Rocket Lab (NASDAQ:RKLB) Trading Up 1.7% - Time to Buy?

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report)'s share price traded up 1.7% during trading on Monday . The company traded as high as $37.95 and last traded at $35.97. 8,047,891 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 19,605,641 shares. The stock had previously closed at $35.38.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RKLB shares. KeyCorp reiterated an "overweight" rating on shares of Rocket Lab in a research note on Tuesday, June 3rd. Morgan Stanley raised their target price on Rocket Lab from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Monday, March 10th. Cantor Fitzgerald raised their price objective on Rocket Lab from $29.00 to $35.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Roth Capital lifted their target price on Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Finally, Wells Fargo & Company reduced their price objective on 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 equities research 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 company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $29.20.

Rocket Lab Stock Up 1.1%

The stock has a market capitalization of $16.22 billion, a price-to-earnings ratio of -89.43 and a beta of 2.08. 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 business has a fifty day moving average of $25.77 and a 200 day moving average of $24.26.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) 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 analysts' expectations of $120.74 million. During the same period last year, the firm posted ($0.09) earnings per share. Rocket Lab's revenue was up 32.1% on a year-over-year basis. As a group, equities analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insider Buying and Selling at Rocket Lab

In related news, Director Matthew Ocko sold 820,000 shares of Rocket Lab stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $26.01, for a total value of $21,328,200.00. Following the completion of the transaction, the director owned 1,083,053 shares in the company, valued at approximately $28,170,208.53. The trade was a 43.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Arjun Kampani sold 5,194 shares of the firm's 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 transaction, the insider directly owned 530,230 shares of the company's stock, valued at $15,906,900. This represents a 0.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,130,995 shares of company stock valued at $29,686,039 over the last three months. 13.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rocket Lab

Several large investors have recently bought and sold shares of RKLB. Voya Investment Management LLC lifted its stake in Rocket Lab by 186.0% during the first quarter. Voya Investment Management LLC now owns 1,397,342 shares of the rocket manufacturer's stock worth $24,984,000 after purchasing an additional 908,808 shares during the last quarter. Rhumbline Advisers grew its position in shares of Rocket Lab by 9.6% during the first quarter. Rhumbline Advisers now owns 525,018 shares of the rocket manufacturer's stock worth $9,387,000 after acquiring an additional 45,889 shares during the last quarter. Strs Ohio acquired a new position in shares of Rocket Lab in the 1st quarter valued at $1,150,000. Intech Investment Management LLC boosted its stake in shares of Rocket Lab by 36.3% during the first quarter. Intech Investment Management LLC now owns 257,590 shares of the rocket manufacturer's stock worth $4,606,000 after buying an additional 68,573 shares during the period. Finally, Focus Partners Wealth raised its stake in Rocket Lab by 1.0% during the 1st quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer's stock valued at $1,206,000 after acquiring an additional 681 shares during the last quarter. Hedge funds and other 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.