Tocqueville Asset Management L.P. Lowers Stock Position in Rocket Lab Corporation $RKLB

Tocqueville Asset Management L.P. cut its position in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 6.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,219,640 shares of the rocket manufacturer’s stock after selling 89,395 shares during the quarter. Rocket Lab makes up about 0.8% of Tocqueville Asset Management L.P.’s holdings, making the stock its 20th biggest position. Tocqueville Asset Management L.P. owned approximately 0.25% of Rocket Lab worth $58,433,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Rocket Lab by 5.4% in the 3rd quarter. Vanguard Group Inc. now owns 41,809,723 shares of the rocket manufacturer’s stock valued at $2,003,104,000 after buying an additional 2,127,565 shares during the last quarter. Capital World Investors lifted its position in shares of Rocket Lab by 9.4% during the 3rd quarter. Capital World Investors now owns 14,462,103 shares of the rocket manufacturer’s stock worth $692,879,000 after buying an additional 1,242,547 shares in the last quarter. Baillie Gifford & Co. boosted its stake 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 buying an additional 7,734,788 shares during the last quarter. Invesco Ltd. grew its holdings in shares of 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 acquiring an additional 2,504,054 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Rocket Lab in the second quarter valued at approximately $164,751,000. 71.78% of the stock is owned by institutional investors.

Insider Transactions at Rocket Lab

In other news, SVP Arjun Kampani sold 23,711 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $71.95, for a total transaction of $1,706,006.45. Following the transaction, the senior vice president owned 397,988 shares of the company’s stock, valued at $28,635,236.60. This represents a 5.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Peter Beck sold 18,857 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total value of $1,312,258.63. Following the transaction, the chief executive officer owned 884,085 shares of the company’s stock, valued at $61,523,475.15. The trade was a 2.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 4,347,428 shares of company stock valued at $280,080,579. 11.90% of the stock is currently owned by insiders.

Rocket Lab Stock Performance

Rocket Lab stock traded up $2.28 during trading on Friday, hitting $70.65. The stock had a trading volume of 5,773,098 shares, compared to its average volume of 21,088,357. The stock’s 50 day moving average is $77.61 and its two-hundred day moving average is $62.72. Rocket Lab Corporation has a 1 year low of $14.71 and a 1 year high of $99.58. The stock has a market cap of $37.74 billion, a price-to-earnings ratio of -190.64 and a beta of 2.20. The company has a quick ratio of 3.61, a current ratio of 4.08 and a debt-to-equity ratio of 0.10.

Analysts Set New Price Targets

A number of analysts recently commented on RKLB shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price target on shares of Rocket Lab in a report on Friday. Needham & Company LLC reduced their price objective on Rocket Lab from $110.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Zacks Research lowered Rocket Lab from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. The Goldman Sachs Group lifted their target price on Rocket Lab from $47.00 to $69.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 20th. Finally, TD Cowen restated a “buy” rating on shares of Rocket Lab in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rocket Lab presently has an average rating of “Moderate Buy” and a consensus price target 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.