Rocket Lab (NASDAQ:RKLB) Shares Up 1.5% - Here's Why

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report)'s stock price rose 1.5% during trading on Tuesday . The stock traded as high as $33.95 and last traded at $33.28. Approximately 11,048,645 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 17,302,226 shares. The stock had previously closed at $32.78.

Analyst Ratings Changes

RKLB has been the subject of several analyst reports. Needham & Company LLC upped 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. Stifel Nicolaus raised their price target on shares of Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Morgan Stanley boosted their price objective on shares of Rocket Lab from $18.00 to $20.00 and gave the stock an "equal weight" rating in a report on Monday, March 10th. Wells Fargo & Company decreased their price objective on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Finally, Roth Capital lifted their target price on Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. 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 company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $28.10.

Rocket Lab Stock Down 2.0%

The firm has a market cap of $16.06 billion, a P/E ratio of -88.53 and a beta of 2.08. The firm's 50-day moving average price is $25.46 and its 200 day moving average price is $24.15. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72.

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

Insiders Place Their Bets

In other news, insider Frank Klein sold 2,569 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $29.97, for a total transaction of $76,992.93. Following the completion of the transaction, the insider now directly owns 1,415,075 shares of the company's stock, valued at approximately $42,409,797.75. This represents a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Merline Saintil sold 6,353 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $33.38, for a total value of $212,063.14. Following the completion of the sale, the director now directly owns 419,569 shares in the company, valued at approximately $14,005,213.22. This trade represents a 1.49% 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 valued at $29,686,039 over the last 90 days. 13.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Voya Investment Management LLC increased its stake in shares of Rocket Lab by 186.0% in the first quarter. Voya Investment Management LLC now owns 1,397,342 shares of the rocket manufacturer's stock valued at $24,984,000 after purchasing an additional 908,808 shares during the period. Rhumbline Advisers grew its holdings in Rocket Lab by 9.6% in the 1st quarter. Rhumbline Advisers now owns 525,018 shares of the rocket manufacturer's stock worth $9,387,000 after buying an additional 45,889 shares in the last quarter. Strs Ohio acquired a new stake in Rocket Lab in the 1st quarter valued at approximately $1,150,000. Intech Investment Management LLC raised its stake in Rocket Lab by 36.3% during the 1st quarter. Intech Investment Management LLC now owns 257,590 shares of the rocket manufacturer's stock valued at $4,606,000 after acquiring an additional 68,573 shares in the last quarter. Finally, Focus Partners Wealth boosted its position in Rocket Lab by 1.0% during the 1st quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer's stock worth $1,206,000 after acquiring an additional 681 shares during the period. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab Company Profile

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.