Rocket Lab Corporation (NASDAQ:RKLB – Get Free Report)’s stock price was down 14.7% during mid-day trading on Monday . The stock traded as low as $121.00 and last traded at $122.39. Approximately 36,936,088 shares traded hands during trading, an increase of 53% from the average daily volume of 24,215,254 shares. The stock had previously closed at $143.48.
Rocket Lab News Roundup
Here are the key news stories impacting Rocket Lab this week:
- Negative Sentiment: Rocket Lab shares are under pressure as the space sector sells off on stretched valuations and fears that SpaceX’s upcoming public debut could spark a rotation out of other space stocks. Space Sector Faces Reality Check: Rocket Lab (RKLB), Firefly and Redwire Plunge on Valuation Concerns
- Neutral Sentiment: Some commentary remains constructive, noting that Rocket Lab could benefit long term from growth in the global space economy and its position as a pure-play space company. Should You Buy Rocket Lab Stock Ahead of the SpaceX IPO?
- Neutral Sentiment: Analysts and market watchers are also debating Rocket Lab’s re-rating, with the SpaceX IPO seen as a key catalyst that could either support the stock’s long-term narrative or pressure valuations across the group. Examining the re-rating of RKLB, PL, and ASTS equities
Analyst Upgrades and Downgrades
Several analysts have issued reports on RKLB shares. Wells Fargo & Company started coverage on shares of Rocket Lab in a research note on Wednesday, April 1st. They set an “equal weight” rating and a $60.00 target price on the stock. Wall Street Zen upgraded shares of Rocket Lab from a “sell” rating to a “hold” rating in a report on Sunday, February 8th. New Street Research started coverage on shares of Rocket Lab in a report on Wednesday, May 13th. They set a “buy” rating and a $150.00 price target on the stock. BTIG Research restated a “hold” rating on shares of Rocket Lab in a report on Tuesday, May 12th. Finally, Clear Str upgraded shares of Rocket Lab to a “strong-buy” rating in a report on Wednesday, March 18th. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Rocket Lab has a consensus rating of “Moderate Buy” and an average price target of $97.19.
Rocket Lab Price Performance
The stock has a market capitalization of $70.83 billion, a P/E ratio of -382.47 and a beta of 2.48. The stock’s fifty day moving average is $92.13 and its 200-day moving average is $76.44. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.47 and a quick ratio of 4.02.
Rocket Lab (NASDAQ:RKLB – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (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 analysts’ expectations of $189.65 million. During the same period in the prior year, the company posted ($0.12) earnings per share. Rocket Lab’s revenue for the quarter was up 63.4% on a year-over-year basis. On average, equities analysts anticipate that Rocket Lab Corporation will post -0.29 earnings per share for the current year.
Insider Activity at Rocket Lab
In other Rocket Lab news, CFO Adam C. Spice sold 62,744 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $142.57, for a total transaction of $8,945,412.08. Following the completion of the sale, the chief financial officer directly owned 983,049 shares in the company, valued at $140,153,295.93. This represents a 6.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alexander R. Slusky sold 100,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $118.08, for a total transaction of $11,808,000.00. Following the sale, the director owned 434,675 shares of the company’s stock, valued at $51,326,424. This trade represents a 18.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 399,956 shares of company stock valued at $49,256,851. 8.40% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in RKLB. AQR Capital Management LLC raised its position in shares of Rocket Lab by 114.0% during the first quarter. AQR Capital Management LLC now owns 174,308 shares of the rocket manufacturer’s stock valued at $3,117,000 after buying an additional 92,849 shares during the last quarter. NewEdge Advisors LLC grew its stake in Rocket Lab by 1,812.1% during the first quarter. NewEdge Advisors LLC now owns 36,807 shares of the rocket manufacturer’s stock worth $658,000 after buying an additional 34,882 shares during the last quarter. Jones Financial Companies Lllp grew its stake in Rocket Lab by 53.8% during the first quarter. Jones Financial Companies Lllp now owns 15,745 shares of the rocket manufacturer’s stock worth $282,000 after buying an additional 5,507 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Rocket Lab by 13.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 773,548 shares of the rocket manufacturer’s stock worth $13,831,000 after buying an additional 90,758 shares during the last quarter. Finally, Focus Partners Wealth grew its stake in Rocket Lab by 1.0% during the first quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer’s stock worth $1,206,000 after buying an additional 681 shares during the last quarter. 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.
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