Rocket Lab Corporation (NASDAQ:RKLB – Get Free Report)’s stock price dropped 8.2% during mid-day trading on Friday . The stock traded as low as $106.73 and last traded at $110.08. Approximately 21,069,328 shares traded hands during trading, a decline of 13% from the average daily volume of 24,126,744 shares. The stock had previously closed at $119.95.
Key Headlines Impacting Rocket Lab
Here are the key news stories impacting Rocket Lab this week:
- Positive Sentiment: Stifel raised its price target on Rocket Lab to $132 from $110 and reiterated a Buy rating, citing stronger growth ahead and helping lift sentiment around the stock. Article Title
- Positive Sentiment: Several articles note that Rocket Lab is benefiting from a broader “space trade”, with investors rotating into public space names as excitement builds around the SpaceX IPO roadshow and related industry growth. Article Title
- Positive Sentiment: Recent commentary also points to Rocket Lab’s strong operating trend, including 63.5% year-over-year revenue growth, expanding gross margin, and a $2.2 billion backlog, which support the bull case for long-term investors. Article Title
Wall Street Analysts Forecast Growth
A number of research analysts have commented on the company. Clear Str upgraded Rocket Lab to a “strong-buy” rating in a research note on Wednesday, March 18th. Roth Mkm lifted their price target on Rocket Lab from $90.00 to $100.00 and gave the company a “buy” rating in a report on Friday, April 17th. BTIG Research reissued a “hold” rating on shares of Rocket Lab in a research note on Tuesday, May 12th. Zacks Research lowered shares of Rocket Lab from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Finally, Citigroup reiterated an “outperform” rating on shares of Rocket Lab in a research note on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.88.
Rocket Lab Trading Down 8.2%
The company has a fifty day simple moving average of $96.28 and a two-hundred day simple moving average of $78.47. The company has a market capitalization of $63.71 billion, a P/E ratio of -344.00 and a beta of 2.49. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.47 and a quick ratio of 4.02.
Rocket Lab (NASDAQ:RKLB – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, meeting analysts’ consensus estimates of ($0.07). Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The business had revenue of $200.35 million for the quarter, compared to analyst estimates of $189.65 million. During the same quarter in the prior year, the firm posted ($0.12) EPS. The firm’s revenue for the quarter was up 63.4% on a year-over-year basis. On average, analysts forecast that Rocket Lab Corporation will post -0.29 earnings per share for the current fiscal year.
Insider Activity at Rocket Lab
In related news, Director Alexander R. Slusky sold 100,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $118.08, for a total transaction of $11,808,000.00. Following the completion of the sale, the director directly owned 434,675 shares of the company’s stock, valued at approximately $51,326,424. This represents a 18.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Marvin Bradford Clevenger sold 15,549 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $142.57, for a total value of $2,216,820.93. Following the completion of the sale, the insider directly owned 477,475 shares in the company, valued at approximately $68,073,610.75. This represents a 3.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 445,515 shares of company stock valued at $61,965,882. 8.40% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the business. Aventura Private Wealth LLC acquired a new position in shares of Rocket Lab during the fourth quarter worth approximately $25,000. UMB Bank n.a. raised its stake in Rocket Lab by 352.5% during the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock valued at $26,000 after purchasing an additional 423 shares during the last quarter. Mcguire Capital Advisors Inc. bought a new stake in Rocket Lab in the 4th quarter valued at $27,000. Zions Bancorporation National Association UT bought a new stake in Rocket Lab in the 4th quarter valued at $28,000. Finally, EverSource Wealth Advisors LLC grew its position in Rocket Lab by 109.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock worth $28,000 after purchasing an additional 416 shares during the last quarter. 71.78% of the stock is 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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