Rocket Lab (NASDAQ:RKLB) Shares Down 2.8% – What’s Next?

Rocket Lab Corporation (NASDAQ:RKLB) shares traded down 2.8% during mid-day trading on Monday . The company traded as low as $65.44 and last traded at $65.74. 17,759,278 shares traded hands during trading, a decline of 28% from the average session volume of 24,669,340 shares. The stock had previously closed at $67.62.

Analysts Set New Price Targets

RKLB has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $120.00 target price on shares of Rocket Lab in a report on Tuesday, June 30th. KeyCorp raised shares of Rocket Lab from a “sector weight” rating to an “overweight” rating and set a $135.00 price target on the stock in a report on Monday, June 15th. TD Cowen raised their price objective on shares of Rocket Lab from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, May 8th. BTIG Research reaffirmed a “hold” rating on shares of Rocket Lab in a research note on Tuesday, May 12th. Finally, Bank of America upped their target price on shares of Rocket Lab from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $110.18.

Rocket Lab Price Performance

The business has a 50 day simple moving average of $107.97 and a two-hundred day simple moving average of $87.27. The firm has a market capitalization of $38.05 billion, a P/E ratio of -205.44 and a beta of 2.54. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.02 and a current ratio of 4.47.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, hitting the consensus estimate of ($0.07). The company had revenue of $200.35 million during the quarter, compared to analyst estimates of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.Rocket Lab’s revenue was up 63.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. On average, sell-side analysts expect that Rocket Lab Corporation will post -0.26 EPS for the current fiscal year.

Insider Buying and Selling at Rocket Lab

In other Rocket Lab news, CEO Peter Beck sold 990,960 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $82.86, for a total value of $82,110,945.60. Following the completion of the transaction, the chief executive officer owned 1,724,221 shares of the company’s stock, valued at $142,868,952.06. The trade was a 36.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Marvin Bradford Clevenger sold 3,500 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $146.67, for a total transaction of $513,345.00. Following the completion of the transaction, the insider directly owned 473,975 shares in the company, valued at $69,517,913.25. The trade was a 0.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,849,294 shares of company stock valued at $362,816,208 over the last quarter. Company insiders own 8.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RKLB. Baillie Gifford & Co. raised its holdings in shares of Rocket Lab by 47.2% during the 4th quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer’s stock valued at $1,245,317,000 after buying an additional 5,725,536 shares in the last quarter. Vanguard Group Inc. boosted its stake 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 worth $3,308,033,000 after buying an additional 5,610,469 shares in the last quarter. Norges Bank bought a new position in Rocket Lab during the fourth quarter valued at approximately $341,036,000. Alliancebernstein L.P. grew its position in Rocket Lab by 818.8% during the third quarter. Alliancebernstein L.P. now owns 2,190,132 shares of the rocket manufacturer’s stock valued at $104,929,000 after acquiring an additional 1,951,755 shares during the last quarter. Finally, Capital World Investors raised its stake in shares of Rocket Lab by 12.0% during the fourth quarter. Capital World Investors now owns 16,200,726 shares of the rocket manufacturer’s stock worth $1,130,172,000 after acquiring an additional 1,738,623 shares in the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

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.