Rocket Lab (NASDAQ:RKLB) Trading 3.1% Higher on Analyst Upgrade

Rocket Lab Corporation (NASDAQ:RKLB)’s share price rose 3.1% during trading on Wednesday after Bank of America raised their price target on the stock from $30.00 to $50.00. Bank of America currently has a buy rating on the stock. Rocket Lab traded as high as $46.54 and last traded at $45.96. Approximately 9,218,384 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 18,496,705 shares. The stock had previously closed at $44.60.

A number of other equities analysts also recently weighed in on the stock. Roth Capital boosted their price target on shares of Rocket Lab from $25.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, May 28th. KeyCorp upped their target price on shares of Rocket Lab from $29.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday, July 2nd. Citigroup reissued a “buy” rating and set a $50.00 price objective (up previously from $33.00) on shares of Rocket Lab in a report on Monday. Wells Fargo & Company dropped their price target on Rocket Lab from $21.00 to $18.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. Finally, The Goldman Sachs Group started coverage on shares of Rocket Lab in a research note on Monday, June 30th. They issued a “neutral” rating and a $27.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.10.

Insiders Place Their Bets

In related news, Director Merline Saintil sold 6,353 shares of the company’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $33.38, for a total value of $212,063.14. Following the sale, the director directly owned 419,569 shares of the company’s stock, valued at $14,005,213.22. This represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Frank Klein sold 2,546 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $30.00, for a total transaction of $76,380.00. Following the completion of the transaction, the insider owned 1,365,826 shares of the company’s stock, valued at approximately $40,974,780. The trade was a 0.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,130,995 shares of company stock valued at $29,686,039 in the last 90 days. 13.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab

Several large investors have recently made changes to their positions in RKLB. Sandy Spring Bank purchased a new stake in shares of Rocket Lab during the fourth quarter valued at approximately $26,000. ORG Partners LLC boosted its stake in shares of Rocket Lab by 491.9% during the 2nd quarter. ORG Partners LLC now owns 1,095 shares of the rocket manufacturer’s stock worth $38,000 after acquiring an additional 910 shares during the last quarter. GAMMA Investing LLC lifted its position in Rocket Lab by 36.4% during the second quarter. GAMMA Investing LLC now owns 1,518 shares of the rocket manufacturer’s stock valued at $54,000 after purchasing an additional 405 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Rocket Lab by 118.1% during the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer’s stock valued at $28,000 after acquiring an additional 860 shares during the period. Finally, MassMutual Private Wealth & Trust FSB purchased a new stake in shares of Rocket Lab in the first quarter worth $29,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab Stock Up 6.9%

The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72. The firm has a market capitalization of $21.63 billion, a PE ratio of -119.23 and a beta of 2.15. The company has a 50-day moving average price of $30.29 and a 200 day moving average price of $25.48.

Rocket Lab (NASDAQ:RKLB) last released its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). The business had revenue of $122.57 million for the quarter, compared to analysts’ expectations of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. Rocket Lab’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.09) EPS. Analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

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.