Rocket Lab (NASDAQ:RKLB) Insider Frank Klein Sells 36,860 Shares

Rocket Lab Corporation (NASDAQ:RKLB) insider Frank Klein sold 36,860 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $147.42, for a total value of $5,433,901.20. Following the transaction, the insider owned 1,006,987 shares in the company, valued at approximately $148,450,023.54. This represents a 3.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Frank Klein also recently made the following trade(s):

• On Tuesday, May 26th, Frank Klein sold 44,390 shares of Rocket Lab stock. The shares were sold at an average price of $142.57, for a total value of $6,328,682.30.
• On Wednesday, March 4th, Frank Klein sold 36,768 shares of Rocket Lab stock. The shares were sold at an average price of $71.95, for a total value of $2,645,457.60.

Rocket Lab Stock Down 14.7%

Shares of NASDAQ:RKLB opened at $122.39 on Tuesday. Rocket Lab Corporation has a 1 year low of $25.24 and a 1 year high of $151.00. The company has a market cap of $70.83 billion, a PE ratio of -382.47 and a beta of 2.48. 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 stock’s 50-day moving average is $93.14 and its 200 day moving average is $76.94.

Rocket Lab (NASDAQ:RKLB) last announced its quarterly earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The company had revenue of $200.35 million for the quarter, compared to the consensus estimate of $189.65 million. During the same quarter in the previous year, the business earned ($0.12) EPS. Rocket Lab’s revenue was up 63.4% compared to the same quarter last year. Sell-side analysts anticipate that Rocket Lab Corporation will post -0.29 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. BTIG Research reiterated a “hold” rating on shares of Rocket Lab in a report on Tuesday, May 12th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Rocket Lab in a report on Wednesday, May 27th. TD Cowen upped their target price on Rocket Lab from $90.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Needham & Company LLC upped their target price on Rocket Lab from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Finally, New Street Research assumed coverage on Rocket Lab in a report on Wednesday, May 13th. They set a “buy” rating and a $150.00 target price on the stock. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Rocket Lab presently has an average rating of “Moderate Buy” and a consensus target price of $97.19.

Key Stories Impacting Rocket Lab

Here are the key news stories impacting Rocket Lab this week:

• Negative Sentiment: Rocket Lab shares are being hit by broad weakness across the space sector, as investors reassess stretched valuations and worry that the SpaceX IPO could draw money away from pure-play space names. Rocket Lab Stock Is Tumbling Today: What’s Happening?
• Negative Sentiment: Multiple insiders sold shares, including SVP Arjun Kampani, Frank Klein, Marvin Bradford Clevenger, and Director Alexander R. Slusky, which can weigh on investor confidence in the near term despite the sales being disclosed under trading plans.
• Neutral Sentiment: Recent commentary also notes that Rocket Lab remains a major name in the commercial space industry, with its Neutron rocket still a key long-term catalyst and the company’s backlog and revenue growth supporting the bullish long-term case. Should You Buy Rocket Lab Stock Ahead of the SpaceX IPO?

Institutional Trading of Rocket Lab

Several hedge funds and other institutional investors have recently made changes to their positions in RKLB. Arizona State Retirement System lifted its position in Rocket Lab by 13.6% in the 3rd quarter. Arizona State Retirement System now owns 127,794 shares of the rocket manufacturer’s stock valued at $6,123,000 after acquiring an additional 15,307 shares in the last quarter. Swedbank AB lifted its position in Rocket Lab by 8.2% in the 4th quarter. Swedbank AB now owns 509,250 shares of the rocket manufacturer’s stock valued at $35,525,000 after acquiring an additional 38,770 shares in the last quarter. Firsthand Capital Management Inc. lifted its holdings in shares of Rocket Lab by 40.0% during the 3rd quarter. Firsthand Capital Management Inc. now owns 70,000 shares of the rocket manufacturer’s stock valued at $3,354,000 after buying an additional 20,000 shares during the period. Swiss National Bank lifted its holdings in shares of Rocket Lab by 67.7% during the 3rd quarter. Swiss National Bank now owns 1,243,630 shares of the rocket manufacturer’s stock valued at $59,582,000 after buying an additional 501,830 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Rocket Lab by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock valued at $3,308,033,000 after buying an additional 5,610,469 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.