Rocket Lab (NASDAQ:RKLB) Shares Down 2.7% - Here's What Happened

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report)'s share price traded down 2.7% on Monday . The company traded as low as $49.15 and last traded at $49.99. 10,227,751 shares were traded during mid-day trading, a decline of 46% from the average session volume of 18,879,637 shares. The stock had previously closed at $51.39.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on RKLB shares. Citigroup reiterated a "buy" rating and issued a $50.00 price objective (up from $33.00) on shares of Rocket Lab in a report on Monday, July 14th. The Goldman Sachs Group assumed coverage on shares of Rocket Lab in a research report on Monday, June 30th. They set a "neutral" rating and a $27.00 target price on the stock. Bank of America increased their price target on Rocket Lab from $30.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. KeyCorp upped their price objective on shares of Rocket Lab from $29.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $35.00 price objective on shares of Rocket Lab in a report on Monday, July 14th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $34.10.

Rocket Lab Stock Performance

The stock has a 50-day moving average of $31.48 and a 200 day moving average of $25.84. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.72 and a current ratio of 2.08. The firm has a market capitalization of $21.77 billion, a P/E ratio of -117.98 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The business had revenue of $122.57 million during the quarter, compared to the consensus estimate of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The business's revenue was up 32.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) earnings per share. On average, research analysts anticipate that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insider Buying and Selling at Rocket Lab

In other Rocket Lab news, insider Arjun Kampani sold 5,194 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $30.00, for a total transaction of $155,820.00. Following the completion of the sale, the insider owned 530,230 shares of the company's stock, valued at approximately $15,906,900. This represents a 0.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Merline Saintil sold 6,353 shares of Rocket Lab stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total value of $212,063.14. Following the transaction, the director directly owned 419,569 shares in the company, valued at approximately $14,005,213.22. The trade was a 1.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,130,995 shares of company stock valued at $29,686,039 in the last ninety days. Company insiders own 11.90% of the company's stock.

Institutional Investors Weigh In On Rocket Lab

Institutional investors have recently bought and sold shares of the business. Truist Financial Corp grew its holdings in Rocket Lab by 1.9% during the second quarter. Truist Financial Corp now owns 12,352 shares of the rocket manufacturer's stock worth $442,000 after acquiring an additional 234 shares during the period. GAMMA Investing LLC increased its holdings in shares of Rocket Lab by 36.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,518 shares of the rocket manufacturer's stock valued at $54,000 after purchasing an additional 405 shares in the last quarter. Allworth Financial LP increased its position in Rocket Lab by 4.0% during the first quarter. Allworth Financial LP now owns 11,888 shares of the rocket manufacturer's stock worth $213,000 after buying an additional 458 shares in the last quarter. Atria Wealth Solutions Inc. boosted its holdings in shares of Rocket Lab by 1.4% during the first quarter. Atria Wealth Solutions Inc. now owns 35,085 shares of the rocket manufacturer's stock worth $627,000 after purchasing an additional 500 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in shares of Rocket Lab by 12.2% in the 4th quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer's stock worth $153,000 after purchasing an additional 653 shares during the period. Hedge funds and other institutional investors own 71.78% of the company's stock.

Rocket Lab Company Profile

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.

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