Rocket Lab (NASDAQ:RKLB) Trading Up 7.2% - Still a Buy?

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) shot up 7.2% during trading on Monday . The company traded as high as $32.60 and last traded at $32.21. 18,832,943 shares were traded during mid-day trading, an increase of 9% from the average session volume of 17,230,364 shares. The stock had previously closed at $30.04.

Analyst Ratings Changes

Several equities analysts recently issued reports on RKLB shares. 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 report on Wednesday, May 28th. Citigroup reduced their price target on shares of Rocket Lab from $35.00 to $33.00 and set a "buy" rating for the company in a report on Friday, February 28th. The Goldman Sachs Group upped their price objective on shares of Rocket Lab from $14.35 to $16.00 and gave the company a "neutral" rating in a report on Monday, May 12th. Cantor Fitzgerald raised their target price on Rocket Lab from $29.00 to $35.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Finally, KeyCorp reaffirmed an "overweight" rating on shares of Rocket Lab in a research note on Tuesday, June 3rd. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $28.10.

Rocket Lab Price Performance

The business has a 50-day moving average price of $24.37 and a 200 day moving average price of $23.88. The stock has a market cap of $14.56 billion, a PE ratio of -80.09 and a beta of 2.08. The company has a current ratio of 2.08, a quick ratio of 1.72 and a debt-to-equity ratio of 0.97.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its quarterly earnings data 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 during 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%. The firm's revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.09) earnings per share. As a group, research analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Matthew Ocko sold 820,000 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director now owns 1,083,053 shares of the company's stock, valued at approximately $28,170,208.53. This represents a 43.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Frank Klein sold 2,546 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $30.00, for a total transaction of $76,380.00. Following the completion of the sale, the insider now directly owns 1,365,826 shares in the company, valued at $40,974,780. This represents a 0.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,118,289 shares of company stock worth $29,287,134 in 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 modified their holdings of the business. Spectrum Wealth Counsel LLC purchased a new stake in Rocket Lab during the fourth quarter valued at approximately $25,000. Sandy Spring Bank purchased a new stake in Rocket Lab in the fourth quarter worth about $26,000. Versant Capital Management Inc increased its holdings 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 acquiring an additional 860 shares in the last quarter. MassMutual Private Wealth & Trust FSB bought a new position in shares of Rocket Lab in the first quarter worth approximately $29,000. Finally, Farther Finance Advisors LLC raised its position 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 period. 71.78% of the stock is owned by 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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