Rocket Lab (NASDAQ:RKLB) Shares Up 10.4% – Time to Buy?

Rocket Lab Corporation (NASDAQ:RKLB)’s share price shot up 10.4% during trading on Thursday . The company traded as high as $64.15 and last traded at $63.53. 31,026,524 shares traded hands during trading, an increase of 50% from the average session volume of 20,649,922 shares. The stock had previously closed at $57.52.

Wall Street Analysts Forecast Growth

RKLB has been the subject of several analyst reports. Stifel Nicolaus reissued a “buy” rating and issued a $75.00 target price (up previously from $65.00) on shares of Rocket Lab in a research note on Tuesday, November 11th. Cantor Fitzgerald reissued an “overweight” rating on shares of Rocket Lab in a research report on Wednesday, December 3rd. Roth Capital reissued a “buy” rating and set a $75.00 price objective on shares of Rocket Lab in a research note on Tuesday, November 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $63.00 target price on shares of Rocket Lab in a research note on Tuesday, November 25th. Finally, KeyCorp increased their price target on Rocket Lab from $50.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. Two equities 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’s stock. Based on data from MarketBeat.com, Rocket Lab currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.

Rocket Lab Stock Up 10.4%

The stock has a fifty day moving average of $54.59 and a two-hundred day moving average of $45.58. The company has a quick ratio of 2.83, a current ratio of 3.18 and a debt-to-equity ratio of 0.32. The stock has a market cap of $33.93 billion, a price-to-earnings ratio of -167.18 and a beta of 2.20.

Rocket Lab (NASDAQ:RKLB) last released its quarterly earnings data on Monday, November 10th. The rocket manufacturer reported ($0.03) EPS 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 the consensus estimate of $152.45 million. Rocket Lab had a negative return on equity of 27.26% and a negative net margin of 35.64%.The company’s quarterly revenue was up 48.0% compared to the same quarter last year. During the same period last year, the business posted ($0.10) EPS. As a group, analysts predict that Rocket Lab Corporation will post -0.38 EPS for the current fiscal year.

Insider Transactions at Rocket Lab

In other Rocket Lab news, Director Matthew Ocko sold 1,873,097 shares of Rocket Lab stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $48.20, for a total transaction of $90,283,275.40. Following the transaction, the director directly owned 541,526 shares of the company’s stock, valued at $26,101,553.20. The trade was a 77.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Adam C. Spice sold 874,588 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $48.01, for a total transaction of $41,988,969.88. Following the sale, the chief financial officer owned 2,057,889 shares of the company’s stock, valued at approximately $98,799,250.89. This represents a 29.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 5,583,532 shares of company stock valued at $274,781,358 in the last three months. 11.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Capital Investment Advisory Services LLC boosted its position in shares of 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 worth $500,000 after buying an additional 212 shares during the period. Truist Financial Corp raised its holdings in shares of Rocket Lab by 1.9% during the 2nd quarter. Truist Financial Corp now owns 12,352 shares of the rocket manufacturer’s stock valued at $442,000 after buying an additional 234 shares during the period. ORG Partners LLC raised its holdings 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 valued at $64,000 after buying an additional 242 shares during the period. Parvin Asset Management LLC lifted its position in 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 acquiring an additional 250 shares in the last quarter. Finally, Independent Advisor Alliance boosted its holdings in Rocket Lab by 6.0% in the 3rd quarter. Independent Advisor Alliance now owns 6,478 shares of the rocket manufacturer’s stock worth $310,000 after acquiring an additional 368 shares during the period. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.