Rocket Lab (NASDAQ:RKLB) Shares Down 5% – Here’s Why

Rocket Lab Corporation (NASDAQ:RKLB) shares fell 5% during mid-day trading on Thursday . The company traded as low as $68.28 and last traded at $68.37. 17,584,610 shares were traded during trading, a decline of 18% from the average session volume of 21,422,098 shares. The stock had previously closed at $71.96.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RKLB shares. The Goldman Sachs Group upped their price target on shares of Rocket Lab from $47.00 to $69.00 and gave the company a “neutral” rating in a report on Tuesday, January 20th. Citizens Jmp reissued a “market perform” rating on shares of Rocket Lab in a research note on Friday, February 27th. Bank of America lifted their price objective on Rocket Lab from $60.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. KeyCorp cut Rocket Lab from an “overweight” rating to a “sector weight” rating in a report on Thursday, January 15th. Finally, Stifel Nicolaus raised their price target on Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Rocket Lab currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.92.

Rocket Lab Trading Up 0.1%

The firm has a market capitalization of $36.54 billion, a PE ratio of -184.89 and a beta of 2.20. The company has a quick ratio of 3.61, a current ratio of 4.08 and a debt-to-equity ratio of 0.10. The business’s fifty day moving average price is $77.46 and its 200 day moving average price is $62.87.

Insider Activity

In other Rocket Lab news, Director Merline Saintil sold 18,126 shares of Rocket Lab stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $75.04, for a total value of $1,360,175.04. Following the completion of the sale, the director directly owned 261,903 shares of the company’s stock, valued at approximately $19,653,201.12. The trade was a 6.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Peter Beck sold 18,857 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total value of $1,312,258.63. Following the transaction, the chief executive officer directly owned 884,085 shares in the company, valued at approximately $61,523,475.15. This represents a 2.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 4,347,428 shares of company stock valued at $280,080,579 in the last 90 days. Insiders own 11.90% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab

Several large investors have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB acquired a new stake in Rocket Lab in the 3rd quarter worth about $25,000. Hara Capital LLC acquired a new position in shares of Rocket Lab during the 3rd quarter valued at about $25,000. Aventura Private Wealth LLC purchased a new position in shares of Rocket Lab during the 4th quarter worth about $25,000. UMB Bank n.a. boosted its position in shares of Rocket Lab by 352.5% in the third quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock worth $26,000 after acquiring an additional 423 shares during the last quarter. Finally, Sound Income Strategies LLC purchased a new stake in Rocket Lab in the third quarter valued at approximately $27,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

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.