Rocket Lab USA (NASDAQ:RKLB) Given New $18.00 Price Target at Wells Fargo & Company

Rocket Lab USA (NASDAQ:RKLB) had its target price lowered by Wells Fargo & Company from $21.00 to $18.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the rocket manufacturer’s stock.

Several other analysts also recently weighed in on the stock. The Goldman Sachs Group lifted their price target on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research note on Thursday, January 16th. Citigroup lowered their target price on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a report on Friday, February 28th. KeyCorp decreased their price objective on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Morgan Stanley upped their price objective on shares of Rocket Lab USA from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Monday, March 10th. Finally, 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 report on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Rocket Lab USA has an average rating of “Moderate Buy” and a consensus price target of $22.72.

Rocket Lab USA Stock Performance

Shares of Rocket Lab USA stock opened at $17.18 on Tuesday. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The stock’s fifty day moving average is $21.86 and its two-hundred day moving average is $20.24. Rocket Lab USA has a 52 week low of $3.47 and a 52 week high of $33.34. The company has a market capitalization of $7.79 billion, a PE ratio of -46.43 and a beta of 2.08.

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

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, insider Frank Klein sold 1,835 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.93, for a total value of $36,571.55. Following the completion of the sale, the insider now directly owns 1,417,644 shares in the company, valued at approximately $28,253,644.92. This trade represents a 0.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 13.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab USA

Hedge funds have recently modified their holdings of the stock. Rhumbline Advisers grew its position in Rocket Lab USA by 9.6% during the 1st quarter. Rhumbline Advisers now owns 525,018 shares of the rocket manufacturer’s stock worth $9,387,000 after purchasing an additional 45,889 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Rocket Lab USA by 3,319.2% during the first quarter. GAMMA Investing LLC now owns 19,900 shares of the rocket manufacturer’s stock worth $356,000 after buying an additional 19,318 shares during the period. Versant Capital Management Inc lifted its stake in shares of Rocket Lab USA by 118.1% during the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer’s stock worth $28,000 after buying an additional 860 shares during the period. MassMutual Private Wealth & Trust FSB purchased a new stake in shares of Rocket Lab USA during the first quarter valued at $29,000. Finally, Wellington Management Group LLP acquired a new position in shares of Rocket Lab USA in the 4th quarter valued at $17,261,000. 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.