Rocket Lab (NASDAQ:RKLB) Trading 3.6% Higher – Still a Buy?

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

Analysts Set New Price Targets

Several analysts recently weighed in on the company. The Goldman Sachs Group lifted their price target on Rocket Lab from $47.00 to $69.00 and gave the stock a “neutral” rating in a report on Tuesday, January 20th. Wall Street Zen raised Rocket Lab from a “sell” rating to a “hold” rating in a report on Sunday, February 8th. Bank of America upped their price target on shares of Rocket Lab from $60.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Rocket Lab in a research report on Wednesday, December 3rd. Finally, Needham & Company LLC boosted their price objective on shares of Rocket Lab from $63.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, December 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.92.

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 $37.33 billion, a P/E ratio of -183.92 and a beta of 2.16. The company has a 50 day moving average price of $76.19 and a 200-day moving average price of $59.70.

Insider Activity

In other news, SVP Arjun Kampani sold 28,615 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $40.65, for a total value of $1,163,199.75. Following the sale, the senior vice president directly owned 461,014 shares in the company, valued at approximately $18,740,219.10. This trade represents a 5.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Adam C. Spice sold 1,365,665 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $75.50, for a total transaction of $103,107,707.50. Following the completion of the transaction, the chief financial officer directly owned 1,359,568 shares of the company’s stock, valued at approximately $102,647,384. The trade was a 50.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 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.

Hedge Funds Weigh In On Rocket Lab

Several large investors have recently bought and sold shares of RKLB. Baillie Gifford & Co. increased its stake in shares of Rocket Lab by 176.1% in the third 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 period. Vanguard Group Inc. grew its holdings in Rocket Lab by 13.4% during 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 during the last quarter. Norges Bank acquired a new position in Rocket Lab in the 4th quarter valued at approximately $341,036,000. Invesco Ltd. increased its position in Rocket Lab by 67.0% in the 2nd quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer’s stock valued at $223,287,000 after acquiring an additional 2,504,054 shares during the period. Finally, Marex Group plc bought a new position in shares of Rocket Lab during the second quarter valued at $74,359,000. 71.78% of the stock is currently owned by institutional investors.

About Rocket Lab

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.