Rocket Lab (NASDAQ:RKLB) Trading 1.2% Higher - Here's Why

Key Points

• Rocket Lab shares jumped about 1.2% intraday
• Analysts hold a consensus "Moderate Buy" rating with an average target of $75.92, and several firms have raised targets (Stifel and Cantor Fitzgerald to $85, Goldman to $69).
• Insiders sold roughly 1.81 million shares (~$136.5 million) over the last three months, even as institutional ownership is high at about 71.78% and major funds like Baillie Gifford, Vanguard and Norges Bank increased or initiated positions.

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) shares shot up 1.2% during mid-day trading on Monday . The company traded as high as $69.45 and last traded at $68.0060. 23,785,523 shares changed hands during mid-day trading, an increase of 8% from the average session volume of 22,046,242 shares. The stock had previously closed at $67.23.

Analysts Set New Price Targets

RKLB has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Rocket Lab from a "sell" rating to a "hold" rating in a research report on Sunday, February 8th. Zacks Research cut shares of Rocket Lab from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 10th. Cantor Fitzgerald reissued an "overweight" rating and set a $85.00 target price on shares of Rocket Lab in a report on Friday, March 13th. Stifel Nicolaus upped their target price on Rocket Lab from $75.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, December 22nd. Finally, The Goldman Sachs Group increased their price target on Rocket Lab from $47.00 to $69.00 and gave the company a "neutral" rating in a research note on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $75.92.

Rocket Lab Stock Up 1.2%

The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.61 and a current ratio of 4.08. The company has a market capitalization of $38.59 billion, a price-to-earnings ratio of -183.80 and a beta of 2.20. The stock's fifty day simple moving average is $76.31 and its two-hundred day simple moving average is $63.94.

Insiders Place Their Bets

In other Rocket Lab news, insider Frank Klein sold 36,768 shares of Rocket Lab stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total value of $2,645,457.60. Following the transaction, the insider owned 1,088,237 shares in the company, valued at approximately $78,298,652.15. The trade was a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Peter Beck sold 18,857 shares of the company's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total value of $1,312,258.63. Following the completion of the transaction, the chief executive officer directly owned 884,085 shares in the company, valued at $61,523,475.15. This represents a 2.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,810,114 shares of company stock worth $136,520,096. Company insiders own 11.90% of the company's stock.

Hedge Funds Weigh In On Rocket Lab

A number of hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. boosted its position in shares of Rocket Lab by 176.1% in the 3rd quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer's stock valued at $580,952,000 after purchasing an additional 7,734,788 shares during the period. Vanguard Group Inc. raised its holdings in Rocket Lab by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer's stock worth $3,308,033,000 after buying an additional 5,610,469 shares during the period. Norges Bank purchased a new stake in Rocket Lab during the fourth quarter valued at about $341,036,000. Invesco Ltd. boosted its holdings in shares of Rocket Lab by 67.0% in the second quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer's stock worth $223,287,000 after buying an additional 2,504,054 shares during the period. Finally, Marex Group plc acquired a new position in shares of Rocket Lab in the second quarter worth about $74,359,000. 71.78% of the stock is currently owned by institutional investors and hedge funds.

About Rocket Lab

Rocket Lab is an aerospace company that provides launch services, spacecraft, and space systems for commercial and government customers. The company's primary launch vehicle is Electron, a small-lift orbital rocket designed to deploy small satellites and rideshare payloads to low Earth orbit. Rocket Lab also develops and manufactures the Rutherford engine, noted for its electric-pump-fed design and additive-manufactured components, which powers Electron and supports the company's propulsion capabilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.