Rocket Lab (NASDAQ:RKLB) Stock Price Up 9.4% on Analyst Upgrade

Rocket Lab Corporation (NASDAQ:RKLB)’s share price traded up 9.4% on Thursday 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 $51.97 and last traded at $52.17. 18,753,453 shares traded hands during trading, an increase of 1% from the average session volume of 18,605,656 shares. The stock had previously closed at $47.69.

Other analysts also recently issued research reports about the company. Cantor Fitzgerald restated an “overweight” rating and issued a $35.00 target price on shares of Rocket Lab in a research note on Monday. Needham & Company LLC increased their target price on Rocket Lab from $28.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, May 28th. Stifel Nicolaus upped their price target on Rocket Lab from $29.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, May 28th. 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 report on Tuesday, April 8th. Finally, Citigroup restated a “buy” rating and issued a $50.00 price target (up from $33.00) on shares of Rocket Lab in a research report on Monday. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $34.10.

Insiders Place Their Bets

In other news, insider Frank Klein sold 44,885 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.66, for a total transaction of $1,196,634.10. Following the transaction, the insider owned 1,370,190 shares of the company’s stock, valued at approximately $36,529,265.40. This trade represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Arjun Kampani sold 28,988 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $26.66, for a total transaction of $772,820.08. Following the transaction, the insider directly owned 540,618 shares in the company, valued at $14,412,875.88. The trade was a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,130,995 shares of company stock valued at $29,686,039. Insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab

A number of large investors have recently bought and sold shares of the business. Sandy Spring Bank bought a new stake in shares of Rocket Lab during the fourth quarter valued at approximately $26,000. Versant Capital Management Inc raised its holdings in shares of Rocket Lab by 118.1% during the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer’s stock valued at $28,000 after buying an additional 860 shares during the last quarter. MassMutual Private Wealth & Trust FSB bought a new stake in shares of Rocket Lab during the first quarter valued at approximately $29,000. Farther Finance Advisors LLC raised its holdings in shares of Rocket Lab by 181.1% during the first quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer’s stock valued at $35,000 after buying an additional 1,226 shares during the last quarter. Finally, Spectrum Wealth Counsel LLC raised its holdings in shares of Rocket Lab by 100.0% during the first quarter. Spectrum Wealth Counsel LLC now owns 2,000 shares of the rocket manufacturer’s stock valued at $36,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 71.78% of the company’s stock.

Rocket Lab Stock Performance

The stock has a fifty day moving average price of $30.86 and a two-hundred day moving average price of $25.65. The company has a market cap of $23.28 billion, a P/E ratio of -128.33 and a beta of 2.15. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72.

Rocket Lab (NASDAQ:RKLB) last posted its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). The company had revenue of $122.57 million for 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 revenue was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.09) EPS. On average, equities analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Rocket Lab Company Profile

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.