Rocket Lab Corporation (NASDAQ:RKLB) Receives $34.10 Average PT from Brokerages

Key Points

• Rocket Lab Corporation has received a consensus recommendation of “Moderate Buy” from twelve research firms, with an average 12-month price target of $34.10.
• Insider sales have occurred recently, with notable transactions including Frank Klein selling 44,885 shares and Matthew Ocko selling 820,000 shares, representing significant reductions in their stock ownership.
• Institutional investors now own 71.78% of Rocket Lab's stock, with major stakes recently acquired by firms such as Kingstone Capital Partners and Vanguard Group.

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twelve research firms that are currently covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $34.10.

RKLB has been the subject of a number of analyst reports. Stifel Nicolaus upped their price objective on Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Needham & Company LLC raised their price target on Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Roth Capital upped their price objective on shares of Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Wells Fargo & Company cut their price objective on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $35.00 price objective on shares of Rocket Lab in a report on Monday, July 14th.

Insider Buying and Selling

In related news, insider Frank Klein sold 44,885 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $26.66, for a total value of $1,196,634.10. Following the completion of the transaction, the insider directly owned 1,370,190 shares of the company's stock, valued at $36,529,265.40. This represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Ocko sold 820,000 shares of the company's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $26.01, for a total value of $21,328,200.00. Following the completion of the transaction, the director directly owned 1,083,053 shares of the company's stock, valued at $28,170,208.53. This trade represents a 43.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,130,995 shares of company stock valued at $29,686,039. Corporate insiders own 13.70% of the company's stock.

Hedge Funds Weigh In On Rocket Lab

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kingstone Capital Partners Texas LLC purchased a new stake in Rocket Lab in the second quarter valued at approximately $192,918,000. Vanguard Group Inc. lifted its stake in Rocket Lab by 10.6% in the first quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer's stock valued at $715,728,000 after buying an additional 3,833,969 shares during the last quarter. FMR LLC lifted its stake in Rocket Lab by 30,853.3% in the fourth quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock valued at $94,141,000 after buying an additional 3,684,195 shares during the last quarter. Two Sigma Advisers LP purchased a new stake in Rocket Lab in the fourth quarter valued at approximately $72,623,000. Finally, BNP Paribas Financial Markets purchased a new stake in Rocket Lab in the fourth quarter valued at approximately $56,977,000. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab Price Performance

RKLB traded down $0.70 on Friday, hitting $47.43. 14,499,283 shares of the company's stock traded hands, compared to its average volume of 25,171,824. The company's 50 day simple moving average is $33.89 and its 200-day simple moving average is $26.54. The firm has a market cap of $21.89 billion, a price-to-earnings ratio of -118.58 and a beta of 2.15. Rocket Lab has a one year low of $4.20 and a one year high of $53.44. The company has a current ratio of 2.08, a quick ratio of 1.72 and a debt-to-equity ratio of 0.97.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. The company had revenue of $122.57 million during the quarter, compared to analysts' expectations of $120.74 million. During the same quarter last year, the firm posted ($0.09) EPS. Rocket Lab's revenue for the quarter was up 32.1% compared to the same quarter last year. As a group, research analysts anticipate that Rocket Lab will post -0.38 EPS for the current year.

Rocket Lab Company Profile

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.