Rocket Lab (NASDAQ:RKLB) Trading 4.4% Higher – Here’s Why

Rocket Lab Corporation (NASDAQ:RKLB) shares were up 4.4% during mid-day trading on Wednesday . The stock traded as high as $73.30 and last traded at $71.96. Approximately 17,800,860 shares were traded during mid-day trading, a decline of 17% from the average daily volume of 21,496,975 shares. The stock had previously closed at $68.93.

Wall Street Analysts Forecast Growth

RKLB has been the subject of a number of recent analyst reports. Bank of America upped their price target on Rocket Lab from $60.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rocket Lab in a report on Thursday, January 22nd. Zacks Research downgraded shares of Rocket Lab from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Wall Street Zen raised shares of Rocket Lab from a “sell” rating to a “hold” rating in a research report on Sunday, February 8th. Finally, Citizens Jmp reaffirmed a “market perform” rating on shares of Rocket Lab in a report on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $75.92.

Rocket Lab Stock Up 4.4%

The business’s fifty day moving average is $77.60 and its two-hundred day moving average is $62.62. The company has a market cap of $38.44 billion, a P/E ratio of -194.48 and a beta of 2.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.61 and a current ratio of 4.08.

Insider Transactions at Rocket Lab

In related news, Director Merline Saintil sold 18,126 shares of the business’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $75.04, for a total value of $1,360,175.04. Following the completion of the transaction, the director directly owned 261,903 shares in the company, valued at $19,653,201.12. The trade was a 6.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Frank Klein sold 36,768 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total transaction of $2,645,457.60. Following the completion of the transaction, the insider directly owned 1,088,237 shares in the company, valued at $78,298,652.15. This represents a 3.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 4,362,428 shares of company stock valued at $281,055,579. 11.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocket Lab

Hedge funds and other institutional investors have recently bought and sold shares of the company. Corient Private Wealth LLC increased its position in shares of Rocket Lab by 5.2% during the fourth quarter. Corient Private Wealth LLC now owns 234,037 shares of the rocket manufacturer’s stock worth $16,323,000 after acquiring an additional 11,541 shares during the period. Hsbc Holdings PLC boosted its holdings in shares of Rocket Lab by 613.9% in the 4th quarter. Hsbc Holdings PLC now owns 1,570,608 shares of the rocket manufacturer’s stock valued at $110,666,000 after buying an additional 1,350,602 shares in the last quarter. Pure Financial Advisors LLC purchased a new position in shares of Rocket Lab during the fourth quarter worth about $228,000. SHP Wealth Management purchased a new position in Rocket Lab during the 4th quarter worth approximately $51,000. Finally, Caitong International Asset Management Co. Ltd grew its position in Rocket Lab by 19,447.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 307,873 shares of the rocket manufacturer’s stock worth $21,477,000 after purchasing an additional 306,298 shares during the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

About Rocket Lab

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.