Rocket Lab USA (NASDAQ:RKLB) Price Target Lowered to $28.00 at KeyCorp

Rocket Lab USA (NASDAQ:RKLB) had its price objective lowered by stock analysts at KeyCorp from $32.00 to $28.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the rocket manufacturer’s stock. KeyCorp’s price objective would suggest a potential upside of 36.97% from the company’s previous close.

RKLB has been the subject of a number of other research reports. Citigroup boosted their price objective on Rocket Lab USA from $22.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Cantor Fitzgerald boosted their target price 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. 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. Wells Fargo & Company boosted 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 report on Wednesday, December 11th. Finally, Bank of America raised their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Five equities research 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’s stock. According to data from MarketBeat.com, Rocket Lab USA has a consensus rating of “Moderate Buy” and an average target price of $21.61.

Rocket Lab USA Price Performance

Rocket Lab USA stock opened at $20.44 on Friday. 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 $26.71 and a 200-day moving average price of $17.91. The firm has a market capitalization of $10.22 billion, a PE ratio of -55.25 and a beta of 1.99.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings data 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). 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 during the quarter, compared to analysts’ expectations of $130.58 million. As a group, equities research analysts forecast that Rocket Lab USA will post -0.38 EPS for the current year.

Insider Activity

In other news, Director Alexander R. Slusky sold 50,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value of $1,150,000.00. Following the completion of the transaction, the director now directly owns 534,675 shares of the company’s stock, valued at approximately $12,297,525. The trade was a 8.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Nina Armagno sold 10,000 shares of the company’s 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 sale, the director now owns 132,294 shares of the company’s stock, valued at $3,126,107.22. This trade represents a 7.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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 the stock. Chicago Partners Investment Group LLC boosted its holdings in shares of Rocket Lab USA by 0.4% in the 4th 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 in the last quarter. Wellington Shields & Co. LLC lifted its position in Rocket Lab USA by 0.5% during 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 last quarter. Signaturefd LLC boosted its stake in Rocket Lab USA by 12.2% in the fourth quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer’s stock valued at $153,000 after acquiring an additional 653 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings 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 purchasing an additional 696 shares during the last quarter. Finally, CIBC Asset Management Inc increased 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 worth $384,000 after purchasing an additional 746 shares in the last quarter. 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.