Rocket Lab (NASDAQ:RKLB) Trading Up 4.9% - Time to Buy?

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) rose 4.9% on Monday . The stock traded as high as $37.81 and last traded at $37.42. Approximately 11,587,984 shares traded hands during trading, a decline of 36% from the average daily volume of 18,078,249 shares. The stock had previously closed at $35.66.

Wall Street Analyst Weigh In

RKLB has been the topic of several research analyst reports. Cantor Fitzgerald raised their target price on Rocket Lab from $29.00 to $35.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 10th. KeyCorp raised their target price on Rocket Lab from $29.00 to $40.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. 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 report on Monday, March 10th. Wells Fargo & Company cut their target price on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Finally, The Goldman Sachs Group initiated coverage on Rocket Lab in a research report on Monday, June 30th. They set a "neutral" rating and a $27.00 target price on the stock. Four investment 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 stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $30.40.

Rocket Lab Stock Performance

The firm has a fifty day moving average of $27.27 and a 200-day moving average of $24.64. The stock has a market capitalization of $17.63 billion, a price-to-earnings ratio of -97.20 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 released 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 return on equity of 48.92% and a negative net margin of 44.32%. The company had revenue of $122.57 million during the quarter, compared to analyst estimates of $120.74 million. During the same period last year, the firm earned ($0.09) earnings per share. The business's revenue was up 32.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Rocket Lab Corporation will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other Rocket Lab news, insider Arjun Kampani sold 28,988 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $26.66, for a total transaction of $772,820.08. Following the completion of the sale, the insider owned 540,618 shares of the company's stock, valued at approximately $14,412,875.88. The trade was a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Merline Saintil sold 6,353 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $29.41, for a total value of $186,841.73. Following the sale, the director directly owned 425,922 shares of the company's stock, valued at approximately $12,526,366.02. This trade represents a 1.47% 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 owned by company insiders.

Institutional Investors Weigh In On Rocket Lab

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its holdings in Rocket Lab by 2.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,121,024 shares of the rocket manufacturer's stock valued at $28,552,000 after purchasing an additional 28,618 shares during the last quarter. US Bancorp DE boosted its holdings in Rocket Lab by 1,937.6% in the fourth quarter. US Bancorp DE now owns 7,315 shares of the rocket manufacturer's stock valued at $186,000 after purchasing an additional 6,956 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in Rocket Lab by 1,565.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,015 shares of the rocket manufacturer's stock valued at $53,000 after purchasing an additional 1,894 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Rocket Lab by 450.4% in the fourth quarter. Jones Financial Companies Lllp now owns 10,238 shares of the rocket manufacturer's stock valued at $261,000 after purchasing an additional 8,378 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Rocket Lab by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,902,212 shares of the rocket manufacturer's stock valued at $73,919,000 after purchasing an additional 23,855 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.