Rocket Lab (NASDAQ:RKLB) Trading Down 2.8% Following Insider Selling

by · The Markets Daily

Rocket Lab Corporation (NASDAQ:RKLB – Get Free Report) traded down 2.8% on Wednesday after an insider sold shares in the company. The stock traded as low as $53.09 and last traded at $53.96. 23,635,830 shares changed hands during trading, an increase of 14% from the average session volume of 20,787,281 shares. The stock had previously closed at $55.49.

Specifically, CEO Peter Beck sold 939,746 shares of Rocket Lab stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $54.73, for a total transaction of $51,432,298.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Peter Beck sold 1,560,254 shares of the stock in a transaction on Monday, December 15th. The shares were sold at an average price of $57.47, for a total value of $89,667,797.38. Following the completion of the transaction, the chief executive officer directly owned 939,746 shares in the company, valued at $54,007,202.62. This trade represents a 62.41% decrease in their position. The SEC filing for this sale provides additional information. In other Rocket Lab news, Director Merline Saintil sold 15,000 shares of Rocket Lab stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $65.00, for a total transaction of $975,000.00. Following the completion of the sale, the director directly owned 398,529 shares of the company’s stock, valued at $25,904,385. The trade was a 3.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

A number of research firms have recently commented on RKLB. Cantor Fitzgerald reiterated an “overweight” rating on shares of Rocket Lab in a report on Wednesday, December 3rd. Baird R W raised Rocket Lab to a “strong-buy” rating in a report on Thursday, October 16th. Bank of America increased their price target on shares of Rocket Lab from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Needham & Company LLC reissued a “buy” rating and set a $63.00 price objective on shares of Rocket Lab in a report on Tuesday, November 25th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Rocket Lab in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.

View Our Latest Stock Analysis on RKLB

Rocket Lab Stock Down 2.8%

The company has a debt-to-equity ratio of 0.32, a current ratio of 3.18 and a quick ratio of 2.83. The firm’s 50 day moving average price is $54.74 and its two-hundred day moving average price is $46.60. The firm has a market cap of $28.82 billion, a price-to-earnings ratio of -142.00 and a beta of 2.20.

Rocket Lab (NASDAQ:RKLB – Get Free Report) last issued its quarterly earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. Rocket Lab had a negative return on equity of 27.26% and a negative net margin of 35.64%.The firm had revenue of $155.08 million for the quarter, compared to analysts’ expectations of $152.45 million. During the same quarter in the previous year, the firm posted ($0.10) EPS. The firm’s revenue for the quarter was up 48.0% on a year-over-year basis. As a group, sell-side analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rocket Lab

Several large investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB purchased a new position in Rocket Lab in the 3rd quarter valued at $25,000. Hara Capital LLC acquired a new stake in shares of Rocket Lab in the 3rd quarter worth $25,000. UMB Bank n.a. boosted its holdings in shares of Rocket Lab by 352.5% in the third quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock valued at $26,000 after acquiring an additional 423 shares in the last quarter. Sound Income Strategies LLC acquired a new position in shares of Rocket Lab during the third quarter worth about $27,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Rocket Lab by 109.5% during the second quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock worth $28,000 after acquiring an additional 416 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

About Rocket Lab

(Get Free Report)

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.

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