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

Rocket Lab USA, Inc. (NASDAQ:RKLB) gapped down before the market opened 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 trading hands.

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

Insider Buying and Selling

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

Institutional Trading of Rocket Lab USA

A number of hedge funds have recently made changes to their positions in the stock. FNY Investment Advisers LLC acquired a new position in Rocket Lab USA in the 4th quarter valued at approximately $34,000. Allspring Global Investments Holdings LLC acquired a new stake in Rocket Lab USA during the third quarter valued at $40,000. Spire Wealth Management increased its position in Rocket Lab USA by 257.1% in the 1st quarter. Spire Wealth Management now owns 10,000 shares of the rocket manufacturer’s stock worth $41,000 after purchasing an additional 7,200 shares during the last quarter. CenterBook Partners LP purchased a new stake in shares of Rocket Lab USA during the 3rd quarter worth about $44,000. Finally, Wealthfront Advisers LLC acquired a new stake in shares of Rocket Lab USA during the 3rd quarter valued at about $44,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

Rocket Lab USA Trading Down 2.2 %

The company has a 50 day moving average of $3.99 and a 200 day moving average of $4.44. The firm has a market cap of $1.94 billion, a P/E ratio of -10.45 and a beta of 1.18. 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 posted its earnings results on Monday, May 6th. The rocket manufacturer reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.02. The company had revenue of $92.80 million during the quarter, compared to the consensus estimate of $94.98 million. Rocket Lab USA had a negative net margin of 74.64% and a negative return on equity of 30.54%. The company’s revenue for the quarter was up 69.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.10) earnings per share. Analysts predict that Rocket Lab USA, Inc. will post -0.42 EPS for the current fiscal year.

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.