Rocket Lab (NASDAQ:RKLB) Reaches New 52-Week High – Should You Buy?

Shares of Rocket Lab Corporation (NASDAQ:RKLBGet Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $76.58 and last traded at $76.4810, with a volume of 8495413 shares traded. The stock had previously closed at $70.52.

Rocket Lab News Roundup

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on RKLB shares. Morgan Stanley cut their target price on shares of Rocket Lab from $68.00 to $67.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 12th. Citigroup reissued a “market perform” rating on shares of Rocket Lab in a research report on Wednesday, November 12th. Stifel Nicolaus set a $85.00 price target on Rocket Lab in a research note on Monday. Bank of America boosted their price target on Rocket Lab from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Finally, KeyCorp increased their price objective on Rocket Lab from $50.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, October 17th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Rocket Lab has a consensus rating of “Moderate Buy” and a consensus target price of $59.00.

Read Our Latest Report on RKLB

Rocket Lab Stock Up 8.5%

The company has a quick ratio of 2.83, a current ratio of 3.18 and a debt-to-equity ratio of 0.32. The company has a market cap of $40.89 billion, a price-to-earnings ratio of -201.98 and a beta of 2.20. The business has a 50-day simple moving average of $54.50 and a two-hundred day simple moving average of $47.33.

Rocket Lab (NASDAQ:RKLBGet Free Report) last posted its earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. The firm had revenue of $155.08 million during the quarter, compared to analyst estimates of $152.45 million. Rocket Lab had a negative return on equity of 27.26% and a negative net margin of 35.64%.The company’s revenue for the quarter was up 48.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.10) EPS. As a group, equities analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Peter Beck sold 1,560,254 shares of Rocket Lab stock in a transaction on Monday, December 15th. The shares were sold at an average price of $57.47, for a total value of $89,667,797.38. Following the transaction, the chief executive officer owned 939,746 shares in the company, valued at $54,007,202.62. This trade represents a 62.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Arjun Kampani sold 28,615 shares of the business’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $40.65, for a total transaction of $1,163,199.75. Following the transaction, the senior vice president directly owned 461,014 shares of the company’s stock, valued at approximately $18,740,219.10. This represents a 5.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,697,171 shares of company stock worth $149,644,782 in the last ninety days. 11.90% of the stock is owned by insiders.

Institutional Trading of Rocket Lab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. boosted its position in shares of Rocket Lab by 4,904.6% in the first quarter. Russell Investments Group Ltd. now owns 19,668 shares of the rocket manufacturer’s stock valued at $352,000 after acquiring an additional 19,275 shares during the period. Cresset Asset Management LLC increased its holdings in shares of Rocket Lab by 75.4% during the 1st quarter. Cresset Asset Management LLC now owns 24,374 shares of the rocket manufacturer’s stock worth $436,000 after purchasing an additional 10,474 shares during the period. Raymond James Financial Inc. raised its position in shares of Rocket Lab by 166.5% during the first quarter. Raymond James Financial Inc. now owns 601,497 shares of the rocket manufacturer’s stock valued at $10,755,000 after buying an additional 375,831 shares during the last quarter. Quantbot Technologies LP lifted its stake in shares of Rocket Lab by 10,282.6% in the first quarter. Quantbot Technologies LP now owns 38,831 shares of the rocket manufacturer’s stock valued at $694,000 after buying an additional 38,457 shares during the period. Finally, 1832 Asset Management L.P. grew its position in Rocket Lab by 26.1% during the first quarter. 1832 Asset Management L.P. now owns 162,500 shares of the rocket manufacturer’s stock worth $2,906,000 after buying an additional 33,600 shares in the last quarter. 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.

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