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

Rocket Lab USA, Inc. (NASDAQ:RKLB) fell 0.3% 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. 7,764,718 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 20,056,746 shares. The stock had previously closed at $20.49.

Several other research firms also recently weighed in on RKLB. The Goldman Sachs Group boosted their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. KeyCorp decreased their price objective on shares of Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. Stifel Nicolaus raised their price target on shares of Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, Bank of America raised their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, November 14th. 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 company. According to MarketBeat, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and an average target price of $21.50.

Insider Buying and Selling

In other news, Director Nina Armagno sold 10,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $23.63, for a total value of $236,300.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 13.70% of the stock is owned by insiders.

Institutional Trading of Rocket Lab USA

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of 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 during the period. Geode Capital Management LLC grew its stake in Rocket Lab USA by 0.4% during the 4th 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 in the last quarter. FMR LLC grew its position in shares of Rocket Lab USA by 30,853.3% during the fourth quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer’s stock worth $94,141,000 after buying an additional 3,684,195 shares in the last quarter. Northern Trust Corp increased its position in shares of Rocket Lab USA by 9.5% in the 4th quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer’s stock worth $82,207,000 after purchasing an additional 281,339 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Rocket Lab USA by 0.8% in the fourth 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. 71.78% of the stock is owned by hedge funds and other institutional investors.

Rocket Lab USA Stock Performance

The firm has a market capitalization of $9.50 billion, a price-to-earnings ratio of -51.35 and a beta of 1.99. The company has a 50-day moving average of $26.42 and a 200-day moving average of $18.17. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Rocket Lab USA (NASDAQ:RKLB) last posted its 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 analyst estimates of $130.58 million. On average, equities research analysts forecast that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current fiscal 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.