Rocket Lab (NASDAQ:RKLB) Stock Price Up 2.7% After Analyst Upgrade

Rocket Lab Corporation (NASDAQ:RKLB)’s share price was 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. Approximately 18,661,939 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 22,110,051 shares. The stock had previously closed at $69.10.

Several other analysts have also commented on RKLB. Morgan Stanley raised Rocket Lab from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $67.00 to $105.00 in a report on Friday, January 16th. Stifel Nicolaus raised their price objective on shares of Rocket Lab from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. Roth Mkm reissued a “buy” rating and issued a $75.00 price target on shares of Rocket Lab in a report on Tuesday, November 11th. Bank of America boosted their price target on shares of Rocket Lab from $60.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Finally, TD Cowen reiterated a “buy” rating on shares of Rocket Lab in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.92.

Insider Activity at Rocket Lab

In related news, Director Nina Armagno sold 27,314 shares of the stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $68.21, for a total value of $1,863,087.94. Following the sale, the director directly owned 108,940 shares of the company’s stock, valued at $7,430,797.40. This represents a 20.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Peter Beck sold 1,560,254 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $57.47, for a total value of $89,667,797.38. Following the transaction, the chief executive officer directly owned 939,746 shares in the company, valued at approximately $54,007,202.62. This represents a 62.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 4,138,979 shares of company stock worth $265,048,346 in the last three months. 11.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Rocket Lab

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aventura Private Wealth LLC purchased a new position in shares of Rocket Lab during the fourth quarter worth approximately $25,000. Mcguire Capital Advisors Inc. purchased a new position in Rocket Lab during the 4th quarter worth $27,000. Zions Bancorporation National Association UT bought a new stake in Rocket Lab during the 4th quarter valued at $28,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Rocket Lab in the 4th quarter worth $29,000. Finally, Reflection Asset Management bought a new position in shares of Rocket Lab during the 4th quarter worth $30,000. Institutional investors own 71.78% of the company’s stock.

Rocket Lab Stock Performance

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

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.