Rocket Lab (NASDAQ:RKLB) Stock Price Up 2% – Still a Buy?

Rocket Lab Corporation (NASDAQ:RKLB) was up 2% during trading on Monday . The stock traded as high as $72.13 and last traded at $71.48. Approximately 18,123,034 shares were traded during trading, a decline of 16% from the average daily volume of 21,606,014 shares. The stock had previously closed at $70.11.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. KeyCorp lowered Rocket Lab from an “overweight” rating to a “sector weight” rating in a research report on Thursday, January 15th. Roth Mkm reissued a “buy” rating and issued a $75.00 price objective on shares of Rocket Lab in a report on Tuesday, November 11th. Bank of America raised their target price on shares of Rocket Lab from $60.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. The Goldman Sachs Group boosted their target price on shares of Rocket Lab from $47.00 to $69.00 and gave the stock a “neutral” rating in a report on Tuesday, January 20th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rocket Lab in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Rocket Lab currently has an average rating of “Moderate Buy” and a consensus price target of $75.92.

Rocket Lab Stock Up 2.0%

The stock has a market cap of $38.18 billion, a P/E ratio of -193.18 and a beta of 2.20. The firm has a 50 day simple moving average of $77.60 and a 200-day simple moving average of $62.23. The company has a quick ratio of 3.61, a current ratio of 4.08 and a debt-to-equity ratio of 0.10.

Insiders Place Their Bets

In related news, CEO Peter Beck sold 18,857 shares of Rocket Lab stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $69.59, for a total transaction of $1,312,258.63. Following the completion of the sale, the chief executive officer owned 884,085 shares of the company’s stock, valued at approximately $61,523,475.15. The trade was a 2.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Arjun Kampani sold 23,711 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total transaction of $1,706,006.45. Following the completion of the transaction, the senior vice president owned 397,988 shares in the company, valued at approximately $28,635,236.60. This trade represents a 5.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,344,302 shares of company stock worth $279,695,404 in the last quarter. Company insiders own 11.90% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab

Several institutional investors and hedge funds have recently made changes to their positions in RKLB. Baillie Gifford & Co. lifted its holdings in Rocket Lab by 176.1% during the 3rd quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer’s stock worth $580,952,000 after purchasing an additional 7,734,788 shares during the last quarter. Vanguard Group Inc. boosted its stake in Rocket Lab by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock valued at $3,308,033,000 after purchasing an additional 5,610,469 shares during the period. Norges Bank acquired a new position in Rocket Lab in the 4th quarter valued at $341,036,000. Invesco Ltd. increased its position in Rocket Lab by 67.0% during the 2nd quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer’s stock worth $223,287,000 after buying an additional 2,504,054 shares during the period. Finally, Marex Group plc bought a new position in Rocket Lab during the 2nd quarter worth $74,359,000. 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.