Rocket Lab (NASDAQ:RKLB) Shares Up 4.4% – Here’s What Happened

Rocket Lab Corporation (NASDAQ:RKLB) traded up 4.4% during mid-day trading on Wednesday . The stock traded as high as $73.30 and last traded at $71.96. 17,800,860 shares traded hands during trading, a decline of 17% from the average session volume of 21,496,975 shares. The stock had previously closed at $68.93.

Analyst Ratings Changes

RKLB has been the topic of several research reports. Zacks Research lowered Rocket Lab from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Bank of America increased their target price on Rocket Lab from $60.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. TD Cowen restated a “buy” rating on shares of Rocket Lab in a report on Thursday, January 22nd. Cantor Fitzgerald upped their target price on shares of Rocket Lab from $72.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, February 27th. Finally, Stifel Nicolaus raised their price target on shares of Rocket Lab from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Rocket Lab presently has a consensus rating of “Moderate Buy” and an average price target of $75.92.

Rocket Lab Stock Up 4.4%

The company has a current ratio of 4.08, a quick ratio of 3.61 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average is $77.60 and its two-hundred day moving average is $62.62. The firm has a market cap of $38.44 billion, a P/E ratio of -194.48 and a beta of 2.20.

Insider Buying and Selling

In other Rocket Lab news, Director Merline Saintil sold 18,126 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $75.04, for a total transaction of $1,360,175.04. Following the completion of the sale, the director directly owned 261,903 shares in the company, valued at approximately $19,653,201.12. This trade represents a 6.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Arjun Kampani sold 23,711 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total transaction of $1,706,006.45. Following the completion of the transaction, the senior vice president directly owned 397,988 shares in the company, valued at $28,635,236.60. This trade represents a 5.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 4,362,428 shares of company stock valued at $281,055,579 in the last 90 days. 11.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Rocket Lab

Large investors have recently modified their holdings of the business. Aventura Private Wealth LLC bought a new stake in Rocket Lab during the 4th quarter valued at $25,000. Mcguire Capital Advisors Inc. bought a new stake in Rocket Lab in the fourth quarter worth $27,000. Zions Bancorporation National Association UT purchased a new stake in shares of Rocket Lab in the fourth quarter worth $28,000. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Rocket Lab in the fourth quarter worth $29,000. Finally, Reflection Asset Management bought a new position in shares of Rocket Lab during the fourth quarter valued at $30,000. Institutional investors own 71.78% of the company’s stock.

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.