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

Rocket Lab Corporation (NASDAQ:RKLBGet Free Report)’s stock price rose 6.5% on Wednesday . The stock traded as high as $75.77 and last traded at $74.42. Approximately 19,050,878 shares changed hands during trading, a decline of 19% from the average daily 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 Ratings Changes

RKLB has been the subject of a number of research analyst reports. Bank of America upped their price target on Rocket Lab from $60.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Zacks Research lowered shares of Rocket Lab from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. TD Cowen reiterated a “buy” rating on shares of Rocket Lab in a research note on Thursday, January 22nd. KeyCorp downgraded shares of Rocket Lab from an “overweight” rating to a “sector weight” rating in a report on Thursday, January 15th. Finally, Roth Mkm restated a “buy” rating and issued a $75.00 price target on shares of Rocket Lab in a research report on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $72.92.

Read Our Latest Stock Report on RKLB

Rocket Lab Stock Performance

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

Insider Activity at Rocket Lab

In other news, CFO Adam C. Spice sold 1,365,665 shares of the stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $75.50, for a total value 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. This represents a 50.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Frank Klein sold 100,000 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $72.95, for a total value of $7,295,000.00. Following the completion of the sale, the insider owned 1,169,487 shares in the company, valued at $85,314,076.65. This trade represents a 7.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders 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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RKLB. Baillie Gifford & Co. boosted its holdings in shares of Rocket Lab by 176.1% in the 3rd quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer’s stock worth $580,952,000 after acquiring an additional 7,734,788 shares in the last quarter. Vanguard Group Inc. raised its position in Rocket Lab by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock valued at $3,308,033,000 after purchasing an additional 5,610,469 shares during the last quarter. Norges Bank acquired a new position in Rocket Lab in the fourth quarter worth $341,036,000. Invesco Ltd. grew its holdings 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 worth $223,287,000 after purchasing an additional 2,504,054 shares during the last quarter. Finally, Marex Group plc bought a new stake in shares of Rocket Lab during the second quarter worth $74,359,000. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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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