Rocket Lab (NASDAQ:RKLB) Reaches New 12-Month High - Here's What Happened

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $33.95 and last traded at $32.79, with a volume of 3225662 shares. The stock had previously closed at $32.78.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald boosted their target price on shares of Rocket Lab from $29.00 to $35.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Stifel Nicolaus boosted their price objective on Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Needham & Company LLC raised their target price on Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Wells Fargo & Company decreased their price target on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Finally, Morgan Stanley upped their target price on shares of Rocket Lab from $18.00 to $20.00 and gave the stock an "equal weight" rating in a report on Monday, March 10th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Rocket Lab currently has an average rating of "Moderate Buy" and an average price target of $28.10.

Rocket Lab Price Performance

The firm has a market capitalization of $14.84 billion, a P/E ratio of -81.62 and a beta of 2.08. The firm's 50 day simple moving average is $24.64 and its two-hundred day simple moving average is $23.94. 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 for the quarter, compared to the consensus estimate of $120.74 million. Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. Rocket Lab's revenue was up 32.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.09) earnings per share. As a group, analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insider Transactions at Rocket Lab

In other Rocket Lab news, Director Merline Saintil sold 6,353 shares of Rocket Lab stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $29.41, for a total transaction of $186,841.73. Following the sale, the director now directly owns 425,922 shares of the company's stock, valued at approximately $12,526,366.02. The trade was a 1.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew Ocko sold 820,000 shares of Rocket Lab 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 sale, the director now owns 1,083,053 shares in the company, valued at $28,170,208.53. This represents a 43.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,124,642 shares of company stock worth $29,473,976. Company insiders own 13.70% of the company's stock.

Hedge Funds Weigh In On Rocket Lab

Institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Shields & Co. LLC increased its position 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 buying an additional 383 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Rocket Lab by 4.0% during the first quarter. Allworth Financial LP now owns 11,888 shares of the rocket manufacturer's stock valued at $213,000 after acquiring an additional 458 shares in the last quarter. Atria Wealth Solutions Inc. raised its position in shares of Rocket Lab by 1.4% in the 1st quarter. Atria Wealth Solutions Inc. now owns 35,085 shares of the rocket manufacturer's stock worth $627,000 after purchasing an additional 500 shares during the last quarter. Signaturefd LLC raised its holdings in Rocket Lab by 12.2% in the fourth quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer's stock worth $153,000 after buying an additional 653 shares during the last quarter. Finally, Focus Partners Wealth increased its position in shares of Rocket Lab by 1.0% during the first 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. Institutional investors own 71.78% of the company's stock.

About Rocket Lab

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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