Rocket Lab (NASDAQ:RKLB) Trading Up 2.7% on Analyst Upgrade

Rocket Lab Corporation (NASDAQ:RKLB)’s stock price shot up 2.7% during trading on Monday after Cantor Fitzgerald raised their price target on the stock from $72.00 to $85.00. Cantor Fitzgerald currently has an overweight rating on the stock. Rocket Lab traded as high as $72.10 and last traded at $70.97. 18,661,939 shares were traded during mid-day trading, a decline of 16% from the average session volume of 22,110,051 shares. The stock had previously closed at $69.10.

Several other equities analysts have also issued reports on the stock. Needham & Company LLC lifted 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. Morgan Stanley raised Rocket Lab from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $67.00 to $105.00 in a research report on Friday, January 16th. Stifel Nicolaus boosted their price target on Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Bank of America upped their price objective on Rocket Lab from $60.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Finally, Zacks Research lowered Rocket Lab from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $75.92.

Insider Activity

In other news, Director Merline Saintil sold 12,500 shares of the firm’s stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $90.00, for a total value of $1,125,000.00. Following the completion of the sale, the director owned 280,029 shares of the company’s stock, valued at $25,202,610. This trade represents a 4.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Frank Klein sold 100,000 shares of the company’s stock in a transaction dated 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 transaction, the insider directly owned 1,169,487 shares in the company, valued at $85,314,076.65. This 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 90 days, insiders have sold 4,138,979 shares of company stock worth $265,048,346. Company insiders own 11.90% of the company’s stock.

Institutional Trading of Rocket Lab

Large investors have recently bought and sold shares of the stock. Arizona State Retirement System grew its holdings in shares of Rocket Lab by 13.6% in the third quarter. Arizona State Retirement System now owns 127,794 shares of the rocket manufacturer’s stock valued at $6,123,000 after purchasing an additional 15,307 shares in the last quarter. Cadent Capital Advisors LLC purchased a new position in Rocket Lab in the 3rd quarter valued at approximately $668,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Rocket Lab by 44.7% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 992,777 shares of the rocket manufacturer’s stock worth $35,512,000 after acquiring an additional 306,713 shares in the last quarter. Orion Porfolio Solutions LLC acquired a new position in shares of Rocket Lab in the second quarter worth $1,009,000. Finally, Norges Bank purchased a new stake in shares of Rocket Lab during the second quarter worth $164,751,000. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab Stock Performance

The firm has a market capitalization of $37.91 billion, a price-to-earnings ratio of -191.81 and a beta of 2.20. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.18 and a quick ratio of 2.83. The firm has a 50 day moving average price of $78.11 and a 200-day moving average price of $61.25.

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.