Rocket Lab (NASDAQ:RKLB) Trading Down 3.6% Following Insider Selling

Rocket Lab Corporation (NASDAQ:RKLB) shares were down 3.6% during trading on Tuesday following insider selling activity. The stock traded as low as $68.62 and last traded at $68.93. Approximately 18,159,272 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 21,574,803 shares. The stock had previously closed at $71.48.

Specifically, Director Merline Saintil sold 18,126 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $75.04, for a total transaction of $1,360,175.04. Following the sale, the director owned 261,903 shares in the company, valued at $19,653,201.12. This represents a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Peter Beck sold 18,857 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $69.59, for a total transaction of $1,312,258.63. Following the transaction, the chief executive officer owned 884,085 shares in the company, valued at $61,523,475.15. This represents a 2.09% decrease in their position. The disclosure for this sale is available in the SEC filing. In other news, SVP Arjun Kampani sold 23,711 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $71.95, for a total value of $1,706,006.45. Following the transaction, the senior vice president directly owned 397,988 shares in the company, valued at $28,635,236.60. This trade represents a 5.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Citizens Jmp restated a “market perform” rating on shares of Rocket Lab in a research report on Friday, February 27th. Morgan Stanley raised shares of Rocket Lab from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $67.00 to $105.00 in a report on Friday, January 16th. KeyCorp cut Rocket Lab from an “overweight” rating to a “sector weight” rating in a report on Thursday, January 15th. Bank of America increased their price objective on shares of Rocket Lab from $60.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Finally, Citigroup reiterated a “market perform” rating on shares of Rocket Lab in a report on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Rocket Lab currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.92.

Rocket Lab Trading Down 3.6%

The company has a current ratio of 4.08, a quick ratio of 3.61 and a debt-to-equity ratio of 0.10. The firm has a market cap of $36.82 billion, a price-to-earnings ratio of -186.29 and a beta of 2.20. The company has a fifty day moving average price of $77.63 and a 200-day moving average price of $62.44.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Arizona State Retirement System boosted its stake in shares of Rocket Lab by 13.6% in the 3rd quarter. Arizona State Retirement System now owns 127,794 shares of the rocket manufacturer’s stock valued at $6,123,000 after buying an additional 15,307 shares during the period. Cadent Capital Advisors LLC acquired a new stake in Rocket Lab in the third quarter valued at approximately $668,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Rocket Lab by 44.7% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 992,777 shares of the rocket manufacturer’s stock worth $35,512,000 after acquiring an additional 306,713 shares during the last quarter. Orion Porfolio Solutions LLC purchased a new position in Rocket Lab in the second quarter worth approximately $1,009,000. Finally, Norges Bank acquired a new position in Rocket Lab during the 2nd quarter worth approximately $164,751,000. Institutional investors and hedge funds own 71.78% of the company’s stock.

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.