Rocket Lab (NASDAQ:RKLB) Stock Price Down 1.3% – Here’s Why

Rocket Lab Corporation (NASDAQ:RKLB)’s share price fell 1.3% on Thursday . The company traded as low as $47.81 and last traded at $48.49. 4,468,518 shares were traded during 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

A number of brokerages have recently weighed in on RKLB. Wells Fargo & Company cut their price objective on Rocket Lab from $21.00 to $18.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. KeyCorp raised their price objective on Rocket Lab from $29.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday, July 2nd. The Goldman Sachs Group started coverage on Rocket Lab in a research report on Monday, June 30th. They issued a “neutral” rating and a $27.00 price target for the company. Roth Capital lifted their price target on Rocket Lab from $25.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, May 28th. Finally, Stifel Nicolaus lifted their price target on Rocket Lab from $29.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, May 28th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.10.

Rocket Lab Stock Down 1.5%

The stock has a market capitalization of $21.89 billion, a PE ratio of -118.58 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 fifty day moving average price is $33.89 and its two-hundred day moving average price is $26.54.

Rocket Lab (NASDAQ:RKLB) last announced 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). The company had revenue of $122.57 million for the quarter, compared to analysts’ expectations of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. Rocket Lab’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.09) earnings per share. On average, equities research analysts forecast that Rocket Lab Corporation will post -0.38 EPS for the current fiscal year.

Insider Activity at Rocket Lab

In other news, Director Merline Saintil sold 6,353 shares of the business’s stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total transaction of $212,063.14. Following the sale, the director directly owned 419,569 shares of the company’s stock, valued at $14,005,213.22. The trade was a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Ocko sold 820,000 shares of the company’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $26.01, for a total transaction of $21,328,200.00. Following the completion of the sale, the director directly owned 1,083,053 shares in the company, valued at approximately $28,170,208.53. The trade was a 43.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,130,995 shares of company stock valued at $29,686,039 over the last three months. 13.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab

Several institutional investors and hedge funds have recently modified their holdings of the stock. Truist Financial Corp raised its position in shares of Rocket Lab by 1.9% in the second quarter. Truist Financial Corp now owns 12,352 shares of the rocket manufacturer’s stock worth $442,000 after acquiring an additional 234 shares during the period. GAMMA Investing LLC boosted its stake in shares of Rocket Lab by 36.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,518 shares of the rocket manufacturer’s stock worth $54,000 after acquiring an additional 405 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Rocket Lab by 4.0% during the 1st quarter. Allworth Financial LP now owns 11,888 shares of the rocket manufacturer’s stock worth $213,000 after acquiring an additional 458 shares in the last quarter. Atria Wealth Solutions Inc. boosted its stake in shares of Rocket Lab by 1.4% during the 1st quarter. Atria Wealth Solutions Inc. now owns 35,085 shares of the rocket manufacturer’s stock worth $627,000 after acquiring an additional 500 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of Rocket Lab by 7.0% during the 2nd quarter. CWM LLC now owns 8,491 shares of the rocket manufacturer’s stock worth $304,000 after acquiring an additional 556 shares in the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.