Norges Bank Invests $341.04 Million in Rocket Lab Corporation $RKLB

Norges Bank purchased a new position in Rocket Lab Corporation (NASDAQ:RKLB) during the fourth quarter, HoldingsChannel reports. The firm purchased 4,888,706 shares of the rocket manufacturer’s stock, valued at approximately $341,036,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of RKLB. Aventura Private Wealth LLC purchased a new position in shares of Rocket Lab in the 4th quarter worth $25,000. UMB Bank n.a. boosted its stake 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 worth $26,000 after buying an additional 423 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake 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 worth $28,000 after buying an additional 416 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Rocket Lab in the 4th quarter worth $32,000. Finally, DecisionPoint Financial LLC boosted its stake in shares of Rocket Lab by 91.1% in the 4th quarter. DecisionPoint Financial LLC now owns 472 shares of the rocket manufacturer’s stock worth $33,000 after buying an additional 225 shares during the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab Price Performance

Shares of Rocket Lab stock opened at $122.39 on Tuesday. Rocket Lab Corporation has a one year low of $25.24 and a one year high of $151.00. The stock’s fifty day moving average is $93.14 and its 200 day moving average is $76.94. The stock has a market cap of $70.83 billion, a P/E ratio of -382.47 and a beta of 2.48. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.02 and a current ratio of 4.47.

Rocket Lab (NASDAQ:RKLB) last announced its earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, hitting analysts’ consensus estimates of ($0.07). The company had revenue of $200.35 million for the quarter, compared to analysts’ expectations of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.Rocket Lab’s revenue for the quarter was up 63.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.12) EPS. Sell-side analysts anticipate that Rocket Lab Corporation will post -0.29 earnings per share for the current year.

Rocket Lab News Summary

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

• Negative Sentiment: Rocket Lab shares are being hit by broad weakness across the space sector, as investors reassess stretched valuations and worry that the SpaceX IPO could draw money away from pure-play space names. Rocket Lab Stock Is Tumbling Today: What’s Happening?
• Negative Sentiment: Multiple insiders sold shares, including SVP Arjun Kampani, Frank Klein, Marvin Bradford Clevenger, and Director Alexander R. Slusky, which can weigh on investor confidence in the near term despite the sales being disclosed under trading plans.
• Neutral Sentiment: Recent commentary also notes that Rocket Lab remains a major name in the commercial space industry, with its Neutron rocket still a key long-term catalyst and the company’s backlog and revenue growth supporting the bullish long-term case. Should You Buy Rocket Lab Stock Ahead of the SpaceX IPO?

Wall Street Analyst Weigh In

RKLB has been the topic of a number of research reports. Craig Hallum upgraded Rocket Lab from a “hold” rating to a “buy” rating and set a $98.00 price target on the stock in a research note on Friday, May 8th. TD Cowen raised their price target on Rocket Lab from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Wall Street Zen upgraded Rocket Lab from a “sell” rating to a “hold” rating in a research note on Sunday, February 8th. BTIG Research reaffirmed a “hold” rating on shares of Rocket Lab in a report on Tuesday, May 12th. Finally, New Street Research began coverage on Rocket Lab in a report on Wednesday, May 13th. They issued a “buy” rating and a $150.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $97.19.

Insider Buying and Selling at Rocket Lab

In other Rocket Lab news, Director Alexander R. Slusky sold 60,000 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $149.40, for a total transaction of $8,964,000.00. Following the sale, the director directly owned 374,675 shares of the company’s stock, valued at $55,976,445. This trade represents a 13.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Marvin Bradford Clevenger sold 3,500 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $146.67, for a total value of $513,345.00. Following the sale, the insider directly owned 473,975 shares in the company, valued at approximately $69,517,913.25. This represents a 0.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 524,120 shares of company stock valued at $67,677,521. 8.40% of the stock is currently owned by corporate insiders.

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.