Rocket Lab (NASDAQ:RKLB) Reaches New 1-Year High - Here's What Happened

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $39.06 and last traded at $38.88, with a volume of 35457322 shares trading hands. The stock had previously closed at $35.66.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on RKLB shares. Morgan Stanley lifted their price target on Rocket Lab from $18.00 to $20.00 and gave the company an "equal weight" rating in a report on Monday, March 10th. The Goldman Sachs Group started coverage on Rocket Lab in a report on Monday, June 30th. They set a "neutral" rating and a $27.00 price target on the stock. Stifel Nicolaus lifted their price target on Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Roth Capital lifted their price target on Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Finally, Needham & Company LLC lifted their price target on Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Rocket Lab presently has a consensus rating of "Moderate Buy" and an average price target of $30.40.

Rocket Lab Stock Performance

The stock has a market cap of $17.63 billion, a P/E ratio of -97.20 and a beta of 2.15. The company has a fifty day moving average of $27.59 and a 200 day moving average of $24.73. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The company had revenue of $122.57 million during the quarter, compared to the consensus estimate of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. Rocket Lab's quarterly revenue was up 32.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.09) EPS. On average, equities analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rocket Lab news, Director Matthew Ocko sold 820,000 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $26.01, for a total value of $21,328,200.00. Following the transaction, the director owned 1,083,053 shares of the company's stock, valued at approximately $28,170,208.53. This represents a 43.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Arjun Kampani sold 28,988 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.66, for a total value of $772,820.08. Following the completion of the transaction, the insider directly owned 540,618 shares in the company, valued at $14,412,875.88. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,130,995 shares of company stock worth $29,686,039 over the last three months. Corporate insiders own 13.70% of the company's stock.

Institutional Trading of Rocket Lab

Several large investors have recently added to or reduced their stakes in the company. Wellington Shields & Co. LLC raised its stake in Rocket Lab by 0.5% during the 4th quarter. Wellington Shields & Co. LLC now owns 74,522 shares of the rocket manufacturer's stock valued at $1,898,000 after purchasing an additional 383 shares during the period. Allworth Financial LP raised its stake in Rocket Lab by 4.0% during the 1st quarter. Allworth Financial LP now owns 11,888 shares of the rocket manufacturer's stock valued at $213,000 after purchasing an additional 458 shares during the period. Atria Wealth Solutions Inc. raised its stake in Rocket Lab by 1.4% during the 1st quarter. Atria Wealth Solutions Inc. now owns 35,085 shares of the rocket manufacturer's stock valued at $627,000 after purchasing an additional 500 shares during the period. Signaturefd LLC grew its holdings in shares of Rocket Lab by 12.2% during the 4th quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer's stock valued at $153,000 after acquiring an additional 653 shares in the last quarter. Finally, Focus Partners Wealth grew its holdings in shares of Rocket Lab by 1.0% during the 1st quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer's stock valued at $1,206,000 after acquiring an additional 681 shares in the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

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.

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