Rocket Lab (NASDAQ:RKLB) Sets New 1-Year High – Here’s Why

Rocket Lab Corporation (NASDAQ:RKLB)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $33.95 and last traded at $32.79, with a volume of 3225662 shares changing hands. The stock had previously closed at $32.78.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RKLB. KeyCorp reissued an “overweight” rating on shares of Rocket Lab in a research report on Tuesday, June 3rd. Roth Capital upped their price objective on shares of Rocket Lab from $25.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, May 28th. Morgan Stanley lifted their target price on shares of Rocket Lab from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Monday, March 10th. Citigroup lowered their price target on shares of Rocket Lab from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, Wells Fargo & Company cut their price objective on Rocket Lab from $21.00 to $18.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Rocket Lab currently has an average rating of “Moderate Buy” and a consensus price target of $28.10.

Rocket Lab Price Performance

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 stock has a market capitalization of $14.67 billion, a P/E ratio of -80.88 and a beta of 2.08. The stock’s fifty day moving average is $25.13 and its 200-day moving average is $24.07.

Rocket Lab (NASDAQ:RKLB) last announced its quarterly earnings results 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). The company had revenue of $122.57 million during the quarter, compared to analyst estimates of $120.74 million. Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. Rocket Lab’s quarterly revenue was up 32.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.09) EPS. On average, equities analysts anticipate that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Merline Saintil sold 6,353 shares of Rocket Lab stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total value of $212,063.14. Following the transaction, the director now owns 419,569 shares of the company’s stock, valued at $14,005,213.22. This trade represents a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Ocko sold 200,000 shares of the company’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $26.44, for a total transaction of $5,288,000.00. Following the sale, the director now directly owns 1,320,121 shares of the company’s stock, valued at approximately $34,903,999.24. This represents a 13.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,130,995 shares of company stock worth $29,686,039. 13.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rocket Lab

Several hedge funds and other institutional investors have recently made changes to their positions in RKLB. Wellington Shields & Co. LLC lifted its position in shares of Rocket Lab by 0.5% during the 4th quarter. Wellington Shields & Co. LLC now owns 74,522 shares of the rocket manufacturer’s stock worth $1,898,000 after purchasing an additional 383 shares during the last quarter. Allworth Financial LP grew its holdings in Rocket Lab by 4.0% in the 1st quarter. Allworth Financial LP now owns 11,888 shares of the rocket manufacturer’s stock valued at $213,000 after buying an additional 458 shares during the last quarter. Atria Wealth Solutions Inc. increased its position in Rocket Lab by 1.4% in the 1st quarter. Atria Wealth Solutions Inc. now owns 35,085 shares of the rocket manufacturer’s stock worth $627,000 after buying an additional 500 shares during the period. Signaturefd LLC lifted its holdings in shares of Rocket Lab by 12.2% during the fourth quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer’s stock worth $153,000 after buying an additional 653 shares during the last quarter. Finally, Focus Partners Wealth lifted its holdings in shares of Rocket Lab by 1.0% during the first quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer’s stock worth $1,206,000 after buying an additional 681 shares during the last quarter. 71.78% of the stock is 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.