Rocket Lab (NASDAQ:RKLB) Trading Up 3.6% – Time to Buy?

Rocket Lab Corporation (NASDAQ:RKLB)’s share price was up 3.6% on Tuesday . The stock traded as high as $70.99 and last traded at $69.89. Approximately 11,921,705 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 23,578,691 shares. The stock had previously closed at $67.44.

Wall Street Analyst Weigh In

Several research analysts have commented on RKLB shares. KeyCorp downgraded Rocket Lab from an “overweight” rating to a “sector weight” rating in a report on Thursday, January 15th. Needham & Company LLC boosted their price target on shares of Rocket Lab from $63.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, December 23rd. Citigroup reaffirmed a “market perform” rating on shares of Rocket Lab in a research note on Wednesday, November 12th. Roth Mkm reissued a “buy” rating and set a $75.00 target price on shares of Rocket Lab in a research note on Tuesday, November 11th. Finally, Stifel Nicolaus increased their price target on Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Rocket Lab presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.92.

Rocket Lab Trading Up 3.6%

The firm has a market cap of $37.33 billion, a P/E ratio of -183.92 and a beta of 2.16. The firm has a fifty day simple moving average of $76.19 and a 200-day simple moving average of $59.70. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.18 and a quick ratio of 2.83.

Insider Buying and Selling at Rocket Lab

In other news, Director Edward H. Frank sold 2,500 shares of Rocket Lab stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $77.39, for a total transaction of $193,475.00. Following the completion of the transaction, the director directly owned 142,504 shares in the company, valued at $11,028,384.56. This trade represents a 1.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Frank Klein sold 100,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $72.95, for a total transaction of $7,295,000.00. Following the sale, the insider directly owned 1,169,487 shares of the company’s stock, valued at approximately $85,314,076.65. The trade was a 7.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 4,306,150 shares of company stock worth $271,865,732 in the last ninety days. 11.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Baillie Gifford & Co. raised its position in Rocket Lab by 176.1% in the 3rd quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer’s stock valued at $580,952,000 after buying an additional 7,734,788 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Rocket Lab by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock worth $3,308,033,000 after acquiring an additional 5,610,469 shares in the last quarter. Norges Bank bought a new position in shares of Rocket Lab during the fourth quarter valued at about $341,036,000. Invesco Ltd. lifted its position in shares of Rocket Lab by 67.0% during the second quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer’s stock valued at $223,287,000 after purchasing an additional 2,504,054 shares in the last quarter. Finally, Marex Group plc purchased a new position in Rocket Lab during the second quarter worth about $74,359,000. Institutional investors 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.