Rocket Lab (NASDAQ:RKLB) Trading Up 4.6% - Should You Buy?

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report)'s share price was up 4.6% during mid-day trading on Friday . The company traded as high as $29.44 and last traded at $29.14. Approximately 11,380,717 shares traded hands during trading, a decline of 34% from the average daily volume of 17,117,848 shares. The stock had previously closed at $27.85.

Analyst Ratings Changes

A number of research analysts have recently issued reports on RKLB shares. Roth Capital boosted their price target on shares of Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Cantor Fitzgerald boosted their price target on shares of Rocket Lab from $29.00 to $35.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. The Goldman Sachs Group boosted their price target on shares of Rocket Lab from $14.35 to $16.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Morgan Stanley upped their target price on shares of Rocket Lab from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Monday, March 10th. Finally, TD Cowen upgraded shares of Rocket Lab to a "strong-buy" rating in a research report on Monday, February 24th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Rocket Lab presently has an average rating of "Moderate Buy" and a consensus target price of $28.10.

Rocket Lab Stock Up 5.3%

The company has a market cap of $13.30 billion, a PE ratio of -73.67 and a beta of 2.08. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97. The firm's fifty day simple moving average is $24.16 and its 200-day simple moving average is $23.83.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its quarterly 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 net margin of 44.32% and a negative return on equity of 48.92%. The business had revenue of $122.57 million during the quarter, compared to analysts' expectations of $120.74 million. During the same period last year, the company earned ($0.09) EPS. The firm's revenue for the quarter was up 32.1% on a year-over-year basis. As a group, equities research analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Insider Activity at Rocket Lab

In related news, Director Matthew Ocko sold 200,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $26.44, for a total transaction of $5,288,000.00. Following the transaction, the director now owns 1,320,121 shares of the company's stock, valued at approximately $34,903,999.24. This represents a 13.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Arjun Kampani sold 5,277 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 $158,151.69. Following the transaction, the insider now directly owns 569,606 shares of the company's stock, valued at $17,071,091.82. This trade represents a 0.92% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,118,289 shares of company stock valued at $29,287,134. Company insiders own 13.70% of the company's stock.

Hedge Funds Weigh In On Rocket Lab

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP acquired a new position in Rocket Lab during the fourth quarter worth approximately $17,261,000. Van ECK Associates Corp increased its position in Rocket Lab by 26.9% during the fourth quarter. Van ECK Associates Corp now owns 166,369 shares of the rocket manufacturer's stock worth $4,237,000 after purchasing an additional 35,293 shares during the last quarter. SG Americas Securities LLC increased its position 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 during the last quarter. Empowered Funds LLC acquired a new position in Rocket Lab during the fourth quarter worth approximately $288,000. Finally, Raymond James Financial Inc. acquired a new position in Rocket Lab during the fourth quarter worth approximately $5,748,000. Institutional investors and hedge funds own 71.78% of the company's stock.

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.

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