18,290 Shares in Rocket Lab Corporation $RKLB Purchased by Bellwether Advisors LLC

Bellwether Advisors LLC purchased a new position in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 18,290 shares of the rocket manufacturer's stock, valued at approximately $1,274,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Rocket Lab during the second quarter valued at $4,124,970,000. Bank of America Corp DE acquired a new stake in Rocket Lab during the 2nd quarter worth about $437,280,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Rocket Lab by 14.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,737,451 shares of the rocket manufacturer's stock valued at $278,262,000 after purchasing an additional 352,094 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Rocket Lab during the 2nd quarter valued at about $245,764,000. Finally, Amundi increased its holdings in shares of Rocket Lab by 22.2% in the second quarter. Amundi now owns 2,180,748 shares of the rocket manufacturer's stock valued at $221,673,000 after purchasing an additional 396,639 shares during the period. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RKLB. Bank of America reduced their price objective on Rocket Lab from $115.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, August 31st. Wall Street Zen lowered Rocket Lab from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Morgan Stanley cut their price target on shares of Rocket Lab from $105.00 to $103.00 and set an "overweight" rating on the stock in a report on Wednesday. Berenberg Bank set a $85.00 price target on shares of Rocket Lab in a research report on Thursday. Finally, TD Cowen reissued a "buy" rating and set a $90.00 price target on shares of Rocket Lab in a research report on Thursday, October 15th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $99.10.

Rocket Lab Stock Down 4.0%

Shares of RKLB stock traded down $2.54 on Friday, hitting $61.53. The company had a trading volume of 13,137,925 shares, compared to its average volume of 19,640,588. The firm has a market cap of $36.82 billion, a P/E ratio of -170.92 and a beta of 3.15. The company has a 50-day moving average price of $62.47 and a 200-day moving average price of $78.36. Rocket Lab Corporation has a twelve month low of $37.57 and a twelve month high of $151.00.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its earnings results on Monday, November 9th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.05). The company had revenue of $267.83 million for the quarter, compared to analyst estimates of $257.21 million. Rocket Lab had a negative return on equity of 5.79% and a negative net margin of 25.73%. Equities research analysts expect that Rocket Lab Corporation will post -0.21 EPS for the current year.

Key Stories Impacting Rocket Lab

Investors following RKLB have been watching these stories:

• Positive Sentiment: Growth indicators remain strong: Q3 revenue reached a record $267.8 million, up 73% year over year, and backlog rose 52% to $3.57 billion. Reports also say Neutron bookings are coming at higher prices. Rocket Lab growth and backlog
• Positive Sentiment: Rocket Lab’s ESCAPADE spacecraft completed precise burns that put the twin probes on a Mars-bound trajectory, showcasing its deep-space mission capabilities. ESCAPADE reaches Mars-bound trajectory
• Negative Sentiment: Rocket Lab’s Q3 loss per share of $0.12 was wider than analysts’ expected $0.07 loss, despite revenue exceeding estimates. The miss may have weighed on shares as investors assess the cost of growth. Q3 results and analyst outlook

Insiders Place Their Bets

In other Rocket Lab news, insider Marvin Clevenger sold 15,051 shares of the company's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $69.63, for a total value of $1,048,001.13. Following the sale, the insider owned 458,924 shares in the company, valued at approximately $31,954,878.12. This represents a 3.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Nina Armagno sold 10,926 shares of the firm's stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $52.78, for a total transaction of $576,674.28. Following the sale, the director directly owned 100,496 shares in the company, valued at $5,304,178.88. The trade was a 9.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 551,832 shares of company stock worth $34,940,037. Corporate insiders own 8.40% of the company's stock.

Rocket Lab Profile

Rocket Lab is a space company that provides launch services and spacecraft and satellite systems for commercial, civil, and national security customers. Founded in 2006 by Peter Beck, the company operates internationally, with headquarters in Long Beach, California, and launch operations in New Zealand and the United States. Its launch business centers on Electron, a small orbital rocket designed to carry satellites to space, and HASTE, a suborbital vehicle used for hypersonic test missions. Rocket Lab is also developing Neutron, a larger launch vehicle.

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