Rocket Lab (NASDAQ:RKLB) Trading 3.1% Higher After Analyst Upgrade

Shares of Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) shot up 3.1% during mid-day trading on Wednesday after Bank of America raised their price target on the stock from $30.00 to $50.00. Bank of America currently has a buy rating on the stock. Rocket Lab traded as high as $46.54 and last traded at $45.96. 9,218,384 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 18,496,705 shares. The stock had previously closed at $44.60.

Several other brokerages also recently issued reports on RKLB. The Goldman Sachs Group began coverage on shares of Rocket Lab in a report on Monday, June 30th. They set a "neutral" rating and a $27.00 price target for the company. KeyCorp lifted their price target on shares of Rocket Lab from $29.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $35.00 target price on shares of Rocket Lab in a research note on Monday. Citigroup reaffirmed a "buy" rating and issued a $50.00 target price (up from $33.00) on shares of Rocket Lab in a research note on Monday. Finally, Wells Fargo & Company dropped their target price on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Rocket Lab has an average rating of "Moderate Buy" and a consensus target price of $34.10.

Insider Buying and Selling at Rocket Lab

In other news, insider Arjun Kampani sold 5,194 shares of Rocket Lab stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $30.00, for a total transaction of $155,820.00. Following the completion of the sale, the insider owned 530,230 shares in the company, valued at $15,906,900. The trade was a 0.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Merline Saintil sold 6,353 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total transaction of $212,063.14. Following the transaction, the director owned 419,569 shares of the company's stock, valued at approximately $14,005,213.22. This represents a 1.49% 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 90 days. Corporate insiders own 13.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP bought a new stake in shares of Rocket Lab in the fourth quarter worth $17,261,000. SG Americas Securities LLC raised its position in Rocket Lab by 2,186.7% during the first quarter. SG Americas Securities LLC now owns 353,522 shares of the rocket manufacturer's stock worth $6,321,000 after acquiring an additional 338,062 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Rocket Lab by 52.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 58,652 shares of the rocket manufacturer's stock valued at $1,049,000 after purchasing an additional 20,076 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Rocket Lab in the fourth quarter valued at $5,748,000. Finally, Smith Anglin Financial LLC increased its holdings in shares of Rocket Lab by 132.1% in the first quarter. Smith Anglin Financial LLC now owns 27,261 shares of the rocket manufacturer's stock valued at $487,000 after purchasing an additional 15,515 shares during the last quarter. Institutional investors own 71.78% of the company's stock.

Rocket Lab Price Performance

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 company's 50 day moving average is $30.86 and its 200 day moving average is $25.65. The firm has a market capitalization of $23.06 billion, a price-to-earnings ratio of -127.09 and a beta of 2.15.

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

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.