Alexander R. Slusky, a director of Rocket Lab USA, Inc. (RKLB, Financial), who is currently a major shareholder in the company, disposed of 100,000 shares worth about $2.36 million. This entire sale was made on the 2nd and 3rd of December at an average price of $23.00 and $25.35 per share. Rocket Lab, a space launch company, has seen its stock rise 420% in the last six months, but it recently experienced increased fluctuation and has fallen to below 10% this week. The indirect stake in the company is now 534,675 through Abalone Cove LLLP with Slusky.
Despite the sell-off, shares of the space company surged 4%, showcasing its resilience amidst stock volatility and investor confidence in future growth.
Rocket Lab is within a growth phase at its current valuation of $11.6 billion. The company recently acquired a $23.9 million grant from the US Department of Commerce to advance its semiconductor manufacturing production, critical to fabricating space-grade solar cells. In Q3 2024, the company had an impressive revenue of $105 million, with a 55% revenue growth rate. In Q4, expect revenue between $125-$135 million.
However, the analysts are uncertain about these changes. BTIG has kept its Neutral rating intact, while other firms like BofA Securities and Cantor Fitzgerald have up-pegged the price targets. Rocket Lab's Neutron rocket is expected to launch in mid-2025, a major milestone on its way to targets in the commercial and defense sectors.
