Key Points
- Insider selling: Rocket Lab insider Marvin Bradford Clevenger sold 3,500 shares for about $513,345, and he also sold 15,549 shares earlier in the week for roughly $2.22 million.
- Strong recent operating results: Rocket Lab reported Q1 revenue of $200.35 million, up 63.4% year over year, while EPS of -$0.07 matched analyst expectations.
- Mixed Wall Street and institutional signals: Analysts remain divided, with a consensus Moderate Buy rating and a $97.19 price target, while hedge funds have generally increased their holdings in the company.
Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) insider Marvin Bradford Clevenger sold 3,500 shares of the business's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $146.67, for a total value of $513,345.00. Following the sale, the insider owned 473,975 shares in the company, valued at approximately $69,517,913.25. This trade represents a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Marvin Bradford Clevenger also recently made the following trade(s):
- On Tuesday, May 26th, Marvin Bradford Clevenger sold 15,549 shares of Rocket Lab stock. The shares were sold at an average price of $142.57, for a total value of $2,216,820.93.
Rocket Lab Stock Performance
Shares of RKLB stock opened at $122.39 on Tuesday. The business's 50 day simple moving average is $93.14 and its 200 day simple moving average is $76.94. Rocket Lab Corporation has a one year low of $25.24 and a one year high of $151.00. The stock has a market capitalization of $70.83 billion, a PE ratio of -382.47 and a beta of 2.48. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.47 and a quick ratio of 4.02.
Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced 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 business had revenue of $200.35 million for the quarter, compared to analysts' expectations of $189.65 million. During the same period in the prior year, the business posted ($0.12) earnings per share. The firm's revenue was up 63.4% on a year-over-year basis. As a group, research analysts forecast that Rocket Lab Corporation will post -0.29 earnings per share for the current year.
Wall Street Analyst Weigh In
Several analysts recently commented on RKLB shares. TD Cowen upped their target price on Rocket Lab from $90.00 to $120.00 and gave the company a "buy" rating in a report on Friday, May 8th. BTIG Research reiterated a "hold" rating on shares of Rocket Lab in a report on Tuesday, May 12th. New Street Research started coverage on Rocket Lab in a report on Wednesday, May 13th. They issued a "buy" rating and a $150.00 target price on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Rocket Lab in a report on Tuesday, April 21st. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Rocket Lab in a report on Wednesday, May 27th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $97.19.
Check Out Our Latest Stock Report on RKLB
Hedge Funds Weigh In On Rocket Lab
A number of institutional investors have recently modified their holdings of RKLB. AQR Capital Management LLC raised its position in shares of Rocket Lab by 114.0% during the first quarter. AQR Capital Management LLC now owns 174,308 shares of the rocket manufacturer's stock worth $3,117,000 after purchasing an additional 92,849 shares during the period. NewEdge Advisors LLC raised its position in shares of Rocket Lab by 1,812.1% during the first quarter. NewEdge Advisors LLC now owns 36,807 shares of the rocket manufacturer's stock worth $658,000 after purchasing an additional 34,882 shares during the period. Jones Financial Companies Lllp raised its position in shares of Rocket Lab by 53.8% during the first quarter. Jones Financial Companies Lllp now owns 15,745 shares of the rocket manufacturer's stock worth $282,000 after purchasing an additional 5,507 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Rocket Lab by 13.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 773,548 shares of the rocket manufacturer's stock worth $13,831,000 after purchasing an additional 90,758 shares during the period. Finally, Focus Partners Wealth raised its position in shares of Rocket Lab by 1.0% during the first quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer's stock worth $1,206,000 after purchasing an additional 681 shares during the period. 71.78% of the stock is owned by institutional investors and hedge funds.
Trending Headlines about Rocket Lab
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?
Rocket Lab Company Profile
(
Get Free Report)
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.
Further Reading
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