Sharpepoint LLC Cuts Stock Holdings in Rocket Lab Corporation $RKLB

Sharpepoint LLC lessened its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 31.8% during the third quarter, Holdings Channel reports. The firm owned 88,770 shares of the rocket manufacturer’s stock after selling 41,405 shares during the quarter. Rocket Lab makes up about 3.8% of Sharpepoint LLC’s investment portfolio, making the stock its 8th biggest position. Sharpepoint LLC’s holdings in Rocket Lab were worth $4,253,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new position in Rocket Lab in the third quarter worth $25,000. Hara Capital LLC purchased a new position in Rocket Lab during the third quarter valued at $25,000. UMB Bank n.a. boosted its holdings in shares of Rocket Lab by 352.5% during the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock valued at $26,000 after buying an additional 423 shares in the last quarter. Sound Income Strategies LLC bought a new stake in shares of Rocket Lab during the 3rd quarter valued at $27,000. Finally, EverSource Wealth Advisors LLC grew its position 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 period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Morgan Stanley raised shares of Rocket Lab from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $67.00 to $105.00 in a research report on Friday, January 16th. KeyCorp cut shares of Rocket Lab from an “overweight” rating to a “sector weight” rating in a report on Thursday, January 15th. Citizens Jmp reaffirmed a “market perform” rating on shares of Rocket Lab in a research note on Friday, February 27th. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 target price on shares of Rocket Lab in a report on Friday. Finally, Needham & Company LLC dropped their price target on Rocket Lab from $110.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. One equities research 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.92.

Insider Transactions at Rocket Lab

In other news, SVP Arjun Kampani sold 23,711 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total transaction of $1,706,006.45. Following the completion of the transaction, the senior vice president directly owned 397,988 shares of the company’s stock, valued at $28,635,236.60. The trade was a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Merline Saintil sold 18,126 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $75.04, for a total transaction of $1,360,175.04. Following the transaction, the director owned 261,903 shares in the company, valued at approximately $19,653,201.12. This trade represents a 6.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 4,347,428 shares of company stock valued at $280,080,579. Company insiders own 11.90% of the company’s stock.

Rocket Lab Price Performance

Shares of NASDAQ:RKLB opened at $68.41 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.61 and a current ratio of 4.08. The firm has a market cap of $36.54 billion, a price-to-earnings ratio of -184.89 and a beta of 2.20. The business has a 50-day simple moving average of $77.46 and a two-hundred day simple moving average of $62.87. Rocket Lab Corporation has a fifty-two week low of $14.71 and a fifty-two week high of $99.58.

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.