Rocket Lab (NASDAQ:RKLB) Trading Up 9% - Still a Buy?

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report)'s share price traded up 9% on Monday . The company traded as high as $42.88 and last traded at $42.53. 12,577,331 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 19,634,223 shares. The stock had previously closed at $39.03.

Analyst Ratings Changes

A number of equities analysts have recently commented on RKLB shares. Citigroup reaffirmed a "buy" rating and set a $50.00 target price (up from $33.00) on shares of Rocket Lab in a research report on Monday. KeyCorp raised their target price on shares of Rocket Lab from $29.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company lowered their target price on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. The Goldman Sachs Group began coverage on shares of Rocket Lab in a research note on Monday, June 30th. They issued a "neutral" rating and a $27.00 target price for the company. Finally, Needham & Company LLC lifted their price objective on shares of Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $32.10.

Rocket Lab Trading Up 6.8%

The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72. The company's fifty day moving average is $28.93 and its 200-day moving average is $25.08. The stock has a market cap of $18.91 billion, a PE ratio of -104.21 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $122.57 million during the quarter, compared to analysts' expectations of $120.74 million. During the same period in the previous year, the firm posted ($0.09) EPS. The firm's quarterly revenue was up 32.1% on a year-over-year basis. On average, analysts predict 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 820,000 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $26.01, for a total transaction of $21,328,200.00. Following the completion of the transaction, the director owned 1,083,053 shares of the company's stock, valued at approximately $28,170,208.53. This trade represents a 43.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Merline Saintil sold 6,353 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $29.41, for a total transaction of $186,841.73. Following the completion of the transaction, the director directly owned 425,922 shares of the company's stock, valued at $12,526,366.02. This represents a 1.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,130,995 shares of company stock worth $29,686,039 in the last quarter. Company insiders own 13.70% of the company's stock.

Institutional Investors Weigh In On Rocket Lab

Hedge funds and other institutional investors have recently bought and sold shares of the stock. US Bancorp DE increased its stake in Rocket Lab by 1,937.6% in the fourth quarter. US Bancorp DE now owns 7,315 shares of the rocket manufacturer's stock valued at $186,000 after purchasing an additional 6,956 shares during the period. Victory Capital Management Inc. increased its stake in shares of Rocket Lab by 11.9% during the fourth quarter. Victory Capital Management Inc. now owns 45,403 shares of the rocket manufacturer's stock worth $1,156,000 after acquiring an additional 4,816 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of Rocket Lab during the fourth quarter worth about $1,564,000. Raymond James Financial Inc. acquired a new position in shares of Rocket Lab during the fourth quarter worth about $5,748,000. Finally, PNC Financial Services Group Inc. increased its stake in shares of Rocket Lab by 1,602.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 16,971 shares of the rocket manufacturer's stock worth $432,000 after acquiring an additional 15,974 shares during the period. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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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