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

Rocket Lab USA (NASDAQ:RKLB) had its price target reduced by Wells Fargo & Company from $21.00 to $18.00 in a research report released on Tuesday,Benzinga reports. They currently have an equal weight rating on the rocket manufacturer’s stock.

Other analysts have also issued research reports about the company. Citigroup reduced their target price 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. TD Cowen raised shares of Rocket Lab USA to a “strong-buy” rating in a research report on Monday, February 24th. The Goldman Sachs Group raised 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. Stifel Nicolaus boosted their price target on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Finally, 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 report on Friday, February 28th. Five 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 MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.72.

Rocket Lab USA Price Performance

Rocket Lab USA stock opened at $19.63 on Tuesday. Rocket Lab USA has a 12-month low of $3.47 and a 12-month high of $33.34. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The firm has a 50-day moving average price of $21.36 and a 200-day moving average price of $20.41. The firm has a market capitalization of $8.90 billion, a PE ratio of -53.05 and a beta of 2.08.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The firm had revenue of $132.39 million during the quarter, compared to the consensus estimate of $130.58 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. As a group, equities research analysts forecast 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 44,553 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $18.18, for a total transaction of $809,973.54. Following the completion of the sale, the insider now directly owns 1,419,479 shares in the company, valued at $25,806,128.22. This represents a 3.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors and hedge funds have recently added to or reduced their stakes in RKLB. Geode Capital Management LLC boosted its holdings in shares of Rocket Lab USA by 12.2% in 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 in the last quarter. National Bank of Canada FI boosted its stake in Rocket Lab USA by 149.2% in 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 in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in 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 worth $2,213,000 after purchasing an additional 41,551 shares during the last quarter. Franklin Resources Inc. acquired a new position in shares of Rocket Lab USA during the third quarter worth $107,000. Finally, Udine Wealth Management Inc. purchased a new stake in shares of Rocket Lab USA during the 4th quarter valued at $1,342,000. Hedge funds and other 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.