Rocket Lab (NASDAQ:RKLB) Insider Marvin Bradford Clevenger Sells 3,500 Shares

Rocket Lab Corporation (NASDAQ:RKLB) 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 value of $513,345.00. Following the sale, the insider directly owned 473,975 shares of the company’s stock, valued at $69,517,913.25. This represents a 0.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Marvin Bradford Clevenger also recently made the following trade(s):

• On Tuesday, May 26th, Marvin Bradford Clevenger sold 15,549 shares of Rocket Lab stock. The stock was sold at an average price of $142.57, for a total value of $2,216,820.93.

Rocket Lab Stock Down 14.7%

RKLB opened at $122.39 on Tuesday. Rocket Lab Corporation has a fifty-two week low of $25.24 and a fifty-two week high of $151.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.02 and a current ratio of 4.47. The company has a market capitalization of $70.83 billion, a P/E ratio of -382.47 and a beta of 2.48. The stock has a fifty day moving average of $93.14 and a 200-day moving average of $76.94.

Rocket Lab (NASDAQ:RKLB) last posted its earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, hitting 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 during the quarter, compared to the consensus estimate of $189.65 million. During the same quarter last year, the firm earned ($0.12) earnings per share. The company’s revenue was up 63.4% on a year-over-year basis. On average, equities analysts expect that Rocket Lab Corporation will post -0.29 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on RKLB shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Rocket Lab in a research note on Wednesday, May 27th. Citizens Jmp boosted their price target on Rocket Lab from $85.00 to $95.00 and gave the company a “market outperform” rating in a research note on Friday, May 8th. Roth Mkm boosted their price target on Rocket Lab from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Wells Fargo & Company started coverage on Rocket Lab in a research note on Wednesday, April 1st. They issued an “equal weight” rating and a $60.00 price target for the company. Finally, BTIG Research reaffirmed a “hold” rating on shares of Rocket Lab in a research note on Tuesday, May 12th. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $97.19.

Rocket Lab News Roundup

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. Aventura Private Wealth LLC bought a new stake in shares of Rocket Lab during the fourth quarter worth about $25,000. UMB Bank n.a. grew its holdings in shares of Rocket Lab by 352.5% during the third quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock worth $26,000 after purchasing an additional 423 shares during the last quarter. Mcguire Capital Advisors Inc. bought a new stake in shares of Rocket Lab during the fourth quarter worth about $27,000. Zions Bancorporation National Association UT bought a new stake in shares of Rocket Lab during the fourth quarter worth about $28,000. Finally, EverSource Wealth Advisors LLC grew its holdings 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 purchasing an additional 416 shares during the last quarter. 71.78% of the stock is currently owned by 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.