Rocket Lab (NASDAQ:RKLB) Shares Down 4.5% – Time to Sell?
by Doug Wharley · The Cerbat GemRocket Lab Corporation (NASDAQ:RKLB – Get Free Report) shares traded down 4.5% during trading on Friday . The company traded as low as $78.43 and last traded at $78.81. 16,211,572 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 22,527,662 shares. The stock had previously closed at $82.51.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on RKLB shares. Clear Str upgraded shares of Rocket Lab to a “strong-buy” rating in a report on Wednesday, March 18th. Stifel Nicolaus reissued a “buy” rating and set a $105.00 target price (up from $90.00) on shares of Rocket Lab in a research report on Monday, April 20th. TD Cowen reissued a “buy” rating on shares of Rocket Lab in a research report on Thursday, January 22nd. The Goldman Sachs Group boosted their target price on shares of Rocket Lab from $47.00 to $69.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 20th. Finally, Bank of America upped their price objective on shares of Rocket Lab from $60.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $83.31.
Read Our Latest Report on Rocket Lab
Rocket Lab Stock Down 4.5%
The company’s 50 day simple moving average is $72.26 and its 200-day simple moving average is $68.20. The firm has a market capitalization of $44.88 billion, a PE ratio of -212.99 and a beta of 2.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.61 and a current ratio of 4.08.
Insider Activity at Rocket Lab
In other Rocket Lab news, CEO Peter Beck sold 18,857 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total value of $1,312,258.63. Following the sale, the chief executive officer owned 884,085 shares of the company’s stock, valued at $61,523,475.15. This trade represents a 2.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Frank Klein sold 44,482 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $69.59, for a total value of $3,095,502.38. Following the completion of the sale, the insider directly owned 1,125,005 shares in the company, valued at $78,289,097.95. The trade was a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 233,449 shares of company stock worth $16,487,233 in the last 90 days. Corporate insiders own 8.40% of the company’s stock.
Institutional Investors Weigh In On Rocket Lab
Large investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB bought a new stake in shares of Rocket Lab during the 3rd quarter valued at about $25,000. Hara Capital LLC bought a new stake in shares of Rocket Lab during the 3rd quarter valued at about $25,000. Aventura Private Wealth LLC bought a new stake in shares of Rocket Lab during the 4th quarter valued at about $25,000. UMB Bank n.a. boosted its stake in shares of Rocket Lab by 352.5% during the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock valued at $26,000 after purchasing an additional 423 shares in the last quarter. Finally, Mcguire Capital Advisors Inc. bought a new stake in shares of Rocket Lab during the 4th quarter valued at about $27,000. Institutional investors own 71.78% of the company’s stock.
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.