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

Shares of Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) were down 1.6% on Tuesday . The stock traded as low as $38.00 and last traded at $38.25. Approximately 7,798,720 shares traded 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.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RKLB shares. The Goldman Sachs Group started coverage on Rocket Lab in a report on Monday, June 30th. They issued a "neutral" rating and a $27.00 price objective for the company. Needham & Company LLC increased their price objective on Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Morgan Stanley increased their price objective on Rocket Lab from $18.00 to $20.00 and gave the company an "equal weight" rating in a report on Monday, March 10th. Cantor Fitzgerald increased their price objective on Rocket Lab from $29.00 to $35.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Finally, KeyCorp increased their price objective on Rocket Lab from $29.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. 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, Rocket Lab presently has an average rating of "Moderate Buy" and an average target price of $30.40.

Rocket Lab Trading Down 0.4%

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 company has a fifty day moving average of $27.59 and a two-hundred day moving average of $24.73. The stock has a market capitalization of $17.57 billion, a price-to-earnings ratio of -96.85 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $122.57 million during the quarter, compared to analyst estimates of $120.74 million. During the same period last year, the business posted ($0.09) EPS. Rocket Lab's revenue was up 32.1% compared to the same quarter last year. On average, research analysts expect that Rocket Lab Corporation will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other Rocket Lab news, Director Merline Saintil sold 6,353 shares of the firm's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $33.38, for a total value of $212,063.14. Following the completion of the sale, the director owned 419,569 shares of the company's stock, valued at approximately $14,005,213.22. This trade represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Ocko sold 820,000 shares of the firm's stock in a transaction on Friday, June 13th. The shares were 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 directly owned 1,083,053 shares of the company's stock, valued at approximately $28,170,208.53. This trade represents a 43.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,130,995 shares of company stock worth $29,686,039 in the last ninety days. 13.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sandy Spring Bank acquired a new position in shares of Rocket Lab during the 4th quarter worth $26,000. Versant Capital Management Inc raised its stake in shares of Rocket Lab by 118.1% during the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock worth $28,000 after buying an additional 860 shares during the last quarter. MassMutual Private Wealth & Trust FSB acquired a new position in shares of Rocket Lab during the 1st quarter worth $29,000. Farther Finance Advisors LLC raised its stake 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 worth $35,000 after buying an additional 1,226 shares during the last quarter. Finally, Spectrum Wealth Counsel LLC raised 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 worth $36,000 after buying an additional 1,000 shares during the last quarter. 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.