Rocket Lab (NASDAQ:RKLB) Trading Up 1.3% - Here's What Happened

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) rose 1.3% during trading on Friday . The stock traded as high as $37.66 and last traded at $36.62. Approximately 10,650,325 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 17,580,972 shares. The stock had previously closed at $36.14.

Analyst Ratings Changes

RKLB has been the subject of a number of recent analyst reports. Needham & Company LLC boosted their target price on Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Morgan Stanley lifted their price target on shares of Rocket Lab from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Monday, March 10th. Wells Fargo & Company lowered their price objective on shares of 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. KeyCorp restated an "overweight" rating on shares of Rocket Lab in a report on Tuesday, June 3rd. Finally, Roth Capital boosted their target price on shares of Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.10.

Rocket Lab Stock Up 0.8%

The company's 50 day moving average price is $25.46 and its two-hundred day moving average price is $24.15. 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 firm has a market cap of $16.52 billion, a PE ratio of -91.00 and a beta of 2.08.

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

Insiders Place Their Bets

In other news, Director Merline Saintil sold 6,353 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $33.38, for a total value of $212,063.14. Following the transaction, the director now directly owns 419,569 shares in the company, valued at $14,005,213.22. The trade was a 1.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Ocko sold 820,000 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $26.01, for a total value of $21,328,200.00. Following the sale, the director now owns 1,083,053 shares of the company's stock, valued at $28,170,208.53. This represents a 43.09% decrease in their position. 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 three months. 13.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Lab

A number of institutional investors have recently added to or reduced their stakes in the stock. Spectrum Wealth Counsel LLC purchased a new position in shares of Rocket Lab in the fourth quarter worth $25,000. Sandy Spring Bank bought a new stake in Rocket Lab in the 4th quarter valued at $26,000. Versant Capital Management Inc lifted its stake 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 purchasing an additional 860 shares in the last quarter. MassMutual Private Wealth & Trust FSB purchased a new stake in Rocket Lab in the 1st quarter worth $29,000. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Rocket Lab by 181.1% during the 1st quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock valued at $35,000 after purchasing an additional 1,226 shares during the last quarter. 71.78% of the stock is 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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