Rocket Lab Corporation (NASDAQ:RKLB – Get Free Report)’s share price dropped 10.2% on Wednesday . The stock traded as low as $84.85 and last traded at $85.41. 25,786,208 shares traded hands during mid-day trading, an increase of 4% from the average session volume of 24,817,463 shares. The stock had previously closed at $95.12.
More Rocket Lab News
Here are the key news stories impacting Rocket Lab this week:
- Positive Sentiment: Rocket Lab successfully completed the U.S. Space Force’s VICTUS HAZE mission, launching its Electron rocket and deploying its Pioneer spacecraft in a record 16 hours and 42 minutes. The milestone highlights Rocket Lab’s rapid-response defense capabilities and strengthens its case as more than just a launch company. Article Title
- Positive Sentiment: The VICTUS HAZE mission underscores Rocket Lab’s vertically integrated model, with in-house spacecraft systems and on-orbit operations, which could support future defense and national security contracts. Article Title
- Neutral Sentiment: Rocket Lab continues to get bullish analyst attention, with recent coverage and price targets still implying upside versus current levels. Article Title
- Negative Sentiment: The company’s announced $3 billion equity program is weighing on sentiment because investors are worried it could increase share count and dilute existing holders. Article Title
- Negative Sentiment: RKLB is also being hit by broader space-sector rotation and profit-taking after the recent SpaceX IPO and related selloff in space stocks, which has pressured Rocket Lab alongside peers. Article Title
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on RKLB shares. Citigroup reissued an “outperform” rating on shares of Rocket Lab in a research note on Friday, May 8th. KGI Securities began coverage on Rocket Lab in a research note on Thursday, June 11th. They issued a “neutral” rating and a $105.00 target price on the stock. New Street Research began coverage on Rocket Lab in a report on Wednesday, May 13th. They issued a “buy” rating and a $150.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Rocket Lab in a research report on Wednesday, May 27th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rocket Lab in a report on Tuesday, April 21st. Three research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell 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 $102.76.
Rocket Lab Stock Performance
The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.02 and a current ratio of 4.47. The stock has a market cap of $49.43 billion, a PE ratio of -266.91 and a beta of 2.49. The company’s 50-day moving average price is $106.79 and its two-hundred day moving average price is $84.38.
Rocket Lab (NASDAQ:RKLB – Get Free Report) last announced its earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). The company had revenue of $200.35 million during the quarter, compared to analyst estimates of $189.65 million. Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The firm’s quarterly revenue was up 63.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.12) earnings per share. On average, equities research analysts forecast that Rocket Lab Corporation will post -0.29 EPS for the current year.
Insider Activity
In related news, insider Marvin Bradford Clevenger sold 3,500 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $146.67, for a total transaction of $513,345.00. Following the transaction, the insider directly owned 473,975 shares of the company’s stock, valued at approximately $69,517,913.25. This trade represents a 0.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Alexander R. Slusky sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $123.60, for a total value of $4,944,000.00. Following the transaction, the director directly owned 334,675 shares in the company, valued at approximately $41,365,830. This represents a 10.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 573,515 shares of company stock valued at $76,412,122. 8.40% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Baillie Gifford & Co. increased its stake in shares of Rocket Lab by 47.2% in the fourth quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer’s stock worth $1,245,317,000 after buying an additional 5,725,536 shares during the period. Vanguard Group Inc. grew its holdings in Rocket Lab by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock worth $3,308,033,000 after acquiring an additional 5,610,469 shares during the last quarter. Norges Bank bought a new stake in Rocket Lab in the 4th quarter worth $341,036,000. Alliancebernstein L.P. increased its position in shares of Rocket Lab by 818.8% in the third quarter. Alliancebernstein L.P. now owns 2,190,132 shares of the rocket manufacturer’s stock valued at $104,929,000 after acquiring an additional 1,951,755 shares during the period. Finally, Capital World Investors increased its position in shares of Rocket Lab by 12.0% in the fourth quarter. Capital World Investors now owns 16,200,726 shares of the rocket manufacturer’s stock valued at $1,130,172,000 after acquiring an additional 1,738,623 shares during the period. 71.78% of the stock is currently owned by institutional investors.
About Rocket Lab
Rocket Lab is an aerospace company that provides launch services, spacecraft, and space systems for commercial and government customers. The company’s primary launch vehicle is Electron, a small-lift orbital rocket designed to deploy small satellites and rideshare payloads to low Earth orbit. Rocket Lab also develops and manufactures the Rutherford engine, noted for its electric-pump-fed design and additive-manufactured components, which powers Electron and supports the company’s propulsion capabilities.
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