Rocket Lab (NASDAQ:RKLB) Trading 7.2% Higher – Here’s Why

Rocket Lab Corporation (NASDAQ:RKLB) shares shot up 7.2% on Monday . The stock traded as high as $32.60 and last traded at $32.21. 18,832,943 shares traded hands during trading, an increase of 9% from the average session volume of 17,230,364 shares. The stock had previously closed at $30.04.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Citigroup reduced their target price on Rocket Lab from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Cantor Fitzgerald increased their target price on Rocket Lab from $29.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Stifel Nicolaus boosted their price objective on shares of Rocket Lab from $29.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, May 28th. Wells Fargo & Company reduced their target price on Rocket Lab from $21.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. Finally, Morgan Stanley lifted their price target on Rocket Lab from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Monday, March 10th. Five equities research 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 company’s stock. Based on data from MarketBeat.com, Rocket Lab currently has an average rating of “Moderate Buy” and a consensus price target of $28.10.

Rocket Lab Stock Performance

The company has a current ratio of 2.08, a quick ratio of 1.72 and a debt-to-equity ratio of 0.97. The stock has a market cap of $14.56 billion, a price-to-earnings ratio of -80.09 and a beta of 2.08. The firm’s 50-day moving average is $24.37 and its two-hundred day moving average is $23.88.

Rocket Lab (NASDAQ:RKLB) last posted its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The firm had revenue of $122.57 million during the quarter, compared to analyst estimates of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The firm’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.09) earnings per share. As a group, sell-side analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other news, 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 value of $5,288,000.00. Following the transaction, the director now owns 1,320,121 shares of the company’s stock, valued at $34,903,999.24. This represents a 13.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Frank Klein sold 2,546 shares of the business’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $30.00, for a total transaction of $76,380.00. Following the completion of the sale, the insider now owns 1,365,826 shares in the company, valued at approximately $40,974,780. This trade represents a 0.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,118,289 shares of company stock worth $29,287,134. 13.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab

Several large investors have recently bought and sold shares of RKLB. Spectrum Wealth Counsel LLC purchased a new position in shares of Rocket Lab in the 4th quarter valued at $25,000. Sandy Spring Bank purchased a new stake in Rocket Lab in the fourth quarter valued at approximately $26,000. Versant Capital Management Inc raised its holdings in shares of Rocket Lab by 118.1% in the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer’s stock valued at $28,000 after buying an additional 860 shares during the last quarter. MassMutual Private Wealth & Trust FSB purchased a new position in shares of Rocket Lab during the first quarter worth about $29,000. Finally, Farther Finance Advisors LLC increased its position in Rocket Lab by 181.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer’s stock valued at $35,000 after acquiring an additional 1,226 shares during the period. 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.