Rocket Lab (NASDAQ:RKLB) Shares Down 2.1% - Here's What Happened

Shares of Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) traded down 2.1% during mid-day trading on Tuesday . The company traded as low as $35.51 and last traded at $35.02. 13,772,617 shares changed hands during trading, a decline of 23% from the average session volume of 17,896,408 shares. The stock had previously closed at $35.77.

Analyst Ratings Changes

A number of analysts have recently weighed in on RKLB shares. KeyCorp reissued an "overweight" rating on shares of Rocket Lab in a research report on Tuesday, June 3rd. Stifel Nicolaus raised their price target on Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Needham & Company LLC boosted their price target on Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. The Goldman Sachs Group started coverage on shares of Rocket Lab in a research report on Monday. They issued a "neutral" rating and a $27.00 price objective for the company. Finally, Wells Fargo & Company lowered their target price on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $29.20.

Rocket Lab Trading Down 4.0%

The stock has a market cap of $15.57 billion, a PE ratio of -85.83 and a beta of 2.15. The company's fifty day moving average is $26.42 and its 200-day moving average is $24.41. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share 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 company had revenue of $122.57 million for the quarter, compared to analysts' expectations of $120.74 million. During the same quarter in the previous year, the business posted ($0.09) EPS. The business's quarterly revenue was up 32.1% on a year-over-year basis. On average, analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Arjun Kampani sold 28,988 shares of the firm's 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 $772,820.08. Following the sale, the insider owned 540,618 shares of the company's stock, valued at $14,412,875.88. This trade represents a 5.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Frank Klein sold 44,885 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 transaction of $1,196,634.10. Following the completion of the transaction, the insider owned 1,370,190 shares of the company's stock, valued at approximately $36,529,265.40. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,130,995 shares of company stock valued at $29,686,039 in the last ninety days. Insiders own 13.70% of the company's stock.

Institutional Investors Weigh In On Rocket Lab

Hedge funds have recently modified their holdings of the company. Voya Investment Management LLC raised its holdings in Rocket Lab by 186.0% in the 1st quarter. Voya Investment Management LLC now owns 1,397,342 shares of the rocket manufacturer's stock worth $24,984,000 after purchasing an additional 908,808 shares during the period. Rhumbline Advisers lifted its position in shares of Rocket Lab by 9.6% during the 1st quarter. Rhumbline Advisers now owns 525,018 shares of the rocket manufacturer's stock valued at $9,387,000 after buying an additional 45,889 shares in the last quarter. Strs Ohio purchased a new position in shares of Rocket Lab during the 1st quarter valued at approximately $1,150,000. Intech Investment Management LLC grew its stake in Rocket Lab by 36.3% in the 1st quarter. Intech Investment Management LLC now owns 257,590 shares of the rocket manufacturer's stock valued at $4,606,000 after acquiring an additional 68,573 shares during the period. Finally, Focus Partners Wealth increased its holdings in Rocket Lab by 1.0% in the 1st quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer's stock worth $1,206,000 after acquiring an additional 681 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.