Rocket Lab (NASDAQ:RKLB) Stock Price Down 1.4% - Here's What Happened

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RKLB. Needham & Company LLC raised their price target on Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. The Goldman Sachs Group initiated coverage on shares of Rocket Lab in a report on Monday, June 30th. They issued a "neutral" rating and a $27.00 target price on the stock. KeyCorp increased their price target on shares of Rocket Lab from $29.00 to $40.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company lowered 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 research report on Tuesday, April 8th. Finally, Roth Capital upped their target price on Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $30.40.

Rocket Lab Trading Down 0.1%

The business's 50 day simple moving average is $28.61 and its two-hundred day simple moving average is $25.02. The stock has a market cap of $17.71 billion, a P/E ratio of -97.64 and a beta of 2.15. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its 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 firm 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%. Rocket Lab's revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.09) earnings per share. As a group, analysts expect that Rocket Lab Corporation will post -0.38 EPS for the current year.

Insider Buying and Selling at Rocket Lab

In related news, insider Arjun Kampani sold 28,988 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $26.66, for a total value of $772,820.08. Following the completion of the sale, the insider directly owned 540,618 shares in the company, valued at $14,412,875.88. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Frank Klein sold 44,885 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 1,370,190 shares of the company's stock, valued at $36,529,265.40. This represents a 3.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,130,995 shares of company stock worth $29,686,039 in the last three months. 13.70% of the stock is currently owned by company insiders.

Institutional Trading of Rocket Lab

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Rocket Lab by 10.6% in the 1st quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer's stock valued at $715,728,000 after buying an additional 3,833,969 shares during the period. Geode Capital Management LLC grew its stake in Rocket Lab by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 8,285,693 shares of the rocket manufacturer's stock valued at $211,084,000 after acquiring an additional 32,658 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in Rocket Lab in the second quarter valued at approximately $192,918,000. Invesco Ltd. increased its holdings in shares of Rocket Lab by 56.1% during the first quarter. Invesco Ltd. now owns 3,738,250 shares of the rocket manufacturer's stock valued at $66,840,000 after acquiring an additional 1,343,518 shares in the last quarter. Finally, FMR LLC raised its position in shares of Rocket Lab by 30,853.3% during the fourth quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock worth $94,141,000 after purchasing an additional 3,684,195 shares during the period. Institutional investors and hedge funds 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.