Shares of Rocket Lab Corporation (NASDAQ:RKLB – Get Free Report) traded down 5.5% during mid-day trading on Thursday . The stock traded as low as $80.00 and last traded at $80.69. 25,864,437 shares changed hands during trading, an increase of 4% from the average session volume of 24,830,107 shares. The stock had previously closed at $85.41.
Key Rocket Lab News
Here are the key news stories impacting Rocket Lab this week:
- Positive Sentiment: NASA chose Rocket Lab for three dedicated Electron launches supporting the PolSIR and TSIS-2 missions, a meaningful endorsement of Electron’s reliability and the company’s position in government launch services. NASA Selects Rocket Lab to Launch Sun, Earth Sciences Missions
- Positive Sentiment: Rocket Lab completed its 10th consecutive successful Electron launch for Synspective, extending its streak of 100% mission success and reinforcing operational momentum. Rocket Lab Completes 10th Consecutive Launch with 100% Mission Success for Synspective
- Positive Sentiment: The company’s expanding backlog, rising government work, and record Q1 revenue growth continue to support the long-term investment case. Rocket Lab’s NASA Win Tests Key Support After Sharp Pullback
- Neutral Sentiment: Analysts remain generally constructive, but some note the stock still looks expensive after a strong run and recent volatility. Rocket Lab Just Shattered This Space Force Record: Does That Make The Stock a Buy?
- Negative Sentiment: The stock had been under pressure before the latest news, with traders watching whether the recent rally can hold after a sharp pullback from its highs. Rocket Lab’s NASA Win Tests Key Support After Sharp Pullback
Wall Street Analyst Weigh In
Several research firms have weighed in on RKLB. Clear Str raised Rocket Lab to a “strong-buy” rating in a report on Wednesday, March 18th. KeyCorp upgraded shares of Rocket Lab from a “sector weight” rating to an “overweight” rating and set a $135.00 price objective on the stock in a research report on Monday, June 15th. Cantor Fitzgerald reissued an “overweight” rating on shares of Rocket Lab in a research note on Wednesday, May 27th. TD Cowen raised their target price on shares of Rocket Lab from $90.00 to $120.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, Citigroup restated an “outperform” rating on shares of Rocket Lab in a research report on Friday, May 8th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $102.76.
Rocket Lab Stock Performance
The firm has a market cap of $48.93 billion, a PE ratio of -264.19 and a beta of 2.49. 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 has a 50-day moving average price of $107.48 and a 200 day moving average price of $84.85.
Rocket Lab (NASDAQ:RKLB – Get Free Report) last released its earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to analyst estimates of $189.65 million. During the same period in the prior year, the firm posted ($0.12) earnings per share. The business’s quarterly revenue was up 63.4% compared to the same quarter last year. Research analysts forecast that Rocket Lab Corporation will post -0.29 earnings per share for the current year.
Insider Activity at Rocket Lab
In other news, Director Alexander R. Slusky sold 100,000 shares of the 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 transaction, the director directly owned 434,675 shares in the company, valued at $51,326,424. This represents a 18.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Arjun Kampani sold 88,000 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $107.98, for a total transaction of $9,502,240.00. Following the completion of the sale, the senior vice president owned 264,705 shares of the company’s stock, valued at approximately $28,582,845.90. The trade was a 24.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 573,515 shares of company stock valued at $76,412,122. Insiders own 8.40% of the company’s stock.
Institutional Trading of Rocket Lab
Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in 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 acquiring an additional 5,610,469 shares during the last quarter. Baillie Gifford & Co. raised its holdings in shares of Rocket Lab by 47.2% in the 4th quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer’s stock worth $1,245,317,000 after purchasing an additional 5,725,536 shares during the period. Capital World Investors raised its holdings in shares of Rocket Lab by 12.0% in the 4th quarter. Capital World Investors now owns 16,200,726 shares of the rocket manufacturer’s stock worth $1,130,172,000 after purchasing an additional 1,738,623 shares during the period. State Street Corp lifted its stake in shares of Rocket Lab by 1.0% in the 4th quarter. State Street Corp now owns 12,520,223 shares of the rocket manufacturer’s stock valued at $873,411,000 after purchasing an additional 120,652 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Rocket Lab by 10.1% in the 4th quarter. Geode Capital Management LLC now owns 9,004,724 shares of the rocket manufacturer’s stock valued at $626,605,000 after purchasing an additional 825,158 shares in the last quarter. 71.78% of the stock is owned by hedge funds and other 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.
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