HarbourVest Partners LLC Buys Shares of 14,770 Rocket Lab Corporation $RKLB

HarbourVest Partners LLC bought a new stake in Rocket Lab Corporation (NASDAQ:RKLB) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 14,770 shares of the rocket manufacturer’s stock, valued at approximately $708,000. Rocket Lab makes up 0.3% of HarbourVest Partners LLC’s portfolio, making the stock its 5th biggest holding.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Rocket Lab by 5.4% during the 3rd quarter. Vanguard Group Inc. now owns 41,809,723 shares of the rocket manufacturer’s stock worth $2,003,104,000 after purchasing an additional 2,127,565 shares during the last quarter. Capital World Investors grew its holdings in shares of Rocket Lab by 9.4% during the third 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. raised its position in shares of Rocket Lab by 176.1% in the third quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer’s stock valued at $580,952,000 after buying an additional 7,734,788 shares during the last quarter. Invesco Ltd. lifted its stake 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 worth $223,287,000 after buying an additional 2,504,054 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Rocket Lab in the second quarter worth about $164,751,000. 71.78% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Frank Klein sold 36,768 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $71.95, for a total value of $2,645,457.60. Following the completion of the transaction, the insider directly owned 1,088,237 shares in the company, valued at approximately $78,298,652.15. This represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Peter Beck sold 18,857 shares of the firm’s 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 sale, the chief executive officer directly owned 884,085 shares of the company’s stock, valued at approximately $61,523,475.15. This trade represents a 2.09% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 4,347,428 shares of company stock worth $280,080,579. 11.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RKLB. Morgan Stanley raised shares of Rocket Lab from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $67.00 to $105.00 in a research note on Friday, January 16th. TD Cowen reissued a “buy” rating on shares of Rocket Lab in a research note on Thursday, January 22nd. Zacks Research cut Rocket Lab from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Needham & Company LLC dropped their price target on Rocket Lab from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Finally, Citizens Jmp reaffirmed a “market perform” rating on shares of Rocket Lab in a report on Friday, February 27th. 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 company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.92.

Rocket Lab Stock Performance

NASDAQ:RKLB opened at $68.41 on Friday. The company’s 50-day moving average is $77.46 and its two-hundred day moving average is $62.87. Rocket Lab Corporation has a 1-year low of $14.71 and a 1-year high of $99.58. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.08 and a quick ratio of 3.61. The firm has a market capitalization of $36.54 billion, a price-to-earnings ratio of -184.89 and a beta of 2.20.

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.