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

Rocket Lab USA (NASDAQ:RKLB) had its target price lowered by Citigroup from $35.00 to $33.00 in a report released on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the rocket manufacturer’s stock.

Several other brokerages also recently weighed in on RKLB. Stifel Nicolaus raised their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Bank of America raised their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Wells Fargo & Company raised their target price 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. Cantor Fitzgerald raised their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Finally, KeyCorp decreased their price target on shares of Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Friday. Five research 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $21.61.

Rocket Lab USA Price Performance

NASDAQ RKLB opened at $20.44 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The firm’s 50 day moving average price is $26.71 and its 200-day moving average price is $17.82. Rocket Lab USA has a 52-week low of $3.47 and a 52-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.

Rocket Lab USA (NASDAQ:RKLB) last announced its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The firm had revenue of $132.39 million during the quarter, compared to analyst estimates of $130.58 million. Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. Sell-side analysts forecast that Rocket Lab USA will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Alexander R. Slusky sold 50,000 shares of the firm’s stock in a transaction 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 transaction, the director now owns 534,675 shares of the company’s stock, valued at $12,297,525. This trade represents a 8.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Nina Armagno sold 10,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 132,294 shares of the company’s stock, valued at approximately $3,126,107.22. This trade represents 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 corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Citigroup Inc. grew its position in Rocket Lab USA by 46.8% during the third quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock valued at $6,727,000 after buying an additional 220,432 shares during the period. Charles Schwab Investment Management Inc. grew its position in Rocket Lab USA by 22.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after buying an additional 532,207 shares during the period. Geode Capital Management LLC grew its position in Rocket Lab USA by 12.2% during the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after buying an additional 898,223 shares during the period. FORA Capital LLC acquired a new stake in Rocket Lab USA during the third quarter valued at $449,000. Finally, National Bank of Canada FI grew its position in Rocket Lab USA by 149.2% during the third quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock valued at $490,000 after buying an additional 30,178 shares during the period. 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.