Rocket Lab (NASDAQ:RKLB) Stock Price Up 10.4% – Still a Buy?

Shares of Rocket Lab Corporation (NASDAQ:RKLB) rose 10.4% on Thursday . The stock traded as high as $64.15 and last traded at $63.53. Approximately 31,026,524 shares were traded during trading, an increase of 50% from the average daily volume of 20,649,922 shares. The stock had previously closed at $57.52.

Wall Street Analyst Weigh In

RKLB has been the topic of several analyst reports. Roth Capital reiterated a “buy” rating and issued a $75.00 price objective on shares of Rocket Lab in a research note on Tuesday, November 11th. Robert W. Baird started coverage on Rocket Lab in a research report on Wednesday, October 15th. They issued an “outperform” rating and a $83.00 price target on the stock. Citigroup reissued a “market perform” rating on shares of Rocket Lab in a research report on Wednesday, November 12th. Stifel Nicolaus restated a “buy” rating and set a $75.00 target price (up from $65.00) on shares of Rocket Lab in a research note on Tuesday, November 11th. Finally, Wall Street Zen upgraded shares of Rocket Lab from a “strong sell” rating to a “hold” rating in a research note on Saturday, November 15th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.17.

Rocket Lab Price Performance

The stock has a market capitalization of $33.93 billion, a price-to-earnings ratio of -167.18 and a beta of 2.20. 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 stock has a fifty day moving average of $54.59 and a 200-day moving average of $45.58.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings data on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $155.08 million for 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 business’s quarterly revenue was up 48.0% compared to the same quarter last year. During the same quarter last year, the company posted ($0.10) earnings per share. On average, equities research analysts predict that Rocket Lab Corporation will post -0.38 EPS for the current fiscal year.

Insider Activity

In related news, Director Matthew Ocko sold 1,873,097 shares of the firm’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $48.20, for a total value of $90,283,275.40. Following the completion of the sale, the director owned 541,526 shares in the company, valued at $26,101,553.20. This trade represents a 77.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Arjun Kampani sold 31,185 shares of the business’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $48.97, for a total transaction of $1,527,129.45. Following the sale, the senior vice president directly owned 499,045 shares in the company, valued at approximately $24,438,233.65. This represents a 5.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 5,583,532 shares of company stock valued at $274,781,358 over the last ninety days. 11.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rocket Lab

Institutional investors have recently modified their holdings of the company. Kingstone Capital Partners Texas LLC purchased a new position in shares of Rocket Lab in the second quarter valued at $192,918,000. Sender Co & Partners Inc. purchased a new position in Rocket Lab during the 1st quarter valued at about $621,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Rocket Lab by 44.7% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 992,777 shares of the rocket manufacturer’s stock valued at $35,512,000 after acquiring an additional 306,713 shares in the last quarter. McGuire Investment Group LLC raised its position in Rocket Lab by 91.3% during the second quarter. McGuire Investment Group LLC now owns 196,107 shares of the rocket manufacturer’s stock worth $7,015,000 after acquiring an additional 93,613 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of Rocket Lab by 6.4% in the first quarter. Royal Bank of Canada now owns 2,128,536 shares of the rocket manufacturer’s stock valued at $38,057,000 after purchasing an additional 128,907 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.