Rocket Lab (NASDAQ:RKLB) Trading 9.6% Higher – Here’s What Happened

by · The Cerbat Gem

Rocket Lab Corporation (NASDAQ:RKLB – Get Free Report) shares traded up 9.6% during mid-day trading on Thursday . The stock traded as high as $58.83 and last traded at $59.1570. 10,364,681 shares changed hands during trading, a decline of 50% from the average session volume of 20,741,453 shares. The stock had previously closed at $53.96.

Analyst Ratings Changes

A number of brokerages recently weighed in on RKLB. Robert W. Baird assumed coverage on shares of Rocket Lab in a research report on Wednesday, October 15th. They set an “outperform” rating and a $83.00 target price for the company. Citigroup reiterated a “market perform” rating on shares of Rocket Lab in a report on Wednesday, November 12th. Wall Street Zen downgraded shares of Rocket Lab from a “hold” rating to a “sell” rating in a research note on Saturday, December 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rocket Lab in a research note on Wednesday, October 8th. Finally, Bank of America increased their price target on shares of Rocket Lab from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, November 19th. Two investment 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. According to data from MarketBeat, Rocket Lab currently has an average rating of “Moderate Buy” and a consensus target price of $58.17.

Get Our Latest Stock Report on Rocket Lab

Rocket Lab Price Performance

The stock’s 50 day simple moving average is $54.51 and its two-hundred day simple moving average is $46.65. The firm has a market capitalization of $31.72 billion, a PE ratio of -156.49 and a beta of 2.20. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.83 and a current ratio of 3.18.

Rocket Lab (NASDAQ:RKLB – Get Free Report) last posted its earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rocket Lab had a negative return on equity of 27.26% and a negative net margin of 35.64%.The company had revenue of $155.08 million for the quarter, compared to the consensus estimate of $152.45 million. During the same quarter in the previous year, the business earned ($0.10) earnings per share. The company’s revenue for the quarter was up 48.0% on a year-over-year basis. On average, sell-side analysts forecast that Rocket Lab Corporation will post -0.38 EPS for the current year.

Insider Buying and Selling at Rocket Lab

In other news, CFO Adam C. Spice sold 46,994 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $40.86, for a total transaction of $1,920,174.84. Following the completion of the sale, the chief financial officer owned 1,995,373 shares in the company, valued at $81,530,940.78. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Merline Saintil sold 15,000 shares of the firm’s stock in a transaction on Friday, December 12th. The stock was sold at an average price of $65.00, for a total transaction of $975,000.00. Following the completion of the sale, the director owned 398,529 shares of the company’s stock, valued at $25,904,385. This trade represents a 3.63% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 3,566,759 shares of company stock worth $191,361,452. 11.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RKLB. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rocket Lab during the third quarter valued at $25,000. Hara Capital LLC purchased a new position in Rocket Lab during the third quarter worth approximately $25,000. UMB Bank n.a. grew its stake in shares of Rocket Lab by 352.5% during the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock valued at $26,000 after buying an additional 423 shares during the period. Sound Income Strategies LLC purchased a new stake in Rocket Lab during the third quarter valued at about $27,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Rocket Lab by 109.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock worth $28,000 after purchasing an additional 416 shares during the period. Institutional investors and hedge funds own 71.78% of the company’s stock.

Rocket Lab Company Profile

(Get Free Report)

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.

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