Rocket Lab (NASDAQ:RKLB) Director Alexander Slusky Sells 60,000 Shares

Rocket Lab Corporation (NASDAQ:RKLB) Director Alexander Slusky sold 60,000 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $149.40, for a total value of $8,964,000.00. Following the sale, the director directly owned 374,675 shares in the company, valued at approximately $55,976,445. The trade was a 13.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Rocket Lab Stock Down 14.7%

RKLB opened at $122.39 on Tuesday. The company has a quick ratio of 4.02, a current ratio of 4.47 and a debt-to-equity ratio of 0.02. The firm has a market cap of $70.83 billion, a P/E ratio of -382.47 and a beta of 2.48. Rocket Lab Corporation has a 52 week low of $25.24 and a 52 week high of $151.00. The business’s fifty day simple moving average is $93.14 and its 200 day simple moving average is $76.94.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings results 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 return on equity of 11.72% and a negative net margin of 26.87%.The firm had revenue of $200.35 million for the quarter, compared to analyst estimates of $189.65 million. During the same period last year, the company earned ($0.12) EPS. The firm’s quarterly revenue was up 63.4% on a year-over-year basis. As a group, equities research analysts anticipate that Rocket Lab Corporation will post -0.29 EPS for the current fiscal year.

Institutional Trading of Rocket Lab

Several hedge funds have recently added to or reduced their stakes in the business. Aventura Private Wealth LLC bought a new stake in shares of Rocket Lab in the 4th quarter worth $25,000. Mcguire Capital Advisors Inc. bought a new stake in shares of Rocket Lab in the 4th quarter worth $27,000. Zions Bancorporation National Association UT bought a new stake in shares of Rocket Lab in the 4th quarter worth $28,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Rocket Lab in the 4th quarter worth $29,000. Finally, Reflection Asset Management bought a new stake in shares of Rocket Lab in the 4th quarter worth $30,000. Institutional investors own 71.78% of the company’s stock.

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?

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. New Street Research initiated coverage on Rocket Lab in a report on Wednesday, May 13th. They issued a “buy” rating and a $150.00 price objective on the stock. Stifel Nicolaus restated a “buy” rating and set a $105.00 price objective (up from $90.00) on shares of Rocket Lab in a report on Monday, April 20th. Needham & Company LLC lifted their price objective on Rocket Lab from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Craig Hallum upgraded Rocket Lab from a “hold” rating to a “buy” rating and set a $98.00 target price for the company in a research report on Friday, May 8th. Finally, Clear Str upgraded Rocket Lab to a “strong-buy” rating in a research 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 assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.19.

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.