Rocket Lab (NASDAQ:RKLB) Stock Price Up 4.3% - Here's Why

Key Points

• Rocket Lab's stock price rose by 4.3%, closing at $45.69 with a notable trading volume of approximately 5.3 million shares, significantly lower than its average daily volume.
• Analyst reports have varied opinions on Rocket Lab, with KeyCorp increasing its price target from $29 to $40 and Bank of America raising it from $30 to $50, while Wells Fargo lowered their target from $21 to $18.
• The company recently reported a quarterly loss of ($0.12) EPS, missing estimates by $0.02, although its revenue increased by 32.1% year-over-year to $122.57 million.

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) was up 4.3% during trading on Wednesday . The company traded as high as $46.02 and last traded at $45.69. Approximately 5,308,493 shares were traded during trading, a decline of 74% from the average daily volume of 20,047,262 shares. The stock had previously closed at $43.79.

Analyst Upgrades and Downgrades

RKLB has been the subject of several research analyst reports. KeyCorp increased their price objective on Rocket Lab from $29.00 to $40.00 and gave the stock an "overweight" rating in a report on Wednesday, July 2nd. Stifel Nicolaus upped their price objective on shares of Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Wells Fargo & Company decreased their price objective on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Bank of America upped their price target on Rocket Lab from $30.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Finally, Craig Hallum began coverage on Rocket Lab in a research report on Monday. They issued a "hold" rating and a $51.00 target price for the company. Five equities 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 company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $35.64.

Rocket Lab Stock Up 4.3%

The company has a current ratio of 2.08, a quick ratio of 1.72 and a debt-to-equity ratio of 0.97. The business has a 50-day moving average price of $34.63 and a 200 day moving average price of $26.77. The stock has a market capitalization of $21.07 billion, a P/E ratio of -113.97 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $122.57 million for the quarter, compared to the consensus estimate of $120.74 million. During the same quarter last year, the firm earned ($0.09) EPS. The company's revenue was up 32.1% on a year-over-year basis. On average, equities analysts expect that Rocket Lab Corporation will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at Rocket Lab

In other Rocket Lab news, Director Merline Saintil sold 6,353 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $33.38, for a total transaction of $212,063.14. Following the sale, the director owned 419,569 shares of the company's stock, valued at approximately $14,005,213.22. This trade represents a 1.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Arjun Kampani sold 5,194 shares of Rocket Lab 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 transaction, the insider directly owned 530,230 shares in the company, valued at $15,906,900. This represents a 0.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,130,995 shares of company stock worth $29,686,039 over the last quarter. 11.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. ORG Partners LLC raised its holdings in 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 during the period. GAMMA Investing LLC grew its stake in Rocket Lab by 36.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,518 shares of the rocket manufacturer's stock valued at $54,000 after acquiring an additional 405 shares during the period. Versant Capital Management Inc increased its holdings in Rocket Lab by 118.1% in 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 in the last quarter. MassMutual Private Wealth & Trust FSB acquired a new stake in Rocket Lab in the 1st quarter worth about $29,000. Finally, Quarry LP purchased a new position in Rocket Lab in the 4th quarter valued at $48,000. 71.78% of the stock is 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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