Rocket Lab (NASDAQ:RKLB) Trading 3.3% Higher – Here’s Why

Rocket Lab Corporation (NASDAQ:RKLB) shares shot up 3.3% during trading on Monday . The stock traded as high as $82.48 and last traded at $82.29. 19,251,261 shares were traded during mid-day trading, a decline of 16% from the average session volume of 22,832,383 shares. The stock had previously closed at $79.68.

Analyst Upgrades and Downgrades

Several research firms recently commented on RKLB. Zacks Research lowered Rocket Lab from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rocket Lab in a research report on Tuesday, April 21st. Citizens Jmp upgraded Rocket Lab from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a research report on Tuesday, April 7th. Roth Mkm lifted their price target on Rocket Lab from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. Finally, Clear Str upgraded Rocket Lab to a “strong-buy” rating in a research report on Wednesday, March 18th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued 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 a consensus price target of $83.31.

Rocket Lab Stock Up 3.3%

The company has a 50-day simple moving average of $71.62 and a 200-day simple moving average of $67.82. The firm has a market cap of $46.86 billion, a PE ratio of -222.40 and a beta of 2.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.08 and a quick ratio of 3.61.

Insider Buying and Selling at Rocket Lab

In other Rocket Lab news, SVP Arjun Kampani sold 28,761 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total transaction of $2,001,477.99. Following the completion of the transaction, the senior vice president owned 421,699 shares in the company, valued at $29,346,033.41. The trade was a 6.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Adam C. Spice sold 62,744 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total value of $4,366,354.96. Following the completion of the sale, the chief financial officer owned 1,296,824 shares of the company’s stock, valued at $90,245,982.16. The trade was a 4.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 233,449 shares of company stock valued at $16,487,233. 8.40% of the stock is owned by company insiders.

Institutional Trading of Rocket Lab

A number of large investors have recently modified their holdings of the company. PFG Investments LLC boosted its holdings in shares of Rocket Lab by 44.3% in the first quarter. PFG Investments LLC now owns 14,595 shares of the rocket manufacturer’s stock valued at $937,000 after purchasing an additional 4,478 shares during the period. Leonteq Securities AG boosted its holdings in shares of Rocket Lab by 80.8% in the first quarter. Leonteq Securities AG now owns 12,848 shares of the rocket manufacturer’s stock valued at $825,000 after purchasing an additional 5,743 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in shares of Rocket Lab by 44.3% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 144,616 shares of the rocket manufacturer’s stock valued at $9,287,000 after purchasing an additional 44,416 shares during the period. Strs Ohio boosted its holdings in shares of Rocket Lab by 18.2% in the first quarter. Strs Ohio now owns 11,709 shares of the rocket manufacturer’s stock valued at $752,000 after purchasing an additional 1,799 shares during the period. Finally, KPP Advisory Services LLC boosted its holdings in shares of Rocket Lab by 8.6% in the first quarter. KPP Advisory Services LLC now owns 14,350 shares of the rocket manufacturer’s stock valued at $922,000 after purchasing an additional 1,140 shares during the period. Hedge funds and other institutional investors 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.