Rocket Lab (NASDAQ:RKLB) Reaches New 52-Week High – Still a Buy?

Shares of Rocket Lab Corporation (NASDAQ:RKLB) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $33.95 and last traded at $32.79, with a volume of 3225662 shares. The stock had previously closed at $32.78.

Analysts Set New Price Targets

Several analysts recently commented on RKLB shares. KeyCorp reaffirmed an “overweight” rating on shares of Rocket Lab in a report on Tuesday, June 3rd. The Goldman Sachs Group increased their price objective on shares of Rocket Lab from $14.35 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, May 12th. Morgan Stanley upped their target price on shares of Rocket Lab from $18.00 to $20.00 and gave the company an “equal weight” rating in a report on Monday, March 10th. Citigroup lowered their price objective on Rocket Lab from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Finally, Cantor Fitzgerald increased their target price on shares of Rocket Lab from $29.00 to $35.00 and gave the stock an “overweight” rating in a report on Tuesday, June 10th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.10.

Rocket Lab Stock Down 0.2%

The company has a 50-day moving average of $24.64 and a 200-day moving average of $23.94. The company has a current ratio of 2.08, a quick ratio of 1.72 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $14.84 billion, a price-to-earnings ratio of -81.62 and a beta of 2.08.

Rocket Lab (NASDAQ:RKLB) last issued its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. The firm had revenue of $122.57 million during the quarter, compared to analysts’ expectations of $120.74 million. During the same quarter last year, the business earned ($0.09) EPS. The business’s revenue was up 32.1% on a year-over-year basis. On average, equities analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Insider Activity at Rocket Lab

In other news, Director Merline Saintil sold 6,353 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $29.41, for a total transaction of $186,841.73. Following the completion of the transaction, the director now directly owns 425,922 shares of the company’s stock, valued at $12,526,366.02. This represents a 1.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Frank Klein sold 2,546 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $30.00, for a total value of $76,380.00. Following the transaction, the insider now owns 1,365,826 shares in the company, valued at $40,974,780. This trade represents a 0.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,124,642 shares of company stock worth $29,473,976 over the last three months. Company insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Rocket Lab by 10.6% in the first quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer’s stock valued at $715,728,000 after purchasing an additional 3,833,969 shares during the period. Geode Capital Management LLC raised its holdings in shares of Rocket Lab by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 8,285,693 shares of the rocket manufacturer’s stock valued at $211,084,000 after acquiring an additional 32,658 shares during the last quarter. Invesco Ltd. lifted its position in shares of Rocket Lab by 56.1% in the first quarter. Invesco Ltd. now owns 3,738,250 shares of the rocket manufacturer’s stock valued at $66,840,000 after acquiring an additional 1,343,518 shares in the last quarter. FMR LLC lifted its position in shares of Rocket Lab by 30,853.3% in the fourth quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer’s stock valued at $94,141,000 after acquiring an additional 3,684,195 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Rocket Lab by 9.5% in the fourth quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer’s stock worth $82,207,000 after acquiring an additional 281,339 shares during the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Rocket Lab Company Profile

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.