Wells Fargo & Company Cuts Rocket Lab USA (NASDAQ:RKLB) Price Target to $21.00

Rocket Lab USA (NASDAQ:RKLB) had its price objective lowered by Wells Fargo & Company from $22.00 to $21.00 in a research report released on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the rocket manufacturer’s stock.

RKLB has been the topic of a number of other reports. Bank of America lifted 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. KeyCorp cut their price objective on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Cantor Fitzgerald lifted their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research report on Monday, February 24th. Finally, The Goldman Sachs Group lifted their price objective on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Five investment 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. Based on data from MarketBeat, Rocket Lab USA presently has an average rating of “Moderate Buy” and a consensus target price of $21.50.

Rocket Lab USA Stock Performance

Shares of RKLB opened at $20.40 on Monday. The stock’s 50-day simple moving average is $26.29 and its 200 day simple moving average is $18.19. The stock has a market capitalization of $10.20 billion, a price-to-earnings ratio of -55.13 and a beta of 1.99. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. Rocket Lab USA has a 52-week low of $3.47 and a 52-week high of $33.34.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) 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 analysts’ expectations of $130.58 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. Research analysts forecast that Rocket Lab USA will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Nina Armagno sold 10,000 shares of the business’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 completion of the transaction, the director now owns 132,294 shares in the company, valued at $3,126,107.22. The trade was a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 13.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Spectrum Wealth Counsel LLC purchased a new position in shares of Rocket Lab USA in the fourth quarter worth $25,000. Sandy Spring Bank purchased a new position in shares of Rocket Lab USA in the fourth quarter worth $26,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Rocket Lab USA in the fourth quarter worth $40,000. Quarry LP purchased a new position in shares of Rocket Lab USA in the fourth quarter worth $48,000. Finally, NewEdge Advisors LLC raised its stake in shares of 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 last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.