Rocket Lab (NASDAQ:RKLB) Trading Down 1.3% - What's Next?

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report)'s share price traded down 1.3% during trading on Thursday . The stock traded as low as $47.81 and last traded at $48.49. 4,468,518 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 20,168,297 shares. The stock had previously closed at $49.15.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Roth Capital raised their target price on Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Stifel Nicolaus lifted their price objective on shares of Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Wells Fargo & Company reduced their price objective 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. Bank of America upped their price target on Rocket Lab from $30.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Citigroup reaffirmed a "buy" rating and set a $50.00 price objective (up previously from $33.00) on shares of Rocket Lab in a research report on Monday, July 14th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $34.10.

Rocket Lab Trading Down 2.0%

The company has a market capitalization of $21.77 billion, a price-to-earnings ratio of -117.94 and a beta of 2.15. 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's 50-day moving average price is $33.45 and its two-hundred day moving average price is $26.40.

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

Insider Activity

In related news, Director Matthew Ocko sold 820,000 shares of Rocket Lab 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 transaction, the director owned 1,083,053 shares of the company's stock, valued at $28,170,208.53. The trade was a 43.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Merline Saintil sold 6,353 shares of the business'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 transaction, the director directly owned 419,569 shares in the company, valued at approximately $14,005,213.22. This represents a 1.49% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,130,995 shares of company stock valued at $29,686,039. 13.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Rocket Lab by 10.6% in the 1st quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer's stock worth $715,728,000 after buying an additional 3,833,969 shares during the last quarter. Geode Capital Management LLC raised its position in Rocket Lab by 0.4% in 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 period. Kingstone Capital Partners Texas LLC bought a new stake in Rocket Lab in the second quarter worth $192,918,000. Invesco Ltd. lifted its stake in Rocket Lab by 56.1% in the first 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. Finally, FMR LLC lifted its position in Rocket Lab by 30,853.3% in the fourth quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock valued at $94,141,000 after purchasing an additional 3,684,195 shares during the last quarter. 71.78% of the stock is currently 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.