Rocket Lab (NASDAQ:RKLB) Shares Up 5.4% - Here's Why

Shares of Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) were up 5.4% during mid-day trading on Thursday . The company traded as high as $28.07 and last traded at $27.85. Approximately 18,381,728 shares traded hands during trading, an increase of 7% from the average daily volume of 17,135,498 shares. The stock had previously closed at $26.42.

Analyst Ratings Changes

RKLB has been the topic of several research analyst reports. Needham & Company LLC raised their price target on Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Cantor Fitzgerald raised their target price on Rocket Lab from $29.00 to $35.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Stifel Nicolaus lifted their price target on Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. The Goldman Sachs Group upped their price target on Rocket Lab from $14.35 to $16.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. Finally, Morgan Stanley raised their price objective on shares of Rocket Lab from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Monday, March 10th. Five 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 stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $28.10.

Rocket Lab Trading Up 5.4%

The business has a 50-day moving average price of $23.99 and a 200-day moving average price of $23.81. 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 $12.63 billion, a P/E ratio of -69.63 and a beta of 2.08.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its quarterly 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). The business 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%. The firm's revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.09) EPS. Analysts anticipate that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insider Transactions at Rocket Lab

In related news, insider Frank Klein sold 1,818 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $26.51, for a total value of $48,195.18. Following the completion of the transaction, the insider now owns 1,368,372 shares in the company, valued at $36,275,541.72. The trade was a 0.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Matthew Ocko sold 820,000 shares of Rocket Lab stock in a transaction 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 sale, the director now directly owns 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 quarter, insiders have sold 1,118,289 shares of company stock valued at $29,287,134. 13.70% of the stock is owned by insiders.

Institutional Trading of Rocket Lab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Shields & Co. LLC grew its position in shares of Rocket Lab by 0.5% during the 4th quarter. Wellington Shields & Co. LLC now owns 74,522 shares of the rocket manufacturer's stock worth $1,898,000 after buying an additional 383 shares during the period. Allworth Financial LP increased its holdings in Rocket Lab by 4.0% in the first 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 last quarter. Atria Wealth Solutions Inc. boosted its holdings in Rocket Lab by 1.4% during the first quarter. Atria Wealth Solutions Inc. now owns 35,085 shares of the rocket manufacturer's stock worth $627,000 after buying an additional 500 shares during the last quarter. Signaturefd LLC increased its stake in shares of Rocket Lab by 12.2% in 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 during the last quarter. Finally, Focus Partners Wealth boosted its stake in Rocket Lab by 1.0% during the 1st quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer's stock worth $1,206,000 after acquiring an additional 681 shares during the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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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