Rocket Lab (NASDAQ:RKLB) Shares Up 5.5% – Should You Buy?

Rocket Lab Corporation (NASDAQ:RKLBGet Free Report)’s share price shot up 5.5% during mid-day trading on Monday . The company traded as high as $90.35 and last traded at $89.46. 28,690,751 shares changed hands during mid-day trading, an increase of 26% from the average session volume of 22,846,695 shares. The stock had previously closed at $84.80.

Trending Headlines about Rocket Lab

Here are the key news stories impacting Rocket Lab this week:

Analyst Upgrades and Downgrades

Several analysts recently weighed in on RKLB shares. Morgan Stanley upgraded shares of Rocket Lab from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $67.00 to $105.00 in a research report on Friday, January 16th. TD Cowen reiterated a “buy” rating on shares of Rocket Lab in a research report on Thursday, January 22nd. Bank of America lifted their price objective on shares of Rocket Lab from $60.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price objective on shares of Rocket Lab in a research report on Friday, March 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rocket Lab in a research report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $83.31.

Read Our Latest Stock Analysis on Rocket Lab

Rocket Lab Stock Performance

The stock has a market capitalization of $51.27 billion, a P/E ratio of -243.34 and a beta of 2.20. The company has a current ratio of 4.08, a quick ratio of 3.61 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average is $70.59 and its two-hundred day moving average is $67.34.

Insider Activity at Rocket Lab

In related news, Director Merline Saintil sold 18,126 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $75.04, for a total transaction of $1,360,175.04. Following the transaction, the director owned 261,903 shares in the company, valued at $19,653,201.12. This trade represents a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Adam C. Spice sold 62,744 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total transaction of $4,366,354.96. Following the transaction, the chief financial officer owned 1,296,824 shares in the company, valued at $90,245,982.16. This represents a 4.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 233,449 shares of company stock worth $16,487,233 in the last three months. Insiders own 11.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System increased its stake in Rocket Lab by 13.6% in the 3rd quarter. Arizona State Retirement System now owns 127,794 shares of the rocket manufacturer’s stock worth $6,123,000 after purchasing an additional 15,307 shares in the last quarter. Cadent Capital Advisors LLC purchased a new stake in Rocket Lab during the third quarter valued at about $668,000. Firsthand Capital Management Inc. boosted its holdings in shares of Rocket Lab by 40.0% in the third quarter. Firsthand Capital Management Inc. now owns 70,000 shares of the rocket manufacturer’s stock worth $3,354,000 after buying an additional 20,000 shares during the period. Swiss National Bank boosted its holdings in shares of Rocket Lab by 67.7% in the third quarter. Swiss National Bank now owns 1,243,630 shares of the rocket manufacturer’s stock worth $59,582,000 after buying an additional 501,830 shares during the period. Finally, Orion Porfolio Solutions LLC purchased a new position in shares of Rocket Lab in the second quarter worth approximately $1,009,000. Institutional investors and hedge funds own 71.78% of the company’s stock.

Rocket Lab Company Profile

(Get Free Report)

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.

Further Reading

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