Rocket Lab (NASDAQ:RKLB) Trading Up 8.4% – Here’s Why

Rocket Lab Corporation (NASDAQ:RKLB) traded up 8.4% on Monday . The stock traded as high as $70.60 and last traded at $70.43. 16,462,825 shares were traded during trading, a decline of 32% from the average session volume of 24,186,605 shares. The stock had previously closed at $64.95.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RKLB shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rocket Lab in a research note on Friday, July 17th. KGI Securities upgraded shares of Rocket Lab from a “neutral” rating to an “outperform” rating and set a $107.00 price target for the company in a research note on Monday, July 27th. BTIG Research reiterated a “hold” rating on shares of Rocket Lab in a report on Tuesday, May 12th. Craig Hallum increased their price objective on shares of Rocket Lab from $98.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, June 29th. Finally, Bank of America raised their price objective on shares of Rocket Lab from $105.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $110.29.

Rocket Lab Trading Up 8.4%

The firm has a market cap of $40.76 billion, a PE ratio of -220.09 and a beta of 2.60. The company has a current ratio of 4.47, a quick ratio of 4.02 and a debt-to-equity ratio of 0.02. The business has a fifty day moving average price of $95.72 and a 200 day moving average price of $86.34.

Rocket Lab (NASDAQ:RKLB) last issued its earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). The business had revenue of $200.35 million for the quarter, compared to analyst estimates of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The business’s quarterly revenue was up 63.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.12) EPS. Analysts forecast that Rocket Lab Corporation will post -0.26 EPS for the current year.

Insider Buying and Selling at Rocket Lab

In related news, insider Frank Klein sold 36,860 shares of Rocket Lab stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $147.42, for a total transaction of $5,433,901.20. Following the sale, the insider directly owned 1,006,987 shares in the company, valued at $148,450,023.54. This trade represents a 3.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Marvin Bradford Clevenger sold 3,500 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $146.67, for a total transaction of $513,345.00. Following the completion of the sale, the insider directly owned 473,975 shares of the company’s stock, valued at approximately $69,517,913.25. This trade represents a 0.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 3,849,294 shares of company stock worth $362,816,208. 8.40% of the stock is owned by insiders.

Institutional Trading of Rocket Lab

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Mcguire Capital Advisors Inc. acquired a new stake in shares of Rocket Lab in the 4th quarter valued at about $27,000. Zions Bancorporation National Association UT acquired a new position in Rocket Lab during the fourth quarter worth approximately $28,000. EverSource Wealth Advisors LLC increased its position in Rocket Lab by 109.5% during the second quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock worth $28,000 after buying an additional 416 shares during the period. Gordian Capital Singapore Pte Ltd purchased a new stake in Rocket Lab in the fourth quarter valued at approximately $29,000. Finally, Reflection Asset Management purchased a new stake in Rocket Lab in the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 71.78% of the company’s stock.

Rocket Lab Company Profile

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.