Key Points
- Rocket Lab director Alexander Slusky sold 40,000 shares on June 2 for about $4.94 million at an average price of $123.60. After the sale, he still held 334,675 shares, a 10.68% reduction in his ownership.
- The company continues to show strong operational growth, reporting first-quarter revenue of $200.35 million, up 63.4% year over year and above analyst estimates. EPS came in at -$0.07, matching expectations.
- Wall Street sentiment remains broadly positive, with several analysts raising price targets and the consensus rating at Moderate Buy. Rocket Lab’s stock has also seen major institutional ownership, with hedge funds and asset managers holding a large majority of shares.
Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) Director Alexander Slusky sold 40,000 shares of the firm's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $123.60, for a total value of $4,944,000.00. Following the completion of the sale, the director directly owned 334,675 shares in the company, valued at $41,365,830. This trade represents a 10.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Rocket Lab Stock Performance
NASDAQ:RKLB opened at $110.08 on Friday. The stock's 50-day simple moving average is $97.02 and its 200 day simple moving average is $78.69. The firm has a market capitalization of $63.71 billion, a PE ratio of -344.00 and a beta of 2.49. The company has a quick ratio of 4.02, a current ratio of 4.47 and a debt-to-equity ratio of 0.02. Rocket Lab Corporation has a twelve month low of $25.24 and a twelve month high of $151.00.
Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, meeting the consensus estimate of ($0.07). The business had revenue of $200.35 million for the quarter, compared to analyst estimates of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.Rocket Lab's revenue was up 63.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.12) earnings per share. On average, analysts anticipate that Rocket Lab Corporation will post -0.29 EPS for the current fiscal year.
Institutional Trading of Rocket Lab
Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Rocket Lab by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer's stock worth $3,308,033,000 after acquiring an additional 5,610,469 shares during the last quarter. Baillie Gifford & Co. raised its position in shares of Rocket Lab by 47.2% during the fourth quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer's stock worth $1,245,317,000 after acquiring an additional 5,725,536 shares during the last quarter. Capital World Investors raised its position in shares of Rocket Lab by 12.0% during the fourth quarter. Capital World Investors now owns 16,200,726 shares of the rocket manufacturer's stock worth $1,130,172,000 after acquiring an additional 1,738,623 shares during the last quarter. State Street Corp raised its position in shares of Rocket Lab by 1.0% during the fourth quarter. State Street Corp now owns 12,520,223 shares of the rocket manufacturer's stock worth $873,411,000 after acquiring an additional 120,652 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Rocket Lab by 10.1% during the fourth quarter. Geode Capital Management LLC now owns 9,004,724 shares of the rocket manufacturer's stock worth $626,605,000 after acquiring an additional 825,158 shares during the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.
Key Stories Impacting Rocket Lab
Here are the key news stories impacting Rocket Lab this week:
Analysts Set New Price Targets
A number of analysts have recently commented on the company. Zacks Research lowered Rocket Lab from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 10th. Cantor Fitzgerald reissued an "overweight" rating on shares of Rocket Lab in a research note on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft lifted their price target on Rocket Lab from $73.00 to $120.00 and gave the company a "buy" rating in a research note on Tuesday, May 12th. TD Cowen lifted their price target on Rocket Lab from $90.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Finally, Wall Street Zen raised Rocket Lab from a "sell" rating to a "hold" rating in a research note on Sunday, February 8th. Three 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's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.88.
Read Our Latest Stock Analysis on RKLB
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
