Rocket Lab USA (NASDAQ:RKLB) Price Target Lowered to $33.00 at Citigroup

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

A number of other research firms have also recently issued reports on RKLB. The Goldman Sachs Group lifted their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research note on Thursday, January 16th. KeyCorp reduced their price objective on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Friday. 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 research note on Wednesday, December 11th. Stifel Nicolaus boosted their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research report on Monday. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Rocket Lab USA currently has an average rating of “Moderate Buy” and a consensus price target of $21.61.

Rocket Lab USA Stock Performance

Shares of NASDAQ RKLB traded down $0.13 during trading hours on Friday, reaching $19.70. The stock had a trading volume of 29,601,988 shares, compared to its average volume of 20,201,875. Rocket Lab USA has a twelve month low of $3.47 and a twelve month high of $33.34. 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 business’s fifty day moving average is $26.79 and its two-hundred day moving average is $17.71. The company has a market cap of $9.85 billion, a price-to-earnings ratio of -53.17 and a beta of 1.99.

Rocket Lab USA (NASDAQ:RKLB) last announced 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 net margin of 51.76% and a negative return on equity of 39.47%. The company had revenue of $132.39 million during the quarter, compared to analyst estimates of $130.58 million. As a group, research analysts expect that Rocket Lab USA will post -0.38 EPS for the current year.

Insider Buying and Selling at Rocket Lab USA

In other Rocket Lab USA news, Director Nina Armagno sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $23.63, for a total transaction of $236,300.00. Following the completion of the transaction, the director now directly owns 132,294 shares in the company, valued at $3,126,107.22. The trade was a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Alexander R. Slusky sold 50,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were 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 directly owns 534,675 shares in the company, valued at approximately $12,297,525. This represents a 8.55 % 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 stock. Vanguard Group Inc. increased its holdings in Rocket Lab USA by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 36,195,577 shares of the rocket manufacturer’s stock worth $921,901,000 after purchasing an additional 668,093 shares in the last quarter. Geode Capital Management LLC increased its holdings in Rocket Lab USA by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 8,285,693 shares of the rocket manufacturer’s stock valued at $211,084,000 after purchasing an additional 32,658 shares during the period. FMR LLC raised its position in Rocket Lab USA by 30,853.3% during 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. Northern Trust Corp lifted its holdings in Rocket Lab USA by 9.5% during the 4th quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer’s stock worth $82,207,000 after buying an additional 281,339 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Rocket Lab USA by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,902,212 shares of the rocket manufacturer’s stock valued at $73,919,000 after buying an additional 23,855 shares during the last quarter. 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.