Rocket Lab (NASDAQ:RKLB) Trading Down 3.6% on Insider Selling

Rocket Lab Corporation (NASDAQ:RKLB) shares dropped 3.6% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $68.62 and last traded at $68.93. Approximately 18,159,272 shares changed hands during trading, a decline of 16% from the average daily volume of 21,574,803 shares. The stock had previously closed at $71.48.

Specifically, Director Merline Saintil sold 18,126 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $75.04, for a total transaction 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. This represents a 6.47% 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. Also, CEO Peter Beck sold 18,857 shares of Rocket Lab stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total transaction of $1,312,258.63. Following the completion of the transaction, the chief executive officer directly owned 884,085 shares in the company, valued at approximately $61,523,475.15. This trade represents a 2.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In related news, SVP Arjun Kampani sold 23,711 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total value of $1,706,006.45. Following the completion of the transaction, the senior vice president owned 397,988 shares of the company’s stock, valued at approximately $28,635,236.60. This trade represents a 5.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

RKLB has been the subject of several recent analyst reports. Stifel Nicolaus raised their target price on Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. The Goldman Sachs Group raised their price objective on Rocket Lab from $47.00 to $69.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 20th. Morgan Stanley raised Rocket Lab from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $67.00 to $105.00 in a research note on Friday, January 16th. Wall Street Zen upgraded shares of Rocket Lab from a “sell” rating to a “hold” rating in a report on Sunday, February 8th. Finally, Needham & Company LLC dropped their price objective on shares of Rocket Lab from $110.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Rocket Lab currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.92.

Rocket Lab Stock Down 3.6%

The stock has a market cap of $36.82 billion, a price-to-earnings ratio of -186.29 and a beta of 2.20. The business has a fifty day moving average of $77.60 and a 200 day moving average of $62.62. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.08 and a quick ratio of 3.61.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. AQR Capital Management LLC raised its holdings in shares of Rocket Lab by 114.0% during the 1st quarter. AQR Capital Management LLC now owns 174,308 shares of the rocket manufacturer’s stock valued at $3,117,000 after purchasing an additional 92,849 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in Rocket Lab by 1,812.1% in 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 in the last quarter. Jones Financial Companies Lllp increased its position in 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 buying an additional 5,507 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in 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 valued at $13,831,000 after buying an additional 90,758 shares in the last quarter. Finally, Focus Partners Wealth raised its holdings in Rocket Lab by 1.0% during the first quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer’s stock valued at $1,206,000 after buying an additional 681 shares in the last quarter. Institutional investors and hedge funds 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.