Rocket Lab (NASDAQ: RKLB) stock lost ground across the last week of trading. The company’s share price declined 9.5% across the stretch, according to data from S&P Global Market Intelligence.
Rocket Lab stock fell in conjunction with a series of filings submitted to the Securities and Exchange Commission (SEC) that showed company insiders had recently sold a significant amount of stock. But even with the recent pullback, the company’s share price is still up roughly 346% across 2024’s trading.
Rocket Lab kicked off this past week’s trading with a round of big selloffs following insider selling disclosures with the SEC. The company submitted filings on Nov. 27 that showed four company insiders had sold shares in the week of the filing. On Nov. 25, Chief Operating Officer Frank Klein, Chief Financial Officer Adam Spice, and General Counsel Arjun Kampani sold 35,968 shares, 62,511 shares, and 28,562 shares, respectively. The next day, board Director Merline Saintil sold 50,000 shares.
Rocket Lab then made additional filings with the SEC showing additional insider stock sales and purchases this week. On Dec. 2, board Director Alexander Slusky sold 50,000 shares. He then sold an additional 50,000 shares the following day.
On the other hand, CEO Peter Beck actually acquired 789,373 shares on Dec. 3. But the filings with the SEC suggest that the company stock Beck acquired was not purchased on the open market and instead received through stock options or bonus grants.
Rocket Lab tumbled early in this week’s trading, but it did see some recovery after President-Elect Trump said that he had picked Jared Isaacman to be head of NASA under his administration. Isaacman is the CEO of Shift4 Payments and a space-travel-and-commerce enthusiast, and his appointment to the role is being seen as a sign that the incoming Trump administration will take steps to promote the space industry.
More broadly, the new Trump administration is expected to usher a in a more lax regulatory climate. Along with the potential for government contracts and grants across this industry, this could create tailwinds for Rocket Lab and other players in the category.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shift4 Payments. The Motley Fool recommends Rocket Lab USA. The Motley Fool has a disclosure policy.
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