Rocket Lab (NASDAQ:RKLB) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Rocket Lab (NASDAQ:RKLB) from a hold rating to a sell rating in a research report report published on Saturday morning.

Several other research firms have also weighed in on RKLB. Cantor Fitzgerald reiterated an “overweight” rating on shares of Rocket Lab in a report on Wednesday, December 3rd. Baird R W raised shares of Rocket Lab to a “strong-buy” rating in a research report on Thursday, October 16th. Citigroup reiterated a “market perform” rating on shares of Rocket Lab in a report on Wednesday, November 12th. KeyCorp increased their price objective on Rocket Lab from $50.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, October 17th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $75.00 target price (up previously from $65.00) on shares of Rocket Lab in a research report on Tuesday, November 11th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $58.17.

Rocket Lab Price Performance

RKLB stock opened at $55.41 on Friday. Rocket Lab has a 1 year low of $14.71 and a 1 year high of $73.97. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.18 and a quick ratio of 2.83. The firm has a market capitalization of $29.60 billion, a PE ratio of -145.82 and a beta of 2.20. The business has a 50 day simple moving average of $54.86 and a 200-day simple moving average of $46.39.

Rocket Lab (NASDAQ:RKLB) last released its quarterly earnings data on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The company 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 firm’s revenue for the quarter was up 48.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.10) earnings per share. Equities research analysts anticipate that Rocket Lab will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Merline Saintil sold 10,000 shares of the company’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $48.00, for a total transaction of $480,000.00. Following the sale, the director owned 413,529 shares of the company’s stock, valued at approximately $19,849,392. This represents a 2.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Arjun Kampani sold 28,615 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $40.65, for a total value of $1,163,199.75. Following the completion of the sale, the senior vice president owned 461,014 shares in the company, valued at approximately $18,740,219.10. The trade was a 5.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,065,461 shares of company stock valued at $49,940,027. Corporate insiders own 11.90% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab

Institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Investment Advisory Services LLC raised its holdings in Rocket Lab by 2.1% in the third quarter. Capital Investment Advisory Services LLC now owns 10,432 shares of the rocket manufacturer’s stock valued at $500,000 after acquiring an additional 212 shares in the last quarter. Truist Financial Corp raised its holdings in shares of Rocket Lab by 1.9% in the 2nd quarter. Truist Financial Corp now owns 12,352 shares of the rocket manufacturer’s stock valued at $442,000 after purchasing an additional 234 shares in the last quarter. ORG Partners LLC lifted its position in shares of Rocket Lab by 22.1% during the 3rd quarter. ORG Partners LLC now owns 1,337 shares of the rocket manufacturer’s stock worth $64,000 after purchasing an additional 242 shares during the last quarter. Parvin Asset Management LLC lifted its position in shares of Rocket Lab by 7.2% during the 2nd quarter. Parvin Asset Management LLC now owns 3,725 shares of the rocket manufacturer’s stock worth $133,000 after purchasing an additional 250 shares during the last quarter. Finally, Independent Advisor Alliance grew its stake in shares of Rocket Lab by 6.0% during the third quarter. Independent Advisor Alliance now owns 6,478 shares of the rocket manufacturer’s stock worth $310,000 after purchasing an additional 368 shares in the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

About Rocket Lab

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.