Rocket Lab (NASDAQ:RKLB) Stock Price Up 9.3% – Here’s Why

Rocket Lab Corporation (NASDAQ:RKLB) shares traded up 9.3% during mid-day trading on Thursday . The company traded as high as $115.05 and last traded at $114.78. 24,917,032 shares traded hands during trading, an increase of 4% from the average session volume of 23,935,295 shares. The stock had previously closed at $105.05.

More Rocket Lab News

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

• Positive Sentiment: Rocket Lab is being treated as a key beneficiary of the broader SpaceX IPO frenzy, with capital flowing into space stocks as investors look for public alternatives to SpaceX. The Biggest Opportunity From SpaceX’s IPO May Surprise You
• Positive Sentiment: Analysts and market commentary highlight Rocket Lab’s strong revenue growth, low debt, and sizable launch backlog, which support the case that it could attract institutional money seeking space-sector exposure. Virgin Galactic Soars 20%, AST SpaceMobile Rises 7%, Planet Labs Gains 6%, Rocket Lab Advances 5% as Space Stocks Catch a Bid
• Positive Sentiment: Recent coverage also points to Rocket Lab’s Neutron rocket program and its position as a launch competitor to SpaceX as reasons the stock remains a favored space name. What’s Going On With Rocket Lab Stock Thursday?

Wall Street Analysts Forecast Growth

RKLB has been the subject of several recent analyst reports. Clear Str raised shares of Rocket Lab to a “strong-buy” rating in a research note on Wednesday, March 18th. Deutsche Bank Aktiengesellschaft raised their price target on Rocket Lab from $73.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. BTIG Research restated a “hold” rating on shares of Rocket Lab in a report on Tuesday, May 12th. New Street Research assumed coverage on shares of Rocket Lab in a research note on Wednesday, May 13th. They set a “buy” rating and a $150.00 price objective for the company. Finally, Needham & Company LLC increased their price objective on shares of Rocket Lab from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Rocket Lab currently has an average rating of “Moderate Buy” and an average price target of $99.24.

Rocket Lab Price Performance

The stock has a market cap of $66.43 billion, a PE ratio of -358.69 and a beta of 2.49. The company has a quick ratio of 4.02, a current ratio of 4.47 and a debt-to-equity ratio of 0.02. The company’s fifty day moving average is $99.88 and its 200 day moving average is $80.36.

Rocket Lab (NASDAQ:RKLB) last released its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The company had revenue of $200.35 million during the quarter, compared to the consensus estimate of $189.65 million. During the same period in the previous year, the firm earned ($0.12) earnings per share. Rocket Lab’s revenue for the quarter was up 63.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Rocket Lab Corporation will post -0.29 earnings per share for the current fiscal year.

Insider Transactions at Rocket Lab

In other Rocket Lab news, SVP Arjun Kampani sold 23,804 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $147.43, for a total transaction of $3,509,423.72. Following the transaction, the senior vice president owned 352,705 shares in the company, valued at $51,999,298.15. The trade was a 6.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alexander R. Slusky sold 40,000 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $123.60, for a total value of $4,944,000.00. Following the completion of the sale, the director directly owned 334,675 shares of the company’s stock, valued at $41,365,830. The trade was a 10.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 485,515 shares of company stock worth $66,909,882 in the last quarter. 8.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab

Several hedge funds and other institutional investors have recently bought and sold shares of RKLB. Baillie Gifford & Co. grew its position in Rocket Lab by 47.2% in the fourth quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer’s stock valued at $1,245,317,000 after acquiring an additional 5,725,536 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Rocket Lab by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock worth $3,308,033,000 after purchasing an additional 5,610,469 shares during the period. Norges Bank bought a new stake in Rocket Lab during the fourth quarter valued at $341,036,000. Alliancebernstein L.P. raised its holdings in shares of Rocket Lab by 818.8% during the third quarter. Alliancebernstein L.P. now owns 2,190,132 shares of the rocket manufacturer’s stock worth $104,929,000 after purchasing an additional 1,951,755 shares during the period. Finally, Capital World Investors raised its holdings in shares of Rocket Lab by 12.0% during the fourth quarter. Capital World Investors now owns 16,200,726 shares of the rocket manufacturer’s stock worth $1,130,172,000 after purchasing an additional 1,738,623 shares during the period. 71.78% of the stock is owned by institutional investors and hedge funds.

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.