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

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) had its price objective dropped by research analysts at Wells Fargo & Company from $21.00 to $18.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the rocket manufacturer's stock. Wells Fargo & Company's price target points to a potential downside of 8.30% from the company's current price.

Several other equities research analysts have also recently weighed in on RKLB. Stifel Nicolaus upped their price target on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a "buy" rating in a research report on Wednesday, January 8th. The Goldman Sachs Group lifted their target price on Rocket Lab USA from $12.00 to $13.50 and gave the company a "neutral" rating in a research report on Thursday, January 16th. Citigroup dropped their price objective on Rocket Lab USA from $35.00 to $33.00 and set a "buy" rating on the stock in a report on Friday, February 28th. Morgan Stanley lifted their price objective on shares of Rocket Lab USA from $18.00 to $20.00 and gave the company an "equal weight" rating in a research report on Monday, March 10th. Finally, TD Cowen upgraded shares of Rocket Lab USA to a "strong-buy" rating in a research report on Monday, February 24th. Five research 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 company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $22.72.

Rocket Lab USA Price Performance

NASDAQ RKLB remained flat at $19.63 during trading hours on Tuesday. 15,461,941 shares of the company were exchanged, compared to its average volume of 15,150,601. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. Rocket Lab USA has a 1-year low of $3.47 and a 1-year high of $33.34. The company has a market cap of $8.90 billion, a PE ratio of -53.05 and a beta of 2.08. The firm has a 50-day simple moving average of $21.18 and a 200 day simple moving average of $20.49.

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

Insider Activity at Rocket Lab USA

In related news, insider Frank Klein sold 1,835 shares of the firm's stock in a transaction that occurred on 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 directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Chicago Partners Investment Group LLC grew its holdings in shares of Rocket Lab USA by 0.4% during the fourth quarter. Chicago Partners Investment Group LLC now owns 79,943 shares of the rocket manufacturer's stock valued at $2,187,000 after buying an additional 334 shares during the last quarter. Wellington Shields & Co. LLC raised its stake in shares of Rocket Lab USA by 0.5% in the fourth quarter. Wellington Shields & Co. LLC now owns 74,522 shares of the rocket manufacturer's stock valued at $1,898,000 after acquiring an additional 383 shares during the period. Signaturefd LLC boosted its stake in shares of Rocket Lab USA by 12.2% during the fourth quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer's stock valued at $153,000 after purchasing an additional 653 shares during the period. Envestnet Asset Management Inc. lifted its stake in Rocket Lab USA by 3.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 21,747 shares of the rocket manufacturer's stock worth $554,000 after acquiring an additional 696 shares during the period. Finally, CIBC Asset Management Inc lifted its position in shares of Rocket Lab USA by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 15,078 shares of the rocket manufacturer's stock valued at $384,000 after buying an additional 746 shares during the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.