Rocket Lab (NASDAQ:RKLB) Trading Up 8.4% – Here’s Why

Rocket Lab Corporation (NASDAQ:RKLB)’s share price traded up 8.4% on Monday . The company traded as high as $70.60 and last traded at $70.43. Approximately 16,462,825 shares traded hands during trading, a decline of 32% from the average daily volume of 24,186,605 shares. The stock had previously closed at $64.95.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. New Street Research initiated coverage on shares of Rocket Lab in a research report on Wednesday, May 13th. They set a “buy” rating and a $150.00 price objective for the company. TD Cowen boosted their price target on shares of Rocket Lab from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Roth Capital increased their price target on shares of Rocket Lab from $100.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, June 29th. Bank of America raised their price objective on shares of Rocket Lab from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Rocket Lab in a report on Tuesday, June 30th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $110.29.

Rocket Lab Stock Up 8.4%

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.02 and a current ratio of 4.47. The company has a market capitalization of $40.76 billion, a PE ratio of -220.09 and a beta of 2.60. The firm’s 50-day simple moving average is $95.72 and its 200 day simple moving average is $86.34.

Rocket Lab (NASDAQ:RKLB) last announced its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, meeting the consensus estimate of ($0.07). The firm had revenue of $200.35 million during the quarter, compared to analysts’ expectations of $189.65 million. Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The business’s revenue for the quarter was up 63.4% compared to the same quarter last year. During the same quarter last year, the business earned ($0.12) earnings per share. As a group, equities research analysts forecast that Rocket Lab Corporation will post -0.26 earnings per share for the current year.

Insider Buying and Selling at Rocket Lab

In other Rocket Lab news, SVP Arjun Kampani sold 88,000 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $107.98, for a total transaction of $9,502,240.00. Following the sale, the senior vice president directly owned 264,705 shares in the company, valued at approximately $28,582,845.90. The trade was a 24.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexander R. Slusky sold 40,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $123.60, for a total value of $4,944,000.00. Following the completion of the transaction, the director owned 334,675 shares of the company’s stock, valued at approximately $41,365,830. This represents a 10.68% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 3,849,294 shares of company stock worth $362,816,208. Corporate insiders own 8.40% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mcguire Capital Advisors Inc. acquired a new stake in shares of Rocket Lab in the fourth quarter valued at approximately $27,000. Zions Bancorporation National Association UT acquired a new position in shares of Rocket Lab during the 4th quarter worth approximately $28,000. EverSource Wealth Advisors LLC raised its position in shares of Rocket Lab by 109.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock worth $28,000 after purchasing an additional 416 shares during the last quarter. Gordian Capital Singapore Pte Ltd purchased a new stake in Rocket Lab in the 4th quarter valued at approximately $29,000. Finally, Reflection Asset Management acquired a new stake in Rocket Lab during the 4th quarter valued at $30,000. 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.