Swiss National Bank Grows Position in Rocket Lab Corporation $RKLB

Swiss National Bank boosted its stake in Rocket Lab Corporation (NASDAQ:RKLB) by 67.7% in the 3rd quarter, Holdings Channel reports. The firm owned 1,243,630 shares of the rocket manufacturer’s stock after purchasing an additional 501,830 shares during the period. Swiss National Bank’s holdings in Rocket Lab were worth $59,582,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of RKLB. Wilmington Savings Fund Society FSB purchased a new stake in Rocket Lab during the 3rd quarter worth about $25,000. Hara Capital LLC acquired a new position in shares of Rocket Lab in the 3rd quarter valued at $25,000. UMB Bank n.a. grew its holdings in shares of Rocket Lab by 352.5% during the third quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock worth $26,000 after purchasing an additional 423 shares during the last quarter. Sound Income Strategies LLC purchased a new position in Rocket Lab during the 3rd quarter worth approximately $27,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Rocket Lab by 109.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock valued at $28,000 after acquiring an additional 416 shares during the period. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab Trading Up 4.4%

Shares of RKLB stock opened at $71.96 on Thursday. The firm’s 50-day simple moving average is $77.64 and its 200-day simple moving average is $62.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.08 and a quick ratio of 3.61. Rocket Lab Corporation has a 1-year low of $14.71 and a 1-year high of $99.58. The firm has a market cap of $38.44 billion, a P/E ratio of -194.48 and a beta of 2.20.

Insider Buying and Selling

In related news, SVP Arjun Kampani sold 28,761 shares of Rocket Lab stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total value of $2,001,477.99. Following the transaction, the senior vice president owned 421,699 shares in the company, valued at approximately $29,346,033.41. This trade represents a 6.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frank Klein sold 100,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $72.95, for a total value of $7,295,000.00. Following the sale, the insider directly owned 1,169,487 shares of the company’s stock, valued at approximately $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 4,362,428 shares of company stock worth $281,055,579 over the last 90 days. Company insiders own 11.90% of the company’s stock.

Wall Street Analyst Weigh In

RKLB has been the subject of several recent research reports. Zacks Research downgraded Rocket Lab from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. KeyCorp cut Rocket Lab from an “overweight” rating to a “sector weight” rating in a report on Thursday, January 15th. Cantor Fitzgerald raised their target price on shares of Rocket Lab from $72.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, February 27th. Stifel Nicolaus raised their price target on Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Finally, The Goldman Sachs Group raised their price target on shares of Rocket Lab from $47.00 to $69.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $75.92.

Rocket Lab 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.