Rocket Lab (NASDAQ:RKLB) Trading Down 1.6% - Here's What Happened

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) dropped 1.6% during mid-day trading on Tuesday . The company traded as low as $38.00 and last traded at $38.25. Approximately 7,798,720 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 18,131,263 shares. The stock had previously closed at $38.88.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Cantor Fitzgerald upped their target price on Rocket Lab from $29.00 to $35.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Roth Capital upped their target price on Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. KeyCorp increased their price target on Rocket Lab from $29.00 to $40.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. Needham & Company LLC raised their price target on shares of Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Finally, The Goldman Sachs Group initiated coverage on shares of Rocket Lab in a research note on Monday, June 30th. They issued a "neutral" rating and a $27.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.40.

Rocket Lab Price Performance

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 company's fifty day moving average is $28.27 and its two-hundred day moving average is $24.93. The stock has a market cap of $17.46 billion, a price-to-earnings ratio of -96.59 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its 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 during the quarter, compared to analyst estimates of $120.74 million. During the same quarter last year, the business posted ($0.09) EPS. The firm's revenue for the quarter was up 32.1% on a year-over-year basis. As a group, research analysts predict 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 28,988 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 value of $772,820.08. Following the completion of the transaction, the insider owned 540,618 shares in the company, valued at $14,412,875.88. The trade was a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Frank Klein sold 44,885 shares of Rocket Lab stock in a transaction on Friday, May 30th. The stock was 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 approximately $36,529,265.40. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,130,995 shares of company stock worth $29,686,039. 13.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Lab

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Rocket Lab by 10.6% during the 1st quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer's stock worth $715,728,000 after purchasing an additional 3,833,969 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Rocket Lab by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 8,285,693 shares of the rocket manufacturer's stock worth $211,084,000 after purchasing an additional 32,658 shares during the last quarter. Invesco Ltd. lifted its position in shares of Rocket Lab by 56.1% during the 1st quarter. Invesco Ltd. now owns 3,738,250 shares of the rocket manufacturer's stock worth $66,840,000 after purchasing an additional 1,343,518 shares during the last quarter. FMR LLC lifted its position in shares of Rocket Lab by 30,853.3% during the 4th 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 last quarter. Finally, Northern Trust Corp lifted its position in Rocket Lab by 9.5% in the fourth quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer's stock valued at $82,207,000 after acquiring an additional 281,339 shares during 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.