Rocket Lab (NASDAQ:RKLB) Stock Price Up 10.4% – Here’s What Happened

Rocket Lab Corporation (NASDAQ:RKLB) shares were up 10.4% on Thursday . The stock traded as high as $49.68 and last traded at $49.37. Approximately 27,326,983 shares changed hands during mid-day trading, an increase of 33% from the average daily volume of 20,568,932 shares. The stock had previously closed at $44.72.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RKLB. Morgan Stanley lowered their price target on Rocket Lab from $68.00 to $67.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 12th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Rocket Lab in a report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Rocket Lab in a research report on Wednesday, October 8th. KeyCorp raised their price target on shares of Rocket Lab from $50.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, October 17th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $63.00 price objective on shares of Rocket Lab in a research note on Tuesday, November 25th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Rocket Lab presently has a consensus rating of “Moderate Buy” and an average price target of $58.17.

Rocket Lab Stock Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.83 and a current ratio of 3.18. The stock has a fifty day simple moving average of $54.20 and a two-hundred day simple moving average of $44.85. The stock has a market cap of $26.21 billion, a PE ratio of -129.11 and a beta of 2.20.

Rocket Lab (NASDAQ:RKLB) last posted its earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $155.08 million for the quarter, compared to analysts’ expectations of $152.45 million. Rocket Lab had a negative net margin of 35.64% and a negative return on equity of 27.26%. The business’s revenue for the quarter was up 48.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.10) earnings per share. Equities analysts anticipate that Rocket Lab Corporation will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, 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 value of $1,527,129.45. Following the transaction, the senior vice president owned 499,045 shares in the company, valued at approximately $24,438,233.65. The trade was a 5.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Peter Beck sold 1,436,442 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $48.75, for a total value of $70,026,547.50. Following the completion of the transaction, the chief executive officer directly owned 2,500,000 shares of the company’s stock, valued at $121,875,000. This represents a 36.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,583,532 shares of company stock worth $274,781,358 over the last quarter. Company insiders own 11.90% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab

A number of institutional investors have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB bought a new stake in shares of Rocket Lab in the third quarter worth $25,000. Hara Capital LLC bought a new stake in shares of Rocket Lab in the 3rd quarter worth about $25,000. UMB Bank n.a. increased its position in shares of Rocket Lab by 352.5% in the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock worth $26,000 after purchasing an additional 423 shares during the last quarter. Sound Income Strategies LLC acquired a new stake in shares of Rocket Lab in the 3rd quarter valued at about $27,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of 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 purchasing an additional 416 shares during the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

About Rocket Lab

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.