Rocket Lab (NASDAQ:RKLB) Shares Down 2% - Here's What Happened

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) dropped 2% on Tuesday . The company traded as low as $44.46 and last traded at $46.23. Approximately 10,724,212 shares traded hands during trading, a decline of 43% from the average daily volume of 18,925,937 shares. The stock had previously closed at $47.19.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Cantor Fitzgerald reissued an "overweight" rating and set a $35.00 target price on shares of Rocket Lab in a report on Monday, July 14th. Citigroup reiterated a "buy" rating and issued a $50.00 target price (up from $33.00) on shares of Rocket Lab in a report on Monday, July 14th. Stifel Nicolaus raised their price target on Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Roth Capital boosted their price target on Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Finally, Needham & Company LLC boosted their price target on Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Rocket Lab presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.10.

Rocket Lab Stock Performance

The stock has a market cap of $21.79 billion, a PE ratio of -118.08 and a beta of 2.15. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72. The business has a 50 day moving average price of $31.48 and a two-hundred day moving average price of $25.84.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The company had revenue of $122.57 million for the quarter, compared to the consensus estimate of $120.74 million. During the same quarter last year, the firm posted ($0.09) earnings per share. The company's revenue was up 32.1% compared to the same quarter last year. As a group, equities research analysts forecast that Rocket Lab Corporation will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Matthew Ocko sold 820,000 shares of Rocket Lab stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $26.01, for a total transaction of $21,328,200.00. Following the completion of the transaction, the director directly owned 1,083,053 shares in the company, valued at approximately $28,170,208.53. This trade represents a 43.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Arjun Kampani sold 5,194 shares of the business's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $30.00, for a total value of $155,820.00. Following the transaction, the insider directly owned 530,230 shares in the company, valued at $15,906,900. This trade represents a 0.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,130,995 shares of company stock worth $29,686,039 in the last three months. Insiders own 11.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RKLB. Raymond James Financial Inc. acquired a new stake in Rocket Lab during the 4th quarter valued at $5,748,000. Avantax Advisory Services Inc. acquired a new stake in shares of Rocket Lab during the fourth quarter worth approximately $283,000. Commonwealth Equity Services LLC increased its holdings in shares of Rocket Lab by 4.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 97,109 shares of the rocket manufacturer's stock worth $2,473,000 after buying an additional 3,841 shares in the last quarter. Natixis Advisors LLC bought a new stake in shares of Rocket Lab during the fourth quarter valued at approximately $291,000. Finally, Harbour Investments Inc. grew its stake in shares of Rocket Lab by 64.3% during the fourth quarter. Harbour Investments Inc. now owns 4,041 shares of the rocket manufacturer's stock valued at $103,000 after purchasing an additional 1,581 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company's stock.

About Rocket Lab

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.