Shares of Rocket Lab Corporation (NASDAQ:RKLB – Get Free Report) fell 1.6% during mid-day trading on Wednesday . The stock traded as low as $97.62 and last traded at $100.07. 21,328,689 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 25,102,785 shares. The stock had previously closed at $101.65.
Trending Headlines about Rocket Lab
Here are the key news stories impacting Rocket Lab this week:
- Positive Sentiment: Rocket Lab’s $8 billion Iridium acquisition is fueling a sharp re-rating story, with investors betting it will create a vertically integrated space and satellite communications platform. Rocket Lab enters satellite communications market with $8-billion deal
- Positive Sentiment: Analyst upgrades and higher price targets followed the deal, reinforcing the view that Rocket Lab’s competitive position and long-term revenue mix are improving. Rocket Lab Stock Jumps as Top Analyst Lifts Price Target, Sees a ‘Vertically Integrated Space Platform’
- Positive Sentiment: Rocket Lab’s expansion in mission software adds another growth lever and supports its strategy to offer more integrated space solutions. How Is Rocket Lab Expanding Through Space Mission Software?
- Neutral Sentiment: Rocket Lab paused a planned satellite launch for Japan’s QPS, which is a near-term operational delay but not necessarily a fundamental issue. RKLB Stock Slips Overnight: Rocket Lab Stands Down From 92nd Satellite Launch For Japan’s QPS
Analysts Set New Price Targets
A number of equities analysts have commented on the company. Bank of America raised their price objective on Rocket Lab from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday. Stifel Nicolaus set a $132.00 target price on Rocket Lab in a report on Thursday, June 4th. Citizens Jmp boosted their price target on Rocket Lab from $95.00 to $130.00 and gave the company a “market outperform” rating in a research note on Tuesday. BTIG Research reiterated a “hold” rating on shares of Rocket Lab in a research note on Tuesday, May 12th. Finally, TD Cowen raised their target price on shares of Rocket Lab from $90.00 to $120.00 and gave the company a “buy” rating in a report on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Rocket Lab has an average rating of “Moderate Buy” and a consensus target price of $108.24.
Rocket Lab Trading Down 1.6%
The company has a market cap of $57.92 billion, a P/E ratio of -312.72 and a beta of 2.49. The firm’s 50 day moving average is $108.11 and its two-hundred day moving average is $85.71. The company has a quick ratio of 4.02, a current ratio of 4.47 and a debt-to-equity ratio of 0.02.
Rocket Lab (NASDAQ:RKLB – Get Free Report) last released its earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.07). Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The business had revenue of $200.35 million during the quarter, compared to the consensus estimate of $189.65 million. During the same quarter in the prior year, the firm posted ($0.12) EPS. The company’s revenue for the quarter was up 63.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Rocket Lab Corporation will post -0.29 EPS for the current year.
Insider Buying and Selling at Rocket Lab
In other news, CFO Adam C. Spice sold 62,744 shares of Rocket Lab stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $142.57, for a total value of $8,945,412.08. Following the completion of the transaction, the chief financial officer directly owned 983,049 shares of the company’s stock, valued at approximately $140,153,295.93. This trade represents a 6.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Frank Klein sold 36,860 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $147.42, for a total value of $5,433,901.20. Following the completion of the transaction, the insider directly owned 1,006,987 shares in the company, valued at $148,450,023.54. This represents a 3.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 573,515 shares of company stock valued at $76,412,122. 8.40% of the stock is owned by corporate insiders.
Institutional Trading of Rocket Lab
Large investors have recently modified their holdings of the stock. Western Wealth Management LLC increased its stake in shares of Rocket Lab by 4.6% in the 1st quarter. Western Wealth Management LLC now owns 4,088 shares of the rocket manufacturer’s stock valued at $263,000 after acquiring an additional 180 shares in the last quarter. Parallel Advisors LLC boosted its stake in Rocket Lab by 16.1% during the first quarter. Parallel Advisors LLC now owns 3,033 shares of the rocket manufacturer’s stock worth $195,000 after acquiring an additional 421 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Rocket Lab by 2.3% in the first quarter. NewEdge Advisors LLC now owns 48,567 shares of the rocket manufacturer’s stock worth $3,119,000 after purchasing an additional 1,076 shares during the period. Glenmede Trust Co. NA grew its holdings in Rocket Lab by 3.4% in the first quarter. Glenmede Trust Co. NA now owns 8,656 shares of the rocket manufacturer’s stock worth $556,000 after purchasing an additional 282 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Rocket Lab by 8.5% in the first quarter. Janus Henderson Group PLC now owns 198,013 shares of the rocket manufacturer’s stock valued at $12,715,000 after purchasing an additional 15,558 shares in the last quarter. 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.
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