Rocket Lab (NASDAQ:RKLB) Trading Up 3.1% Following Analyst Upgrade

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) shares rose 3.1% during 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. Approximately 9,218,384 shares were traded during trading, a decline of 50% from the average daily volume of 18,496,705 shares. The stock had previously closed at $44.60.

A number of other research firms also recently commented on RKLB. Roth Capital boosted their target price on Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Citigroup restated a "buy" rating and issued a $50.00 price objective (up from $33.00) on shares of Rocket Lab in a research report on Monday. Cantor Fitzgerald restated an "overweight" rating and issued a $35.00 price objective on shares of Rocket Lab in a research report on Monday. Needham & Company LLC upped their price objective on Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Finally, KeyCorp upped their price objective on Rocket Lab from $29.00 to $40.00 and gave the company an "overweight" rating in a research report on Wednesday, July 2nd. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $34.10.

Insider Buying and Selling

In other news, insider Arjun Kampani sold 5,194 shares of the firm's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $30.00, for a total transaction of $155,820.00. Following the completion of the sale, the insider directly owned 530,230 shares of the company's stock, valued at $15,906,900. This trade represents a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew Ocko sold 820,000 shares of the firm'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 sale, the director directly 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 disclosure for this sale can be found here. Insiders have sold a total of 1,130,995 shares of company stock valued at $29,686,039 over the last quarter. Company insiders own 13.70% of the company's stock.

Institutional Trading of Rocket Lab

Several hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP acquired a new stake in Rocket Lab during the fourth quarter valued at $17,261,000. SG Americas Securities LLC raised its holdings 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 valued at $6,321,000 after buying an additional 338,062 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Rocket Lab by 52.0% during 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 buying an additional 20,076 shares in the last quarter. Raymond James Financial Inc. bought a new position in Rocket Lab during the fourth quarter valued at about $5,748,000. Finally, Smith Anglin Financial LLC raised its holdings in Rocket Lab by 132.1% during the first quarter. Smith Anglin Financial LLC now owns 27,261 shares of the rocket manufacturer's stock valued at $487,000 after buying an additional 15,515 shares in the last quarter. Institutional investors and hedge funds own 71.78% of the company's stock.

Rocket Lab Trading Up 0.1%

The company has a fifty day simple moving average of $31.48 and a two-hundred day simple moving average of $25.83. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72. The company has a market capitalization of $23.31 billion, a P/E ratio of -128.48 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The firm had revenue of $122.57 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the business earned ($0.09) earnings per share. On average, analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

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.