Rocket Lab (NASDAQ:RKLB) Shares Down 1.6% - What's Next?

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report)'s stock price dropped 1.6% during mid-day trading on Tuesday . The stock traded as low as $38.00 and last traded at $38.25. Approximately 7,798,720 shares were traded during 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 Analyst Weigh In

RKLB has been the subject of several recent research reports. Roth Capital increased their price objective on Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Cantor Fitzgerald increased their price objective on Rocket Lab from $29.00 to $35.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Needham & Company LLC increased their price objective on Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Wells Fargo & Company cut their target price on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Finally, Stifel Nicolaus raised their target price on Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Four investment 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. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $30.40.

Rocket Lab Stock Up 1.0%

The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72. The business has a 50 day moving average price of $27.92 and a 200 day moving average price of $24.83. The firm has a market capitalization 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 posted its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing analysts' consensus estimates 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 return on equity of 48.92% and a negative net margin of 44.32%. The company's revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. On average, analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Arjun Kampani sold 28,988 shares of Rocket Lab stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $26.66, for a total transaction of $772,820.08. Following the sale, the insider directly owned 540,618 shares of the company's stock, valued at $14,412,875.88. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Frank Klein sold 44,885 shares of Rocket Lab stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $26.66, for a total value of $1,196,634.10. Following the sale, the insider directly owned 1,370,190 shares in the company, 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. Over the last three months, insiders have sold 1,130,995 shares of company stock valued at $29,686,039. Company insiders own 13.70% of the company's stock.

Institutional Investors Weigh In On Rocket Lab

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP acquired a new stake in Rocket Lab during the fourth quarter valued at approximately $17,261,000. SG Americas Securities LLC boosted its holdings in Rocket Lab by 2,186.7% during the first quarter. SG Americas Securities LLC now owns 353,522 shares of the rocket manufacturer's stock valued at $6,321,000 after purchasing an additional 338,062 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of Rocket Lab by 52.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 58,652 shares of the rocket manufacturer's stock valued at $1,049,000 after acquiring an additional 20,076 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Rocket Lab in the fourth quarter valued at approximately $5,748,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Rocket Lab by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,902,212 shares of the rocket manufacturer's stock valued at $73,919,000 after acquiring an additional 23,855 shares during the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

About Rocket Lab

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.