Nina Armagno Sells 27,314 Shares of Rocket Lab (NASDAQ:RKLB) Stock

Rocket Lab Corporation (NASDAQ:RKLBGet Free Report) Director Nina Armagno sold 27,314 shares of the business’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $68.21, for a total value of $1,863,087.94. Following the completion of the sale, the director directly owned 108,940 shares of the company’s stock, valued at approximately $7,430,797.40. This represents a 20.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Rocket Lab Trading Down 0.8%

NASDAQ:RKLB opened at $76.55 on Thursday. The company has a market cap of $40.89 billion, a PE ratio of -201.45 and a beta of 2.20. The business’s 50 day moving average is $55.08 and its two-hundred day moving average is $48.23. The company has a quick ratio of 2.83, a current ratio of 3.18 and a debt-to-equity ratio of 0.32. Rocket Lab Corporation has a 52 week low of $14.71 and a 52 week high of $79.83.

Rocket Lab (NASDAQ:RKLBGet Free Report) last posted its quarterly earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The business had revenue of $155.08 million for the quarter, compared to analyst estimates of $152.45 million. Rocket Lab had a negative return on equity of 27.26% and a negative net margin of 35.64%.The business’s revenue was up 48.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.10) EPS. On average, analysts predict that Rocket Lab Corporation will post -0.38 EPS for the current year.

Institutional Trading of Rocket Lab

Hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. boosted its position in Rocket Lab by 176.1% during the 3rd quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer’s stock worth $580,952,000 after acquiring an additional 7,734,788 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in Rocket Lab in the second quarter worth about $192,918,000. Norges Bank bought a new position in Rocket Lab in the 2nd quarter valued at about $164,751,000. Invesco Ltd. grew its position in Rocket Lab by 67.0% in the 2nd quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer’s stock valued at $223,287,000 after buying an additional 2,504,054 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Rocket Lab by 5.4% during the 3rd quarter. Vanguard Group Inc. now owns 41,809,723 shares of the rocket manufacturer’s stock valued at $2,003,104,000 after buying an additional 2,127,565 shares during the period. Institutional investors own 71.78% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on RKLB shares. Robert W. Baird started coverage on shares of Rocket Lab in a report on Wednesday, October 15th. They issued an “outperform” rating and a $83.00 target price on the stock. Morgan Stanley cut their price target on Rocket Lab from $68.00 to $67.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 12th. Cantor Fitzgerald restated an “overweight” rating on shares of Rocket Lab in a research report on Wednesday, December 3rd. Bank of America upped their price objective on Rocket Lab from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, November 19th. Finally, Citigroup reiterated a “market perform” rating on shares of Rocket Lab in a research note on Wednesday, November 12th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $61.25.

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About Rocket Lab

(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.

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