Rocket Lab (NASDAQ:RKLB) Reaches New 52-Week High – Here’s Why

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RKLB shares. Stifel Nicolaus boosted their price objective on shares of Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Citigroup reissued a “market perform” rating on shares of Rocket Lab in a research note on Wednesday, November 12th. KeyCorp lifted their price target on Rocket Lab from $50.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, October 17th. Bank of America increased their price objective on shares of Rocket Lab from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, November 19th. Finally, Zacks Research upgraded shares of Rocket Lab from a “hold” rating to a “strong-buy” rating in a research note on Monday. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $61.25.

Rocket Lab Stock Up 3.6%

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

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

Insider Buying and Selling

In other news, Director Edward H. Frank sold 2,500 shares of the stock in a transaction that occurred on Tuesday, December 23rd. The stock was sold at an average price of $77.39, for a total value of $193,475.00. Following the sale, the director directly owned 142,504 shares in the company, valued at approximately $11,028,384.56. This represents a 1.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Nina Armagno sold 27,314 shares of the stock in a transaction on Friday, December 19th. The stock was sold at an average price of $68.21, for a total value of $1,863,087.94. Following the completion of the sale, the director owned 108,940 shares in the company, valued at approximately $7,430,797.40. The trade was a 20.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 4,197,650 shares of company stock valued at $262,429,052 over the last 90 days. 11.90% of the stock is currently owned by insiders.

Institutional Trading of Rocket Lab

Several institutional investors and hedge funds have recently modified their holdings of RKLB. Wilmington Savings Fund Society FSB purchased a new stake in Rocket Lab in the third quarter worth about $25,000. Hara Capital LLC purchased a new position in Rocket Lab in the third quarter worth $25,000. Aventura Private Wealth LLC acquired a new position in shares of Rocket Lab during the fourth quarter valued at about $25,000. UMB Bank n.a. increased its position in shares of Rocket Lab by 352.5% in the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock valued at $26,000 after acquiring an additional 423 shares during the period. Finally, Sound Income Strategies LLC acquired a new position in Rocket Lab in the 3rd quarter worth about $27,000. Institutional investors own 71.78% of the company’s stock.

About Rocket Lab

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.