Rocket Lab Corporation (NASDAQ:RKLB – Get Free Report)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $124.77, but opened at $132.76. Rocket Lab shares last traded at $129.9480, with a volume of 8,947,762 shares traded.
Analyst Ratings Changes
RKLB has been the subject of several recent research reports. Clear Str upgraded Rocket Lab to a “strong-buy” rating in a research report on Wednesday, March 18th. Wall Street Zen raised Rocket Lab from a “sell” rating to a “hold” rating in a research note on Sunday, February 8th. Citizens Jmp increased their target price on Rocket Lab from $85.00 to $95.00 and gave the stock a “market outperform” rating in a research note on Friday, May 8th. Deutsche Bank Aktiengesellschaft lifted their price objective on Rocket Lab from $73.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Finally, The Goldman Sachs Group lifted their price objective on Rocket Lab from $47.00 to $69.00 and gave the stock a “neutral” rating in a report on Tuesday, January 20th. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.19.
Read Our Latest Stock Analysis on RKLB
Rocket Lab Stock Up 4.0%
Rocket Lab (NASDAQ:RKLB – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). The business had revenue of $200.35 million for the quarter, compared to analysts’ expectations of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The company’s revenue for the quarter was up 63.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.12) EPS. As a group, analysts expect that Rocket Lab Corporation will post -0.22 earnings per share for the current year.
Insider Activity at Rocket Lab
In other news, Director Alexander R. Slusky sold 100,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $118.08, for a total transaction of $11,808,000.00. Following the completion of the sale, the director directly owned 434,675 shares of the company’s stock, valued at approximately $51,326,424. The trade was a 18.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Peter Beck sold 18,857 shares of the business’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total transaction of $1,312,258.63. Following the sale, the chief executive officer directly owned 884,085 shares of the company’s stock, valued at $61,523,475.15. This represents a 2.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 333,449 shares of company stock worth $28,295,233 in the last three months. 8.40% of the stock is owned by insiders.
Hedge Funds Weigh In On Rocket Lab
Hedge funds and other institutional investors have recently made changes to their positions in the company. Baillie Gifford & Co. lifted its position 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 purchasing an additional 7,734,788 shares during the period. Vanguard Group Inc. lifted its position in shares of Rocket Lab by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock worth $3,308,033,000 after purchasing an additional 5,610,469 shares during the period. Norges Bank purchased a new stake in shares of Rocket Lab in the 4th quarter worth approximately $341,036,000. Alliancebernstein L.P. lifted its position in shares of Rocket Lab by 818.8% in the 3rd quarter. Alliancebernstein L.P. now owns 2,190,132 shares of the rocket manufacturer’s stock worth $104,929,000 after purchasing an additional 1,951,755 shares during the period. Finally, Capital World Investors lifted its position in shares of Rocket Lab by 12.0% in the 4th quarter. Capital World Investors now owns 16,200,726 shares of the rocket manufacturer’s stock worth $1,130,172,000 after purchasing an additional 1,738,623 shares during the period. 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.
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