Rocket Lab USA (NASDAQ:RKLB) Shares Gap Down on Analyst Downgrade

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price gapped down prior to trading on Tuesday after Citigroup lowered their price target on the stock from $6.00 to $5.45. The stock had previously closed at $4.06, but opened at $3.90. Citigroup currently has a buy rating on the stock. Rocket Lab USA shares last traded at $3.75, with a volume of 2,266,293 shares traded.

A number of other research firms have also recently weighed in on RKLB. Wells Fargo & Company lowered their price objective on Rocket Lab USA from $5.00 to $4.25 and set an “equal weight” rating for the company in a research report on Thursday, April 4th. KeyCorp began coverage on Rocket Lab USA in a research report on Wednesday, January 17th. They set an “overweight” rating and a $8.00 price target for the company. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Rocket Lab USA presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.39.

Insider Buying and Selling at Rocket Lab USA

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 31,394 shares of Rocket Lab USA stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $4.25, for a total transaction of $133,424.50. Following the completion of the transaction, the general counsel now owns 695,147 shares in the company, valued at approximately $2,954,374.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Adam C. Spice sold 67,160 shares of Rocket Lab USA stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $4.25, for a total value of $285,430.00. Following the completion of the transaction, the chief financial officer now owns 1,442,206 shares in the company, valued at approximately $6,129,375.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Arjun Kampani sold 31,394 shares of Rocket Lab USA stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $4.25, for a total value of $133,424.50. Following the completion of the transaction, the general counsel now owns 695,147 shares of the company’s stock, valued at approximately $2,954,374.75. The disclosure for this sale can be found here. Company insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several hedge funds and other institutional investors have recently made changes to their positions in RKLB. FNY Investment Advisers LLC purchased a new position in Rocket Lab USA in the 4th quarter valued at $34,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Rocket Lab USA in the third quarter worth about $40,000. Spire Wealth Management boosted its position in Rocket Lab USA by 257.1% during the first quarter. Spire Wealth Management now owns 10,000 shares of the rocket manufacturer’s stock worth $41,000 after acquiring an additional 7,200 shares during the last quarter. Wealthfront Advisers LLC acquired a new position in Rocket Lab USA in the 3rd quarter valued at about $44,000. Finally, CenterBook Partners LP purchased a new stake in shares of Rocket Lab USA in the 3rd quarter valued at approximately $44,000. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Trading Down 3.7 %

The stock has a market cap of $1.91 billion, a PE ratio of -10.26 and a beta of 1.18. The company’s 50-day moving average price is $4.01 and its 200 day moving average price is $4.45. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.65 and a current ratio of 2.13.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings results on Monday, May 6th. The rocket manufacturer reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.02. The business had revenue of $92.80 million for the quarter, compared to analyst estimates of $94.98 million. Rocket Lab USA had a negative return on equity of 30.54% and a negative net margin of 74.64%. The company’s quarterly revenue was up 69.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.10) EPS. On average, sell-side analysts forecast that Rocket Lab USA, Inc. will post -0.42 EPS for the current fiscal 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.