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

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) had its price objective dropped by equities research analysts at Citigroup from $35.00 to $33.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the rocket manufacturer's stock. Citigroup's price objective would suggest a potential upside of 61.42% from the company's current price.

Several other brokerages have also recently issued reports on RKLB. Bank of America upped their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Wells Fargo & Company increased their price objective on shares of 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. KeyCorp lowered their price objective 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. Cantor Fitzgerald increased their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an "overweight" rating in a research note on Thursday, November 14th. Finally, The Goldman Sachs Group raised their price target on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a "neutral" rating in a research note on Thursday, January 16th. Five equities 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 data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $21.61.

Rocket Lab USA Stock Up 3.1 %

NASDAQ RKLB traded up $0.61 on Friday, hitting $20.44. 37,408,315 shares of the stock were exchanged, compared to its average volume of 20,412,555. 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 fifty-two week low of $3.47 and a fifty-two week high of $33.34. The company has a market cap of $10.22 billion, a PE ratio of -55.25 and a beta of 1.99. The company has a 50-day moving average price of $26.71 and a 200-day moving average price of $18.00.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last posted 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 firm had revenue of $132.39 million for the quarter, compared to analyst estimates of $130.58 million. Sell-side analysts anticipate that Rocket Lab USA will post -0.38 EPS for the current fiscal year.

Insider Activity at Rocket Lab USA

In other news, Director Alexander R. Slusky sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the completion of the sale, the director now owns 534,675 shares of the company's stock, valued at approximately $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $236,300.00. Following the sale, the director now directly owns 132,294 shares of the company's stock, valued at $3,126,107.22. The trade was a 7.03 % decrease in their position. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by insiders.

Institutional Trading of Rocket Lab USA

A number of hedge funds have recently made changes to their positions in RKLB. Spectrum Wealth Counsel LLC acquired a new stake in shares of Rocket Lab USA during the fourth quarter worth approximately $25,000. Sandy Spring Bank acquired a new position in Rocket Lab USA in the fourth quarter worth $26,000. Wingate Wealth Advisors Inc. acquired a new position in Rocket Lab USA in the fourth quarter worth $40,000. Quarry LP acquired a new position in Rocket Lab USA in the fourth quarter worth $48,000. Finally, NewEdge Advisors LLC boosted its holdings in Rocket Lab USA by 1,000.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer's stock worth $49,000 after purchasing an additional 1,750 shares during the period. Institutional investors and hedge funds 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.