Rocket Lab (NASDAQ:RKLB) Trading 2.1% Higher - Here's Why

Rocket Lab Corporation (NASDAQ:RKLB - Get Free Report) shares were up 2.1% during trading on Tuesday . The company traded as high as $27.16 and last traded at $27.11. Approximately 5,546,235 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 17,068,866 shares. The stock had previously closed at $26.55.

Analyst Ratings Changes

RKLB has been the subject of a number of analyst reports. Needham & Company LLC upped their price objective on shares of Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. 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 report on Wednesday, May 28th. The Goldman Sachs Group upped their target price on Rocket Lab from $14.35 to $16.00 and gave the company a "neutral" rating in a report on Monday, May 12th. Stifel Nicolaus lifted their target price on Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Finally, TD Cowen raised Rocket Lab to a "strong-buy" rating in a research note on Monday, February 24th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Rocket Lab has an average rating of "Moderate Buy" and a consensus target price of $26.18.

Rocket Lab Stock Performance

The stock has a market capitalization of $12.63 billion, a PE ratio of -69.63 and a beta of 2.08. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.72 and a current ratio of 2.08. The firm has a 50 day moving average of $23.85 and a 200-day moving average of $23.78.

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 (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 analyst estimates of $120.74 million. During the same period in the previous year, the firm posted ($0.09) EPS. The firm's revenue for the quarter was up 32.1% on a year-over-year basis. Research analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insider Activity at Rocket Lab

In other news, Director Matthew Ocko sold 820,000 shares of the stock in a transaction 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 sale, the director now owns 1,083,053 shares of the company's stock, valued at $28,170,208.53. This represents a 43.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Arjun Kampani sold 5,277 shares of Rocket Lab stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $29.97, for a total value of $158,151.69. Following the completion of the sale, the insider now directly owns 569,606 shares in the company, valued at $17,071,091.82. This represents a 0.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,118,289 shares of company stock valued at $29,287,134 in the last 90 days. 13.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab

A number of large investors have recently modified their holdings of RKLB. Spectrum Wealth Counsel LLC acquired a new position in Rocket Lab in the 4th quarter valued at about $25,000. Sandy Spring Bank bought a new stake in shares of Rocket Lab during the fourth quarter worth approximately $26,000. Versant Capital Management Inc boosted its holdings in shares of Rocket Lab by 118.1% during the first 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 during the period. MassMutual Private Wealth & Trust FSB acquired a new position in shares of Rocket Lab in the first quarter valued at approximately $29,000. Finally, Farther Finance Advisors LLC increased its stake in shares of Rocket Lab by 181.1% during the first quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock worth $35,000 after purchasing an additional 1,226 shares during the period. 71.78% of the stock is currently 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.