Rocket Lab (NASDAQ:RKLB) Trading 3.3% Higher - Should You Buy?

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report)'s share price was up 3.3% on Wednesday . The stock traded as high as $28.07 and last traded at $27.29. Approximately 7,862,668 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 17,105,427 shares. The stock had previously closed at $26.42.

Analyst Ratings Changes

RKLB has been the subject of several research analyst reports. Stifel Nicolaus upped their price target on shares of Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Morgan Stanley raised their target price on Rocket Lab from $18.00 to $20.00 and gave the company an "equal weight" rating in a research report on Monday, March 10th. Needham & Company LLC lifted their price target on Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. KeyCorp reissued an "overweight" rating on shares of Rocket Lab in a research note on Tuesday, June 3rd. Finally, Cantor Fitzgerald raised their price objective on Rocket Lab from $29.00 to $35.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $26.18.

Rocket Lab Stock Performance

The firm has a market cap of $12.51 billion, a PE ratio of -69.39 and a beta of 2.08. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.72 and a current ratio of 2.08. The firm's 50 day moving average price is $23.85 and its two-hundred day moving average price is $23.78.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. The business had revenue of $122.57 million for the quarter, compared to analyst estimates of $120.74 million. During the same period last year, the business earned ($0.09) EPS. Rocket Lab's revenue was up 32.1% compared to the same quarter last year. On average, research analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insider Transactions at Rocket Lab

In other Rocket Lab news, Director Matthew Ocko sold 200,000 shares of Rocket Lab stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $26.44, for a total value of $5,288,000.00. Following the completion of the transaction, the director now directly owns 1,320,121 shares of the company's stock, valued at $34,903,999.24. The trade was a 13.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Arjun Kampani sold 5,277 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $29.97, for a total transaction of $158,151.69. Following the completion of the transaction, the insider now directly owns 569,606 shares of the company's stock, valued at approximately $17,071,091.82. The trade was a 0.92% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,118,289 shares of company stock worth $29,287,134. 13.70% of the stock is currently owned by insiders.

Institutional Trading of Rocket Lab

A number of large investors have recently made changes to their positions in the company. Wellington Management Group LLP purchased a new position in shares of Rocket Lab in the 4th quarter valued at about $17,261,000. Van ECK Associates Corp boosted its holdings in Rocket Lab by 26.9% in the fourth quarter. Van ECK Associates Corp now owns 166,369 shares of the rocket manufacturer's stock valued at $4,237,000 after purchasing an additional 35,293 shares in the last quarter. 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 worth $6,321,000 after purchasing an additional 338,062 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Rocket Lab in the 4th quarter valued at $288,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Rocket Lab in the 4th quarter valued at $5,748,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

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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