Rocket Lab USA (NASDAQ:RKLB) Given New $5.45 Price Target at Citigroup

Rocket Lab USA (NASDAQ:RKLB) had its price target decreased by investment analysts at Citigroup from $6.00 to $5.45 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the rocket manufacturer’s stock. Citigroup’s target price suggests a potential upside of 32.93% from the stock’s current price.

Several other equities analysts have also commented on the company. KeyCorp initiated coverage on Rocket Lab USA in a research note on Wednesday, January 17th. They set an “overweight” rating and a $8.00 price target on the stock. Wells Fargo & Company reduced their price target on shares of Rocket Lab USA from $5.00 to $4.25 and set an “equal weight” rating for the company in a report on Thursday, April 4th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $7.39.

Rocket Lab USA Trading Up 3.3 %

Shares of RKLB opened at $4.10 on Tuesday. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -10.79 and a beta of 1.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.13 and a quick ratio of 1.65. Rocket Lab USA has a 1-year low of $3.47 and a 1-year high of $8.05. The company has a 50-day moving average of $3.98 and a 200 day moving average of $4.44.

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

Insider Activity

In related news, General Counsel Arjun Kampani sold 31,394 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $4.25, for a total transaction of $133,424.50. Following the completion of the sale, the general counsel now owns 695,147 shares of the company’s stock, valued at $2,954,374.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Rocket Lab USA news, 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 completion of the sale, the chief financial officer now owns 1,442,206 shares of the company’s stock, valued at $6,129,375.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Arjun Kampani sold 31,394 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $4.25, for a total transaction of $133,424.50. Following the transaction, the general counsel now owns 695,147 shares in the company, 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.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Commonwealth Equity Services LLC grew its holdings in shares of Rocket Lab USA by 91.6% during the third quarter. Commonwealth Equity Services LLC now owns 53,949 shares of the rocket manufacturer’s stock valued at $236,000 after buying an additional 25,793 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Rocket Lab USA by 24.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 68,362 shares of the rocket manufacturer’s stock valued at $299,000 after purchasing an additional 13,558 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Rocket Lab USA by 20.9% in the third quarter. Bank of New York Mellon Corp now owns 1,415,596 shares of the rocket manufacturer’s stock valued at $6,200,000 after purchasing an additional 244,461 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Rocket Lab USA in the third quarter worth about $40,000. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Rocket Lab USA by 10.4% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,602,391 shares of the rocket manufacturer’s stock worth $7,018,000 after purchasing an additional 151,005 shares during the period. Institutional investors and hedge funds 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.