifted their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Finally, The Goldman Sachs Group upped their target price on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Five 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.50.

Insider Transactions at Rocket Lab USA

In related news, Director Nina Armagno sold 10,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. 13.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab USA

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its holdings in shares of Rocket Lab USA by 33.1% during the 3rd quarter. Van ECK Associates Corp now owns 131,076 shares of the rocket manufacturer’s stock worth $1,275,000 after buying an additional 32,618 shares during the period. AlphaCentric Advisors LLC acquired a new position in Rocket Lab USA during the 3rd quarter worth $146,000. Concurrent Investment Advisors LLC bought a new stake in Rocket Lab USA during the third quarter valued at about $132,000. GSA Capital Partners LLP acquired a new stake in shares of Rocket Lab USA in the third quarter valued at about $139,000. Finally, Verus Capital Partners LLC grew its position in shares of Rocket Lab USA by 42.7% in the third quarter. Verus Capital Partners LLC now owns 47,310 shares of the rocket manufacturer’s stock valued at $460,000 after purchasing an additional 14,150 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

Rocket Lab USA Stock Up 1.8 %

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 $9.50 billion, a P/E ratio of -51.35 and a beta of 1.99. The business has a 50 day moving average price of $26.42 and a 200 day moving average price of $18.17.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly 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). 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 during the quarter, compared to the consensus estimate of $130.58 million. On average, analysts predict that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

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.