Rocket Lab (NASDAQ:RKLB) Stock Price Down 1.4% - Time to Sell?

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) was down 1.4% during mid-day trading on Wednesday . The company 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 Ratings Changes

Several research firms have issued reports on RKLB. KeyCorp raised their price target on shares of Rocket Lab from $29.00 to $40.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Wells Fargo & Company lowered their price target 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. Roth Capital raised their price target on shares of Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Cantor Fitzgerald raised their price objective on shares of Rocket Lab from $29.00 to $35.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. Finally, Needham & Company LLC raised their price objective on shares of Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Four 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's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $30.40.

Rocket Lab Stock Performance

The business has a fifty day simple moving average of $27.92 and a 200-day simple moving average of $24.83. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97. The firm has a market cap of $17.75 billion, a P/E ratio of -97.85 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing the consensus estimate 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 in the previous year, the business earned ($0.09) earnings per share. Rocket Lab's revenue was up 32.1% compared to the same quarter last year. On average, sell-side analysts predict that Rocket Lab Corporation will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rocket Lab news, insider Frank Klein sold 2,546 shares of the firm's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $30.00, for a total value of $76,380.00. Following the transaction, the insider directly owned 1,365,826 shares of the company's stock, valued at approximately $40,974,780. This trade represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew Ocko sold 820,000 shares of the firm's stock in a transaction dated 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 transaction, the director directly owned 1,083,053 shares in the company, valued at $28,170,208.53. The trade was a 43.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,130,995 shares of company stock valued at $29,686,039. 13.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RKLB. US Bancorp DE lifted its position in shares of Rocket Lab by 1,937.6% during the 4th quarter. US Bancorp DE now owns 7,315 shares of the rocket manufacturer's stock valued at $186,000 after buying an additional 6,956 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Rocket Lab by 1,565.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,015 shares of the rocket manufacturer's stock valued at $53,000 after buying an additional 1,894 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Rocket Lab by 450.4% during the 4th quarter. Jones Financial Companies Lllp now owns 10,238 shares of the rocket manufacturer's stock valued at $261,000 after buying an additional 8,378 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Rocket Lab by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,902,212 shares of the rocket manufacturer's stock valued at $73,919,000 after buying an additional 23,855 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Rocket Lab by 11.9% during the 4th quarter. Victory Capital Management Inc. now owns 45,403 shares of the rocket manufacturer's stock valued at $1,156,000 after buying an additional 4,816 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.

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