Rocket Lab (NASDAQ:RKLB) Trading 6.5% Higher – Here’s Why

Rocket Lab Corporation (NASDAQ:RKLBGet Free Report) shot up 6.5% during mid-day trading on Wednesday . The stock traded as high as $75.77 and last traded at $74.42. 19,050,878 shares were traded during trading, a decline of 19% from the average session volume of 23,441,967 shares. The stock had previously closed at $69.89.

Trending Headlines about Rocket Lab

Here are the key news stories impacting Rocket Lab this week:

Analyst Upgrades and Downgrades

RKLB has been the topic of a number of research reports. Stifel Nicolaus upped their target price on shares of Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Needham & Company LLC boosted their price objective 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. TD Cowen reaffirmed a “buy” rating on shares of Rocket Lab in a report on Thursday, January 22nd. Zacks Research lowered Rocket Lab from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Finally, The Goldman Sachs Group boosted their target price on Rocket Lab from $47.00 to $69.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Rocket Lab currently has an average rating of “Moderate Buy” and an average price target of $72.92.

Get Our Latest Analysis on RKLB

Rocket Lab Stock Performance

The company has a current ratio of 3.18, a quick ratio of 2.83 and a debt-to-equity ratio of 0.32. The company has a market cap of $39.75 billion, a price-to-earnings ratio of -195.84 and a beta of 2.16. The stock has a 50 day moving average price of $76.19 and a two-hundred day moving average price of $59.70.

Insider Transactions at Rocket Lab

In other Rocket Lab news, CEO Peter Beck sold 1,560,254 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $57.47, for a total transaction of $89,667,797.38. Following the transaction, the chief executive officer owned 939,746 shares in the company, valued at approximately $54,007,202.62. This trade represents a 62.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Merline Saintil sold 96,000 shares of the business’s stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $86.58, for a total value of $8,311,680.00. Following the transaction, the director owned 292,529 shares of the company’s stock, valued at $25,327,160.82. The trade was a 24.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 4,306,150 shares of company stock valued at $271,865,732. Corporate insiders own 11.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RKLB. Sara Bay Financial raised its holdings in Rocket Lab by 0.7% in the fourth quarter. Sara Bay Financial now owns 15,905 shares of the rocket manufacturer’s stock worth $1,121,000 after purchasing an additional 117 shares during the period. ORG Partners LLC increased its position in shares of Rocket Lab by 9.1% in the 4th quarter. ORG Partners LLC now owns 1,458 shares of the rocket manufacturer’s stock valued at $102,000 after buying an additional 121 shares in the last quarter. Traynor Capital Management Inc. raised its stake in Rocket Lab by 1.9% during the 4th quarter. Traynor Capital Management Inc. now owns 7,191 shares of the rocket manufacturer’s stock worth $502,000 after buying an additional 133 shares during the period. Capital Advisors Wealth Management LLC raised its stake in Rocket Lab by 1.0% during the 4th quarter. Capital Advisors Wealth Management LLC now owns 13,466 shares of the rocket manufacturer’s stock worth $939,000 after buying an additional 136 shares during the period. Finally, Quadcap Wealth Management LLC lifted its holdings in Rocket Lab by 2.3% during the fourth quarter. Quadcap Wealth Management LLC now owns 6,246 shares of the rocket manufacturer’s stock worth $436,000 after acquiring an additional 140 shares in the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

About Rocket Lab

(Get Free Report)

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.

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