Rocket Lab (NASDAQ:RKLB) Stock Price Down 4% - What's Next?

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) traded down 4% on Friday. The company traded as low as $59.76 and last traded at $61.53. Approximately 13,029,366 shares traded hands during trading, a decline of 43% from the average session volume of 22,735,303 shares. The stock had previously closed at $64.07.

Key Stories Impacting Rocket Lab

Here are a few of the latest stories about RKLB:

• Positive Sentiment: Rocket Lab says its 100th Electron launch is scheduled for Nov. 14, carrying an Earth-imaging satellite for Japan’s iQPS. Reaching the milestone would underscore Electron’s launch cadence and reliability, though the mission has yet to fly. Article: Rocket Lab To Launch Milestone 100th Electron Rocket This Week
• Positive Sentiment: ARK Invest disclosed buying 18,086 Rocket Lab shares, while Q3 revenue rose 73% year over year to about $268 million and backlog reached a record $3.57 billion—evidence of investor interest and strong demand. Article: Cathie Wood Buys More of Archer Aviation and Rocket Lab Stocks
• Negative Sentiment: Rocket Lab’s Q3 loss of $0.12 per share was wider than analysts’ expected $0.07 loss. The earnings disappointment appears to have offset revenue growth and contributed to investor caution. Article: The Honeymoon Is Over Between Rocket Lab and Its Investors

Analyst Ratings Changes

A number of research firms recently issued reports on RKLB. Roth Capital reaffirmed a "buy" rating on shares of Rocket Lab in a report on Thursday, October 15th. BTIG Research reissued a "neutral" rating on shares of Rocket Lab in a research note on Tuesday. Bank of America cut their target price on shares of Rocket Lab from $115.00 to $110.00 and set a "buy" rating for the company in a research report on Monday, August 31st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Rocket Lab in a report on Thursday, October 15th. Finally, Piper Sandler reduced their price objective on Rocket Lab from $83.00 to $58.00 and set a "neutral" rating for the company in a research report on Tuesday. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $99.10.

Rocket Lab Stock Down 4.0%

The company's 50-day simple moving average is $62.51 and its 200 day simple moving average is $78.48. The stock has a market capitalization of $36.82 billion, a price-to-earnings ratio of -170.92 and a beta of 3.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings data on Monday, November 9th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.05). Rocket Lab had a negative return on equity of 5.79% and a negative net margin of 25.73%. The firm had revenue of $267.83 million during the quarter, compared to analyst estimates of $257.21 million. On average, equities analysts expect that Rocket Lab Corporation will post -0.20 earnings per share for the current fiscal year.

Insider Activity at Rocket Lab

In other news, insider Marvin Clevenger sold 15,051 shares of the company's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $69.63, for a total transaction of $1,048,001.13. Following the completion of the transaction, the insider owned 458,924 shares of the company's stock, valued at approximately $31,954,878.12. This represents a 3.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Nina Armagno sold 10,926 shares of the company's stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $52.78, for a total value of $576,674.28. Following the completion of the transaction, the director directly owned 100,496 shares of the company's stock, valued at approximately $5,304,178.88. This trade represents a 9.81% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 551,832 shares of company stock worth $34,940,037. Insiders own 8.40% of the company's stock.

Institutional Trading of Rocket Lab

A number of large investors have recently bought and sold shares of RKLB. BlackRock Inc. acquired a new stake in shares of Rocket Lab during the second quarter worth approximately $4,124,970,000. Bank of America Corp DE bought a new stake in Rocket Lab in the second quarter valued at approximately $437,280,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Rocket Lab by 14.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,737,451 shares of the rocket manufacturer's stock worth $278,262,000 after buying an additional 352,094 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Rocket Lab during the second quarter worth about $245,764,000. Finally, Amundi lifted its stake in Rocket Lab by 22.2% in the second quarter. Amundi now owns 2,180,748 shares of the rocket manufacturer's stock valued at $221,673,000 after buying an additional 396,639 shares in the last quarter. 71.78% of the stock is currently owned by institutional investors.

Rocket Lab Company Profile

Rocket Lab is a space company that provides launch services and spacecraft and satellite systems for commercial, civil, and national security customers. Founded in 2006 by Peter Beck, the company operates internationally, with headquarters in Long Beach, California, and launch operations in New Zealand and the United States. Its launch business centers on Electron, a small orbital rocket designed to carry satellites to space, and HASTE, a suborbital vehicle used for hypersonic test missions. Rocket Lab is also developing Neutron, a larger launch vehicle.

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