Rocket Lab (NASDAQ:RKLB) Trading Up 7.5% – What’s Next?

Rocket Lab Corporation (NASDAQ:RKLB) shares shot up 7.5% on Wednesday . The company traded as high as $84.68 and last traded at $84.65. 19,427,617 shares changed hands during mid-day trading, a decline of 13% from the average session volume of 22,358,010 shares. The stock had previously closed at $78.76.

Analysts Set New Price Targets

A number of brokerages have weighed in on RKLB. Citigroup raised Rocket Lab from a “market perform” rating to an “outperform” rating in a report on Tuesday, April 14th. Zacks Research lowered Rocket Lab from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Morgan Stanley upgraded shares of Rocket Lab from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $67.00 to $105.00 in a report on Friday, January 16th. Citizens Jmp upgraded shares of Rocket Lab from a “market perform” rating to an “outperform” rating and set a $85.00 price objective for the company in a research note on Tuesday, April 7th. Finally, Clear Str raised shares of Rocket Lab to a “strong-buy” rating in a report on Wednesday, March 18th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Rocket Lab presently has an average rating of “Moderate Buy” and an average target price of $83.31.

Rocket Lab Stock Performance

The firm has a fifty day moving average of $72.70 and a 200-day moving average of $68.41. The company has a quick ratio of 3.61, a current ratio of 4.08 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $48.20 billion, a price-to-earnings ratio of -228.78 and a beta of 2.30.

Insider Buying and Selling at Rocket Lab

In other news, Director Merline Saintil sold 18,126 shares of Rocket Lab stock in a transaction on Friday, March 6th. The stock was sold at an average price of $75.04, for a total transaction of $1,360,175.04. Following the completion of the transaction, the director owned 261,903 shares of the company’s stock, valued at $19,653,201.12. The trade was a 6.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Frank Klein sold 44,482 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $69.59, for a total transaction of $3,095,502.38. Following the completion of the sale, the insider owned 1,125,005 shares in the company, valued at $78,289,097.95. This represents a 3.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 233,449 shares of company stock worth $16,487,233. Insiders own 8.40% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RKLB. Baillie Gifford & Co. raised its position in Rocket Lab by 176.1% during the third quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer’s stock worth $580,952,000 after acquiring an additional 7,734,788 shares during the last quarter. Vanguard Group Inc. raised its position in Rocket Lab by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock worth $3,308,033,000 after acquiring an additional 5,610,469 shares during the last quarter. Norges Bank acquired a new position in Rocket Lab during the fourth quarter worth about $341,036,000. Alliancebernstein L.P. raised its holdings in shares of Rocket Lab by 818.8% in the third quarter. Alliancebernstein L.P. now owns 2,190,132 shares of the rocket manufacturer’s stock worth $104,929,000 after acquiring an additional 1,951,755 shares during the last quarter. Finally, Capital World Investors raised its holdings in shares of Rocket Lab by 12.0% in the fourth quarter. Capital World Investors now owns 16,200,726 shares of the rocket manufacturer’s stock worth $1,130,172,000 after acquiring an additional 1,738,623 shares during the last quarter. 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.