Shares of Rocket Lab Corporation (NASDAQ:RKLB – Get Free Report) dropped 11.6% during trading on Thursday . The stock traded as low as $66.00 and last traded at $67.35. 30,629,235 shares traded hands during trading, an increase of 24% from the average daily volume of 24,733,967 shares. The stock had previously closed at $76.20.
Key Headlines Impacting Rocket Lab
Here are the key news stories impacting Rocket Lab this week:
- Negative Sentiment: Piper Sandler initiated coverage with a Neutral/Hold view, signaling limited near-term upside and adding to investor caution after the stock had already been sliding. Rocket Lab Stock Plunges After Piper Sandler Starts Coverage at Neutral
- Negative Sentiment: Investors are also worried about Rocket Lab’s pending $8 billion Iridium acquisition, including possible share dilution and the need for $3.6 billion in bridge financing, which could weigh on the stock. Why Is Rocket Lab Stock Falling on Thursday?
- Negative Sentiment: Recent reports point to a broader selloff across space stocks, with fear around debt, volatility, and sector sentiment spilling over into RKLB. AST SpaceMobile Stock Sinks as SpaceX Fallout Rattles Space Sector
- Negative Sentiment: Technical traders say RKLB broke an important support level, raising the risk of further downside if buyers do not step in soon. Stock of the Day: Where Is the Bottom for Rocket Lab?
Wall Street Analysts Forecast Growth
RKLB has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Rocket Lab from $73.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Citigroup reissued an “outperform” rating on shares of Rocket Lab in a research note on Tuesday, June 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 target price on shares of Rocket Lab in a report on Tuesday, June 30th. Morgan Stanley reaffirmed an “overweight” rating on shares of Rocket Lab in a research report on Wednesday, July 8th. Finally, Bank of America upped their target price on Rocket Lab from $105.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Three investment 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $110.18.
Rocket Lab Price Performance
The company has a debt-to-equity ratio of 0.02, a current ratio of 4.47 and a quick ratio of 4.02. The firm has a market cap of $39.14 billion, a price-to-earnings ratio of -211.31 and a beta of 2.54. The stock’s fifty day moving average price is $107.97 and its 200-day moving average price is $87.15.
Rocket Lab (NASDAQ:RKLB – Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, hitting 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 firm had revenue of $200.35 million during the quarter, compared to analyst estimates of $189.65 million. During the same quarter last year, the business posted ($0.12) EPS. The company’s revenue was up 63.4% on a year-over-year basis. Equities research analysts predict that Rocket Lab Corporation will post -0.26 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, insider Marvin Bradford Clevenger sold 3,500 shares of Rocket Lab 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 transaction, the insider owned 473,975 shares in the company, valued at approximately $69,517,913.25. The trade was a 0.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Alexander R. Slusky sold 40,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $123.60, for a total value of $4,944,000.00. Following the transaction, the director directly owned 334,675 shares in the company, valued at $41,365,830. The trade was a 10.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,849,294 shares of company stock valued at $362,816,208 over the last quarter. 8.40% of the stock is owned by insiders.
Institutional Trading of Rocket Lab
A number of hedge funds have recently made changes to their positions in RKLB. Aventura Private Wealth LLC acquired a new position in Rocket Lab in the 4th quarter valued at approximately $25,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of Rocket Lab during the 4th quarter valued at $27,000. Zions Bancorporation National Association UT acquired a new stake in shares of Rocket Lab during the 4th quarter valued at $28,000. EverSource Wealth Advisors LLC grew its holdings in shares of Rocket Lab by 109.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock valued at $28,000 after acquiring an additional 416 shares in the last quarter. Finally, Gordian Capital Singapore Pte Ltd purchased a new position in shares of Rocket Lab during the 4th quarter valued at $29,000. 71.78% of the stock is owned by hedge funds and other institutional investors.
Rocket Lab Company Profile
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.
See Also
- Five stocks we like better than Rocket Lab
- Delta vs. United: Which Airline Is Better Built for Higher Fuel Costs?
- The Market Sold Alcoa After Earnings—But It May Be Missing the Real Story
- Why Intuitive Surgical’s Strong Quarter Still Spooked Investors
- MarketBeat Week in Review – 07/13- 07/17
Receive News & Ratings for Rocket Lab Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rocket Lab and related companies with MarketBeat.com's FREE daily email newsletter.
