Rocket Lab (NASDAQ:RKLB) SVP Arjun Kampani Sells 23,804 Shares of Stock

Rocket Lab Corporation (NASDAQ:RKLB) SVP Arjun Kampani sold 23,804 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $147.43, for a total transaction of $3,509,423.72. Following the transaction, the senior vice president directly owned 352,705 shares in the company, valued at approximately $51,999,298.15. This represents a 6.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Arjun Kampani also recently made the following trade(s):

• On Wednesday, May 27th, Arjun Kampani sold 70,000 shares of Rocket Lab stock. The stock was sold at an average price of $145.13, for a total transaction of $10,159,100.00.
• On Tuesday, May 26th, Arjun Kampani sold 28,668 shares of Rocket Lab stock. The stock was sold at an average price of $142.57, for a total transaction of $4,087,196.76.
• On Wednesday, March 4th, Arjun Kampani sold 23,711 shares of Rocket Lab stock. The stock was sold at an average price of $71.95, for a total transaction of $1,706,006.45.

Rocket Lab Stock Down 14.7%

Shares of NASDAQ RKLB opened at $122.39 on Tuesday. The firm has a market cap of $70.83 billion, a PE ratio of -382.47 and a beta of 2.48. Rocket Lab Corporation has a 12-month low of $25.24 and a 12-month high of $151.00. The company’s fifty day simple moving average is $93.14 and its 200 day simple moving average is $76.94. The company has a quick ratio of 4.02, a current ratio of 4.47 and a debt-to-equity ratio of 0.02.

Rocket Lab (NASDAQ:RKLB) last issued its earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). The business had revenue of $200.35 million for the quarter, compared to analyst estimates of $189.65 million. Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. Rocket Lab’s revenue was up 63.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.12) earnings per share. As a group, sell-side analysts forecast that Rocket Lab Corporation will post -0.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Needham & Company LLC increased their target price on shares of Rocket Lab from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. 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 objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Rocket Lab in a report on Tuesday, April 21st. Wells Fargo & Company started coverage on shares of Rocket Lab in a report on Wednesday, April 1st. They set an “equal weight” rating and a $60.00 price objective on the stock. Finally, Clear Str upgraded shares of Rocket Lab to a “strong-buy” rating in a report on Wednesday, March 18th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Rocket Lab currently has an average rating of “Moderate Buy” and a consensus price target of $97.19.

Key Rocket Lab News

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

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