Rocket Lab (NASDAQ:RKLB) Stock Price Down 3.8% - Here's Why

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) shares were down 3.8% during mid-day trading on Friday . The company traded as low as $47.91 and last traded at $49.37. Approximately 15,781,738 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 18,734,527 shares. The stock had previously closed at $51.33.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RKLB shares. Roth Capital upped 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. Bank of America upped their price objective on Rocket Lab from $30.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday. KeyCorp boosted their target price on Rocket Lab from $29.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Needham & Company LLC boosted their target price on Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $35.00 target price on shares of Rocket Lab in a research note on Monday. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $34.10.

Rocket Lab Price Performance

The business has a 50-day simple moving average of $30.86 and a 200 day simple moving average of $25.65. The firm has a market cap of $22.72 billion, a P/E ratio of -125.59 and a beta of 2.15. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.72 and a current ratio of 2.08.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly 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 for the quarter, compared to the consensus estimate of $120.74 million. During the same period in the previous year, the company earned ($0.09) EPS. The company's revenue for the quarter was up 32.1% on a year-over-year basis. On average, analysts anticipate that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at Rocket Lab

In related news, Director Matthew Ocko sold 820,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $26.01, for a total transaction of $21,328,200.00. Following the completion of the transaction, the director owned 1,083,053 shares of the company's stock, valued at $28,170,208.53. This trade represents a 43.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Merline Saintil sold 6,353 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $29.41, for a total value of $186,841.73. Following the transaction, the director directly owned 425,922 shares of the company's stock, valued at approximately $12,526,366.02. This trade represents a 1.47% 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 over the last 90 days. 13.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sandy Spring Bank purchased a new position in shares of Rocket Lab in the 4th quarter worth $26,000. Versant Capital Management Inc boosted its stake in shares of Rocket Lab by 118.1% in 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 purchased a new position in shares of Rocket Lab in the 1st quarter worth $29,000. Farther Finance Advisors LLC boosted its stake in shares of Rocket Lab by 181.1% in 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 lifted its position in Rocket Lab by 100.0% during the first quarter. Spectrum Wealth Counsel LLC now owns 2,000 shares of the rocket manufacturer's stock valued at $36,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 71.78% of the company's stock.

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.

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