Insider Selling: Rocket Lab (NASDAQ:RKLB) Director Sells $11,808,000.00 in Stock

Rocket Lab Corporation (NASDAQ:RKLB) Director Alexander Slusky sold 100,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $118.08, for a total transaction of $11,808,000.00. Following the sale, the director directly owned 434,675 shares in the company, valued at $51,326,424. This represents a 18.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Rocket Lab Price Performance

Shares of Rocket Lab stock opened at $124.77 on Friday. The company has a current ratio of 4.47, a quick ratio of 4.02 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $72.21 billion, a price-to-earnings ratio of -389.91 and a beta of 2.30. Rocket Lab Corporation has a 1-year low of $23.92 and a 1-year high of $133.18. The firm’s 50-day moving average price is $78.81 and its two-hundred day moving average price is $70.82.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). The firm had revenue of $200.35 million for the quarter, compared to analysts’ expectations of $189.65 million. Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The company’s quarterly revenue was up 63.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.12) earnings per share. On average, equities analysts predict that Rocket Lab Corporation will post -0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Lab

Several large investors have recently bought and sold shares of RKLB. Baillie Gifford & Co. lifted its holdings in Rocket Lab by 176.1% in the third quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer’s stock valued at $580,952,000 after buying an additional 7,734,788 shares during the period. Vanguard Group Inc. lifted its holdings in Rocket Lab by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock valued at $3,308,033,000 after buying an additional 5,610,469 shares during the period. Norges Bank acquired a new position in Rocket Lab in the fourth quarter valued at approximately $341,036,000. Alliancebernstein L.P. lifted its holdings in 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 buying an additional 1,951,755 shares during the period. Finally, Capital World Investors lifted its holdings in 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 buying an additional 1,738,623 shares during the period. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RKLB. Deutsche Bank Aktiengesellschaft upped their target price on shares of Rocket Lab from $73.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday. Wells Fargo & Company began coverage on shares of Rocket Lab in a research report on Wednesday, April 1st. They set an “equal weight” rating and a $60.00 target price on the stock. New Street Research began coverage on shares of Rocket Lab in a research report on Wednesday. They set a “buy” rating and a $150.00 target price on the stock. Wall Street Zen upgraded shares of Rocket Lab from a “sell” rating to a “hold” rating in a research report on Sunday, February 8th. Finally, TD Cowen upped their target price on shares of Rocket Lab from $90.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $97.19.

Key Headlines Impacting Rocket Lab

Here are the key news stories impacting Rocket Lab this week:

• Positive Sentiment: Investors are still reacting to Rocket Lab’s Q1 earnings beat, with revenue up 63% year over year to about $200.4 million and a backlog of $2.2 billion, reinforcing confidence in the company’s growth trajectory. Why Rocket Lab Stock Is Rocketing Higher This Week
• Positive Sentiment: Analyst sentiment has improved after the report, including a higher price target from Deutsche Bank and additional bullish commentary that suggests Wall Street sees more upside if execution stays strong. Why Rocket Lab Stock Is Rocketing Higher This Week
• Positive Sentiment: Momentum is also being fueled by optimism around Rocket Lab’s Neutron rocket program, which investors see as a potential catalyst for expansion into a larger launch market later this year. Rocket Lab Stock Is Getting a Major Lift. Investors Are Betting on Its Neutron Launch Later This Year.
• Positive Sentiment: New contract wins and defense-related expansion, including work tied to missile defense and hypersonics, are helping investors view Rocket Lab as more than just a small-satellite launch company. Rocket Lab Targets Missile Defense and Golden Dome as Its Next Growth Market
• Neutral Sentiment: Some investors are also watching the recent insider selling by director Alexander Slusky, which may weigh on sentiment at these elevated levels but does not change the company’s operating story. Director Alexander R. Slusky transaction filing

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.