Rocket Lab (NASDAQ:RKLB) Stock Price Up 3.6% - Should You Buy?

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) shot up 3.6% on Wednesday . The stock traded as high as $49.26 and last traded at $48.58. 7,048,062 shares were traded during trading, a decline of 63% from the average session volume of 18,987,947 shares. The stock had previously closed at $46.88.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RKLB. Bank of America increased their price objective on Rocket Lab from $30.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Stifel Nicolaus raised their price target on Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. KeyCorp raised their price target on Rocket Lab from $29.00 to $40.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. The Goldman Sachs Group assumed coverage on Rocket Lab in a report on Monday, June 30th. They issued a "neutral" rating and a $27.00 price target for the company. Finally, Roth Capital raised their price target on Rocket Lab from $25.00 to $35.00 and gave the stock 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $34.10.

Rocket Lab Trading Down 1.5%

The firm's 50-day simple moving average is $33.89 and its 200-day simple moving average is $26.54. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $21.89 billion, a PE ratio of -118.58 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) 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 analysts' expectations of $120.74 million. Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. The firm's quarterly revenue was up 32.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) EPS. Equities analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Frank Klein sold 44,885 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $26.66, for a total transaction of $1,196,634.10. Following the transaction, the insider owned 1,370,190 shares in the company, valued at $36,529,265.40. The trade was a 3.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew Ocko sold 820,000 shares of the business's stock in a transaction dated 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 transaction, the director owned 1,083,053 shares in the company, valued at approximately $28,170,208.53. This represents a 43.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,130,995 shares of company stock worth $29,686,039 in the last quarter. 13.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RKLB. Versant Capital Management Inc grew its holdings in shares of Rocket Lab by 118.1% during the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock worth $28,000 after acquiring an additional 860 shares during the period. MassMutual Private Wealth & Trust FSB purchased a new position in shares of Rocket Lab during the 1st quarter worth approximately $29,000. Farther Finance Advisors LLC boosted its position in shares of Rocket Lab by 181.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock worth $35,000 after purchasing an additional 1,226 shares in the last quarter. Spectrum Wealth Counsel LLC boosted its position in shares of Rocket Lab by 100.0% in the 1st quarter. Spectrum Wealth Counsel LLC now owns 2,000 shares of the rocket manufacturer's stock worth $36,000 after purchasing an additional 1,000 shares in the last quarter. Finally, ORG Partners LLC boosted its position in shares of Rocket Lab by 491.9% in the 2nd quarter. ORG Partners LLC now owns 1,095 shares of the rocket manufacturer's stock worth $38,000 after purchasing an additional 910 shares in the last quarter. Hedge funds and other 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.