Rocket Lab (NASDAQ:RKLB) Trading Down 1.4% - Should You Sell?

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report)'s share price dropped 1.4% during trading on Wednesday . The stock traded as low as $37.77 and last traded at $38.21. Approximately 6,330,964 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 18,214,003 shares. The stock had previously closed at $38.74.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on RKLB shares. Stifel Nicolaus increased their target price on Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. The Goldman Sachs Group assumed coverage on shares of Rocket Lab in a research note on Monday, June 30th. They set a "neutral" rating and a $27.00 price objective for the company. KeyCorp upped their target price on shares of Rocket Lab from $29.00 to $40.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Cantor Fitzgerald raised their price target on shares of Rocket Lab from $29.00 to $35.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Finally, Wells Fargo & Company decreased their price objective on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $30.40.

Rocket Lab Trading Down 0.1%

The stock has a market capitalization of $17.73 billion, a PE ratio of -97.75 and a beta of 2.15. The company has a current ratio of 2.08, a quick ratio of 1.72 and a debt-to-equity ratio of 0.97. The stock has a 50 day moving average price of $28.27 and a 200-day moving average price of $24.93.

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

Insider Buying and Selling at Rocket Lab

In other news, insider Frank Klein sold 44,885 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.66, for a total transaction of $1,196,634.10. Following the completion of the sale, the insider owned 1,370,190 shares of the company's stock, valued at $36,529,265.40. The trade was a 3.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew Ocko sold 820,000 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $26.01, for a total value of $21,328,200.00. Following the completion of the sale, the director owned 1,083,053 shares of the company's stock, valued at $28,170,208.53. This trade represents a 43.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,130,995 shares of company stock valued at $29,686,039 over the last three months. Insiders own 13.70% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in RKLB. Sandy Spring Bank purchased a new stake in Rocket Lab in the 4th quarter worth approximately $26,000. Versant Capital Management Inc boosted its position in shares of Rocket Lab by 118.1% in the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock worth $28,000 after purchasing an additional 860 shares during the period. MassMutual Private Wealth & Trust FSB purchased a new stake in shares of Rocket Lab in the first quarter worth $29,000. Farther Finance Advisors LLC raised its position in shares of Rocket Lab by 181.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock valued at $35,000 after purchasing an additional 1,226 shares during the period. Finally, Spectrum Wealth Counsel LLC lifted its stake in shares of Rocket Lab by 100.0% during the 1st quarter. Spectrum Wealth Counsel LLC now owns 2,000 shares of the rocket manufacturer's stock valued at $36,000 after buying an additional 1,000 shares in the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.