Rocket Lab (NASDAQ:RKLB) Hits New 52-Week High – Here’s What Happened

Rocket Lab Corporation (NASDAQ:RKLB)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $90.49 and last traded at $88.1890, with a volume of 13639815 shares. The stock had previously closed at $86.58.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on RKLB shares. Zacks Research upgraded Rocket Lab from a “hold” rating to a “strong-buy” rating in a report on Monday. Bank of America lifted their price objective on shares of Rocket Lab from $50.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, November 19th. KeyCorp boosted their target price on shares of Rocket Lab from $50.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, October 17th. Baird R W upgraded Rocket Lab to a “strong-buy” rating in a research note on Thursday, October 16th. Finally, Robert W. Baird began coverage on Rocket Lab in a research note on Wednesday, October 15th. They issued an “outperform” rating and a $83.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rocket Lab currently has a consensus rating of “Moderate Buy” and an average price target of $61.25.

Rocket Lab Trading Up 3.6%

The firm’s 50-day simple moving average is $59.11 and its 200 day simple moving average is $53.14. The firm has a market cap of $47.90 billion, a P/E ratio of -236.08 and a beta of 2.16. The company has a quick ratio of 2.83, a current ratio of 3.18 and a debt-to-equity ratio of 0.32.

Rocket Lab (NASDAQ:RKLB) last posted its quarterly earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Rocket Lab had a negative net margin of 35.64% and a negative return on equity of 27.26%. The company had revenue of $155.08 million for the quarter, compared to analysts’ expectations of $152.45 million. During the same quarter in the previous year, the firm posted ($0.10) EPS. Rocket Lab’s revenue was up 48.0% on a year-over-year basis. As a group, analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other Rocket Lab news, Director Nina Armagno sold 27,314 shares of the company’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $68.21, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Adam C. Spice sold 1,365,665 shares of the business’s 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 sale, the chief financial officer directly owned 1,359,568 shares in the company, valued at approximately $102,647,384. This trade represents a 50.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,197,650 shares of company stock worth $262,429,052 in the last ninety days. 11.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rocket Lab

Institutional investors have recently made changes to their positions in the stock. Kingstone Capital Partners Texas LLC bought a new position in Rocket Lab in the second quarter worth about $192,918,000. Cadent Capital Advisors LLC bought a new position in shares of Rocket Lab in the 3rd quarter worth approximately $668,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Rocket Lab by 44.7% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 992,777 shares of the rocket manufacturer’s stock valued at $35,512,000 after purchasing an additional 306,713 shares during the period. Orion Porfolio Solutions LLC bought a new stake in shares of Rocket Lab during the second quarter valued at approximately $1,009,000. Finally, McGuire Investment Group LLC grew its stake in Rocket Lab by 91.3% in the second quarter. McGuire Investment Group LLC now owns 196,107 shares of the rocket manufacturer’s stock worth $7,015,000 after purchasing an additional 93,613 shares during the period. Hedge funds and other 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.