Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 3.5% After Analyst Downgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB - Get Free Report) dropped 3.5% during trading on Tuesday 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 $17.51 and last traded at $18.00. Approximately 9,386,590 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 20,279,541 shares. The stock had previously closed at $18.66.

Several other brokerages also recently issued reports on RKLB. KeyCorp lowered 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 report on Friday, February 28th. Bank of America upped their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. TD Cowen raised Rocket Lab USA to a "strong-buy" rating in a research report on Monday, February 24th. Cantor Fitzgerald lifted their price objective on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an "overweight" rating in a report on Thursday, November 14th. Finally, The Goldman Sachs Group increased their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a "neutral" rating in a report on Thursday, January 16th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $21.50.

Insider Buying and Selling at Rocket Lab USA

In other news, Director Nina Armagno sold 10,000 shares of Rocket Lab USA stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total value of $236,300.00. Following the transaction, the director now owns 132,294 shares in the company, valued at approximately $3,126,107.22. This trade represents a 7.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 13.70% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp grew its position in Rocket Lab USA by 33.1% during the 3rd quarter. Van ECK Associates Corp now owns 131,076 shares of the rocket manufacturer's stock worth $1,275,000 after acquiring an additional 32,618 shares during the last quarter. AlphaCentric Advisors LLC bought a new position in shares of Rocket Lab USA in the 3rd quarter worth about $146,000. Concurrent Investment Advisors LLC acquired a new position in Rocket Lab USA in the third quarter valued at approximately $132,000. GSA Capital Partners LLP acquired a new position in Rocket Lab USA in the third quarter valued at approximately $139,000. Finally, Verus Capital Partners LLC boosted its holdings in shares of Rocket Lab USA by 42.7% during the 3rd quarter. Verus Capital Partners LLC now owns 47,310 shares of the rocket manufacturer's stock worth $460,000 after buying an additional 14,150 shares in the last quarter. Institutional investors own 71.78% of the company's stock.

Rocket Lab USA Trading Up 7.4 %

The firm's 50-day moving average price is $26.42 and its 200 day moving average price is $18.17. The company has a market cap of $10.20 billion, a price-to-earnings ratio of -55.13 and a beta of 1.99. 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 - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.01). The company had revenue of $132.39 million during the quarter, compared to analyst estimates 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 analysts expect that Rocket Lab USA, Inc. will post -0.38 EPS for the current year.

Rocket Lab USA Company Profile

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.