Rocket Lab (NASDAQ:RKLB) Trading Up 7.5% - Time to Buy?

Key Points

• Shares rose 7.5%, trading up to about $84.65 mid-day on Wednesday with ~19.4 million shares changing hands (below the ~22.4M average), after closing the prior session at $78.76.
• Analyst sentiment is a Moderate Buy consensus with an average target of $83.31, while notable upgrades include Bank of America raising its target to $120 (buy) and Morgan Stanley to $105 (overweight).
• Insiders have sold 233,449 shares (~$16.5M) in the past 90 days and now own 8.40% of the stock, institutions hold ~71.78%, and the company shows a $48.2B market cap with a negative P/E of -228.78.

Shares of Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) traded up 7.5% during mid-day trading on Wednesday . The stock traded as high as $84.68 and last traded at $84.65. 19,427,617 shares were traded during trading, a decline of 13% from the average session volume of 22,358,010 shares. The stock had previously closed at $78.76.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RKLB shares. Bank of America upped their target price on Rocket Lab from $60.00 to $120.00 and gave the company a "buy" rating in a research report on Tuesday, January 20th. Needham & Company LLC cut their price target on Rocket Lab from $110.00 to $95.00 and set a "buy" rating on the stock in a research report on Friday, February 27th. KeyCorp cut Rocket Lab from an "overweight" rating to a "sector weight" rating in a research note on Thursday, January 15th. TD Cowen restated a "buy" rating on shares of Rocket Lab in a research report on Thursday, January 22nd. Finally, Morgan Stanley raised shares of Rocket Lab from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $67.00 to $105.00 in a report on Friday, January 16th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $83.31.

Rocket Lab Stock Performance

The stock has a market cap of $48.20 billion, a PE ratio of -228.78 and a beta of 2.30. The stock has a fifty day moving average of $72.70 and a 200-day moving average of $68.41. The company has a quick ratio of 3.61, a current ratio of 4.08 and a debt-to-equity ratio of 0.10.

Insider Buying and Selling

In other news, Director Merline Saintil sold 18,126 shares of the business's stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $75.04, for a total value of $1,360,175.04. Following the transaction, the director owned 261,903 shares of the company's stock, valued at approximately $19,653,201.12. The trade was a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Arjun Kampani sold 28,761 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total value of $2,001,477.99. Following the sale, the senior vice president owned 421,699 shares of the company's stock, valued at $29,346,033.41. This trade represents a 6.38% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 233,449 shares of company stock worth $16,487,233. 8.40% of the stock is currently owned by insiders.

Institutional Trading of Rocket Lab

Hedge funds have recently made changes to their positions in the company. Aventura Private Wealth LLC purchased a new position in Rocket Lab during the fourth quarter worth about $25,000. Mcguire Capital Advisors Inc. acquired a new stake in Rocket Lab in the fourth quarter valued at about $27,000. Zions Bancorporation National Association UT purchased a new stake in Rocket Lab in the 4th quarter valued at approximately $28,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Rocket Lab in the 4th quarter valued at approximately $29,000. Finally, Reflection Asset Management purchased a new stake in Rocket Lab in the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 71.78% of the company's stock.

Rocket Lab Company Profile

Rocket Lab is an aerospace company that provides launch services, spacecraft, and space systems for commercial and government customers. The company's primary launch vehicle is Electron, a small-lift orbital rocket designed to deploy small satellites and rideshare payloads to low Earth orbit. Rocket Lab also develops and manufactures the Rutherford engine, noted for its electric-pump-fed design and additive-manufactured components, which powers Electron and supports the company's propulsion capabilities.

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