Rocket Lab (NASDAQ:RKLB) Stock Price Down 9.5% – Time to Sell?

Shares of Rocket Lab Corporation (NASDAQ:RKLB) were down 9.5% during trading on Monday . The stock traded as low as $80.01 and last traded at $80.4250. Approximately 21,375,449 shares changed hands during trading, a decline of 26% from the average daily volume of 28,728,869 shares. The stock had previously closed at $88.90.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. TD Cowen reaffirmed a “buy” rating on shares of Rocket Lab in a report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Rocket Lab in a report on Wednesday, December 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Rocket Lab in a report on Thursday. Bank of America raised their price target on Rocket Lab from $60.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Finally, Wall Street Zen raised Rocket Lab from a “sell” rating to a “hold” rating in a research report on Saturday, January 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Rocket Lab has an average rating of “Moderate Buy” and an average target price of $72.92.

Rocket Lab Stock Down 9.5%

The firm’s 50-day simple moving average is $66.40 and its 200-day simple moving average is $56.50. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.83 and a current ratio of 3.18. The company has a market capitalization of $42.96 billion, a price-to-earnings ratio of -211.64 and a beta of 2.16.

Rocket Lab (NASDAQ:RKLB) last released its earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rocket Lab had a negative net margin of 35.64% and a negative return on equity of 27.26%. The business had revenue of $155.08 million during the quarter, compared to analysts’ expectations of $152.45 million. During the same quarter last year, the company earned ($0.10) earnings per share. The firm’s revenue was up 48.0% on a year-over-year basis. Sell-side analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Frank Klein sold 100,000 shares of Rocket Lab stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $72.95, for a total transaction of $7,295,000.00. Following the sale, the insider owned 1,169,487 shares of the company’s stock, valued at approximately $85,314,076.65. This trade represents a 7.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Nina Armagno sold 27,314 shares of the company’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $68.21, for a total value of $1,863,087.94. Following the completion of the transaction, the director owned 108,940 shares of the company’s stock, valued at $7,430,797.40. The trade was a 20.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 4,306,150 shares of company stock worth $271,865,732. 11.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab

A number of hedge funds have recently made changes to their positions in the business. Sara Bay Financial lifted its stake in shares of Rocket Lab by 0.7% in the 4th quarter. Sara Bay Financial now owns 15,905 shares of the rocket manufacturer’s stock valued at $1,121,000 after purchasing an additional 117 shares during the period. ORG Partners LLC boosted its holdings in Rocket Lab by 9.1% during the fourth quarter. ORG Partners LLC now owns 1,458 shares of the rocket manufacturer’s stock worth $102,000 after buying an additional 121 shares during the last quarter. Traynor Capital Management Inc. grew its position in shares of Rocket Lab by 1.9% during the 4th quarter. Traynor Capital Management Inc. now owns 7,191 shares of the rocket manufacturer’s stock worth $502,000 after buying an additional 133 shares during the period. Capital Advisors Wealth Management LLC increased its stake in shares of Rocket Lab by 1.0% in the 4th quarter. Capital Advisors Wealth Management LLC now owns 13,466 shares of the rocket manufacturer’s stock valued at $939,000 after acquiring an additional 136 shares during the last quarter. Finally, Capital Investment Advisory Services LLC raised its position in shares of Rocket Lab by 2.1% in the 3rd quarter. Capital Investment Advisory Services LLC now owns 10,432 shares of the rocket manufacturer’s stock valued at $500,000 after acquiring an additional 212 shares during the period. 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.