Rocket Lab Corporation $RKLB Shares Sold by Straight Path Wealth Management

Straight Path Wealth Management cut its holdings in Rocket Lab Corporation (NASDAQ:RKLB) by 56.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 18,200 shares of the rocket manufacturer’s stock after selling 24,000 shares during the period. Rocket Lab makes up about 0.3% of Straight Path Wealth Management’s portfolio, making the stock its 29th largest holding. Straight Path Wealth Management’s holdings in Rocket Lab were worth $1,270,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Rocket Lab by 13.4% in the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock valued at $3,308,033,000 after buying an additional 5,610,469 shares during the period. Baillie Gifford & Co. boosted its stake in Rocket Lab by 47.2% during the 4th quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer’s stock valued at $1,245,317,000 after purchasing an additional 5,725,536 shares during the period. Capital World Investors boosted its stake in Rocket Lab by 9.4% during the 3rd quarter. Capital World Investors now owns 14,462,103 shares of the rocket manufacturer’s stock valued at $692,879,000 after purchasing an additional 1,242,547 shares during the period. State Street Corp boosted its stake in Rocket Lab by 13.6% during the 3rd quarter. State Street Corp now owns 12,399,571 shares of the rocket manufacturer’s stock valued at $594,063,000 after purchasing an additional 1,487,237 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Rocket Lab by 10.1% during the 4th quarter. Geode Capital Management LLC now owns 9,004,724 shares of the rocket manufacturer’s stock valued at $626,605,000 after purchasing an additional 825,158 shares during the period. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab Trading Up 4.6%

Shares of NASDAQ:RKLB opened at $119.95 on Friday. The company has a 50 day moving average of $96.28 and a 200-day moving average of $78.47. The firm has a market cap of $69.42 billion, a P/E ratio of -374.84 and a beta of 2.49. Rocket Lab Corporation has a twelve month low of $25.24 and a twelve month high of $151.00. The company has a current ratio of 4.47, a quick ratio of 4.02 and a debt-to-equity ratio of 0.02.

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

Key Rocket Lab News

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

• Positive Sentiment: Stifel analyst Erik Rasmussen raised his price target on Rocket Lab to a Street-high $132 from $110 and kept a Buy rating, signaling stronger growth expectations ahead. Article Title
• Positive Sentiment: Multiple reports said Rocket Lab was gaining alongside other space names as excitement around SpaceX’s IPO roadshow lifted sentiment for publicly traded space proxies. Article Title
• Neutral Sentiment: Commentary continued to highlight Rocket Lab’s strong year-to-date rally and growing institutional interest, but also noted that valuation has become rich and that some analysts still see downside risk after the run-up. Article Title
• Neutral Sentiment: Recent coverage also framed the move as a consolidation/pullback within a strong longer-term uptrend rather than a sign of deteriorating fundamentals. Article Title
• Negative Sentiment: Some articles warned that the upcoming SpaceX IPO could steal attention from Rocket Lab and increase volatility in the space sector as investors reassess valuations. Article Title

Insider Buying and Selling

In related news, insider Frank Klein sold 36,860 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $147.42, for a total value of $5,433,901.20. Following the sale, the insider directly owned 1,006,987 shares in the company, valued at $148,450,023.54. The trade was a 3.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alexander R. Slusky sold 60,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the director owned 374,675 shares in the company, valued at $55,976,445. The trade was a 13.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 445,515 shares of company stock worth $61,965,882. Company insiders own 8.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Rocket Lab in a research note on Tuesday, April 21st. Wall Street Zen raised Rocket Lab from a “sell” rating to a “hold” rating in a research note on Sunday, February 8th. New Street Research initiated coverage on shares of Rocket Lab in a research note on Wednesday, May 13th. They issued a “buy” rating and a $150.00 price target for the company. Citigroup reaffirmed an “outperform” rating on shares of Rocket Lab in a research note on Friday, May 8th. Finally, BTIG Research reaffirmed a “hold” rating on shares of Rocket Lab in a research note on Tuesday, May 12th. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $98.88.

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.