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

Shares of Rocket Lab Corporation (NASDAQ:RKLB) were up 3.1% during mid-day 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 research analysts have also recently issued reports on RKLB. Needham & Company LLC lifted their price objective on Rocket Lab from $28.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, May 28th. Wells Fargo & Company dropped their price objective on shares of Rocket Lab from $21.00 to $18.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. The Goldman Sachs Group assumed coverage on shares of Rocket Lab in a research report on Monday, June 30th. They set a “neutral” rating and a $27.00 price target for the company. Roth Capital lifted their target price 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. Finally, KeyCorp increased their price target on shares of Rocket Lab from $29.00 to $40.00 and gave the company an “overweight” rating in a research report on Wednesday, July 2nd. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $34.10.

Insider Transactions at Rocket Lab

In other Rocket Lab news, Director Merline Saintil sold 6,353 shares of Rocket Lab stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total transaction of $212,063.14. Following the completion of the transaction, the director directly owned 419,569 shares of the company’s stock, valued at $14,005,213.22. The trade was a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Arjun Kampani sold 5,194 shares of the firm’s stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $30.00, for a total transaction of $155,820.00. Following the sale, the insider owned 530,230 shares of the company’s stock, valued at approximately $15,906,900. This represents a 0.97% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,130,995 shares of company stock worth $29,686,039. Company insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab

Institutional investors and hedge funds have recently made changes to their positions in the company. ORG Partners LLC increased its holdings in shares of Rocket Lab by 491.9% during the second quarter. ORG Partners LLC now owns 1,095 shares of the rocket manufacturer’s stock worth $38,000 after purchasing an additional 910 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Rocket Lab in the 2nd quarter worth about $4,347,000. Sara Bay Financial acquired a new stake in Rocket Lab during the 2nd quarter worth approximately $516,000. Accurate Wealth Management LLC bought a new stake in shares of Rocket Lab in the second quarter worth $252,000. Finally, GAMMA Investing LLC increased its stake in shares of Rocket Lab by 36.4% in the second quarter. GAMMA Investing LLC now owns 1,518 shares of the rocket manufacturer’s stock valued at $54,000 after buying an additional 405 shares during the period. Institutional investors and hedge funds own 71.78% of the company’s stock.

Rocket Lab Trading Up 6.9%

The stock has a market cap of $21.63 billion, a P/E ratio of -119.23 and a beta of 2.15. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.72 and a current ratio of 2.08. The firm’s fifty day simple moving average is $30.29 and its 200-day simple moving average is $25.48.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The business had revenue of $122.57 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 32.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.09) earnings per share. Equities research analysts expect that Rocket Lab Corporation will post -0.38 EPS for the current fiscal 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.