Rocket Lab (NASDAQ:RKLB) Trading 2.2% Higher – Here’s Why

Rocket Lab Corporation (NASDAQ:RKLBGet Free Report)’s share price was up 2.2% on Friday . The stock traded as high as $69.60 and last traded at $67.44. Approximately 14,693,245 shares changed hands during trading, a decline of 39% from the average daily volume of 23,966,408 shares. The stock had previously closed at $66.01.

Trending Headlines about Rocket Lab

Here are the key news stories impacting Rocket Lab this week:

Analyst Ratings Changes

A number of research analysts have commented on RKLB shares. TD Cowen restated a “buy” rating on shares of Rocket Lab in a research note on Thursday, January 22nd. Cantor Fitzgerald restated an “overweight” rating on shares of Rocket Lab in a research report on Wednesday, December 3rd. Citigroup reiterated a “market perform” rating on shares of Rocket Lab in a research report on Wednesday, November 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rocket Lab in a research note on Thursday, January 22nd. Finally, KeyCorp downgraded shares of Rocket Lab from an “overweight” rating to a “sector weight” rating in a research note on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Rocket Lab presently has an average rating of “Moderate Buy” and a consensus target price of $72.92.

Check Out Our Latest Stock Report on Rocket Lab

Rocket Lab Trading Up 2.2%

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 stock has a market cap of $36.02 billion, a P/E ratio of -177.47 and a beta of 2.16. The company has a 50-day simple moving average of $75.54 and a 200-day simple moving average of $59.28.

Insider Buying and Selling at Rocket Lab

In related news, Director Merline Saintil sold 96,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $86.58, for a total value of $8,311,680.00. Following the completion of the sale, the director owned 292,529 shares of the company’s stock, valued at $25,327,160.82. This trade represents a 24.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Frank Klein sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $72.95, for a total transaction of $7,295,000.00. Following the completion of the transaction, the insider owned 1,169,487 shares of the company’s stock, valued at $85,314,076.65. This trade represents a 7.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,306,150 shares of company stock worth $271,865,732 over the last quarter. Corporate insiders own 11.90% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Baillie Gifford & Co. increased its position in Rocket Lab by 176.1% in the third 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. grew its position in shares of Rocket Lab by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock worth $3,308,033,000 after buying an additional 5,610,469 shares during the period. Norges Bank bought a new stake in shares of Rocket Lab during the fourth quarter worth approximately $341,036,000. Invesco Ltd. lifted its holdings in Rocket Lab by 67.0% in the second quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer’s stock valued at $223,287,000 after buying an additional 2,504,054 shares during the period. Finally, Marex Group plc bought a new position in Rocket Lab in the second quarter valued at approximately $74,359,000. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab Company Profile

(Get Free Report)

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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