Rocket Lab USA (NASDAQ:RKLB) Trading Down 5% After Insider Selling

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) fell 5% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $6.27 and last traded at $6.40. 5,028,002 shares were traded during mid-day trading, a decline of 44% from the average session volume of 8,991,690 shares. The stock had previously closed at $6.74.

Specifically, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $198,798.48. Following the completion of the transaction, the general counsel now owns 637,558 shares in the company, valued at $4,437,403.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the sale, the chief financial officer now directly owns 1,321,165 shares of the company’s stock, valued at $9,195,308.40. The disclosure for this sale can be found here. In other Rocket Lab USA news, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the transaction, the director now directly owns 42,353 shares of the company’s stock, valued at $292,235.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

RKLB has been the subject of a number of research reports. Morgan Stanley cut shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $8.00 to $6.00 in a research note on Monday, July 15th. Cantor Fitzgerald restated an “overweight” rating and set a $6.00 price objective on shares of Rocket Lab USA in a report on Monday, July 22nd. Citigroup increased their target price on Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. The Goldman Sachs Group began coverage on Rocket Lab USA in a research note on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 price target for the company. Finally, BTIG Research initiated coverage on Rocket Lab USA in a research report on Wednesday, June 26th. They set a “neutral” rating on the stock. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rocket Lab USA presently has a consensus rating of “Moderate Buy” and an average target price of $6.75.

Rocket Lab USA Stock Down 5.0 %

The stock has a 50-day moving average of $5.32 and a 200 day moving average of $4.59. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.82 and a quick ratio of 2.43. The company has a market cap of $3.18 billion, a P/E ratio of -17.30 and a beta of 1.25.

Rocket Lab USA (NASDAQ:RKLB) last issued its earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.02. The company had revenue of $106.25 million during the quarter, compared to analysts’ expectations of $105.47 million. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The business’s revenue for the quarter was up 71.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.10) EPS. Research analysts anticipate that Rocket Lab USA, Inc. will post -0.41 earnings per share for the current year.

Institutional Investors Weigh In On Rocket Lab USA

Large investors have recently modified their holdings of the business. Spire Wealth Management boosted its stake in Rocket Lab USA by 257.1% in the first quarter. Spire Wealth Management now owns 10,000 shares of the rocket manufacturer’s stock valued at $41,000 after buying an additional 7,200 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Rocket Lab USA by 59.4% in the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after acquiring an additional 4,032 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Rocket Lab USA in the 2nd quarter valued at approximately $46,000. Baxter Bros Inc. bought a new stake in shares of Rocket Lab USA during the 2nd quarter valued at approximately $48,000. Finally, Amalgamated Bank increased its position in Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after purchasing an additional 2,538 shares in the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

About Rocket Lab USA

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.