Rocket Lab (NASDAQ:RKLB) Shares Up 3.8% - Time to Buy?

Shares of Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) were up 3.8% during trading on Tuesday . The company traded as high as $44.77 and last traded at $44.84. Approximately 11,016,287 shares were traded during trading, a decline of 40% from the average daily volume of 18,419,527 shares. The stock had previously closed at $43.21.

Analysts Set New Price Targets

A number of research analysts have recently commented on RKLB shares. Wells Fargo & Company cut their price target on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Cantor Fitzgerald restated an "overweight" rating and issued a $35.00 target price on shares of Rocket Lab in a research note on Monday. Citigroup restated 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. Stifel Nicolaus upped their target price on Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Finally, The Goldman Sachs Group began coverage on Rocket Lab in a research note on Monday, June 30th. They issued a "neutral" rating and a $27.00 target price for the company. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Rocket Lab presently has an average rating of "Moderate Buy" and an average target price of $34.10.

Rocket Lab Stock Up 7.6%

The business has a 50-day simple moving average of $30.29 and a two-hundred day simple moving average of $25.48. The stock has a market capitalization of $23.28 billion, a P/E ratio of -128.33 and a beta of 2.15. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its quarterly 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). Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The company had revenue of $122.57 million during the quarter, compared to the consensus estimate of $120.74 million. During the same quarter last year, the company earned ($0.09) earnings per share. The business's revenue was up 32.1% on a year-over-year basis. Equities research analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Frank Klein sold 2,546 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $30.00, for a total transaction of $76,380.00. Following the sale, the insider owned 1,365,826 shares in the company, valued at approximately $40,974,780. This represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Arjun Kampani sold 5,194 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $30.00, for a total value of $155,820.00. Following 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,130,995 shares of company stock valued at $29,686,039. 13.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rocket Lab

Several hedge funds have recently added to or reduced their stakes in RKLB. Sandy Spring Bank bought a new position in Rocket Lab in the fourth quarter valued at about $26,000. Versant Capital Management Inc boosted its holdings in Rocket Lab by 118.1% in the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock valued at $28,000 after acquiring an additional 860 shares during the last quarter. MassMutual Private Wealth & Trust FSB bought a new position in Rocket Lab in the first quarter valued at about $29,000. Farther Finance Advisors LLC boosted its holdings in Rocket Lab by 181.1% in the first quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock valued at $35,000 after acquiring an additional 1,226 shares during the last quarter. Finally, Spectrum Wealth Counsel LLC boosted its holdings in Rocket Lab by 100.0% in the first quarter. Spectrum Wealth Counsel LLC now owns 2,000 shares of the rocket manufacturer's stock valued at $36,000 after acquiring an additional 1,000 shares during 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.