AE Wealth Management LLC Buys New Position in Rocket Lab Corporation (NASDAQ:RKLB)

Key Points

• AE Wealth Management LLC invested approximately $183,000 in Rocket Lab Corporation by purchasing 10,251 shares during the first quarter.
• Rocket Lab reported a quarterly revenue increase of 32.1% year-over-year, with earnings per share of (\$0.12), missing analysts' expectations.
• Institutional investors own 71.78% of Rocket Lab's stock, indicating strong interest from hedge funds and significant institutional backing.

AE Wealth Management LLC acquired a new stake in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 10,251 shares of the rocket manufacturer's stock, valued at approximately $183,000.

Other hedge funds also recently made changes to their positions in the company. Sei Investments Co. boosted its stake in Rocket Lab by 167.2% in the 4th quarter. Sei Investments Co. now owns 53,584 shares of the rocket manufacturer's stock worth $1,365,000 after purchasing an additional 33,531 shares during the period. LPL Financial LLC boosted its stake in Rocket Lab by 89.7% in the 4th quarter. LPL Financial LLC now owns 249,873 shares of the rocket manufacturer's stock worth $6,364,000 after purchasing an additional 118,123 shares during the period. Pictet Asset Management Holding SA boosted its stake in Rocket Lab by 26.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 42,834 shares of the rocket manufacturer's stock worth $1,091,000 after purchasing an additional 8,980 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in Rocket Lab in the 4th quarter worth approximately $16,044,000. Finally, CIBC Private Wealth Group LLC boosted its stake in Rocket Lab by 3,019.3% in the 4th quarter. CIBC Private Wealth Group LLC now owns 4,679 shares of the rocket manufacturer's stock worth $128,000 after purchasing an additional 4,529 shares during the period. 71.78% of the stock is currently owned by institutional investors.

Rocket Lab Stock Performance

RKLB stock traded down $1.11 during trading on Friday, hitting $44.81. 16,521,867 shares of the company traded hands, compared to its average volume of 21,989,944. The stock's 50-day simple moving average is $35.85 and its 200 day simple moving average is $27.22. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72. The company has a market cap of $20.68 billion, a PE ratio of -112.03 and a beta of 2.17. Rocket Lab Corporation has a 1 year low of $4.20 and a 1 year high of $53.44.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The business had revenue of $122.57 million during the quarter, compared to analysts' expectations of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The firm's quarterly revenue was up 32.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.09) earnings per share. On average, equities analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Frank Klein sold 2,546 shares of Rocket Lab stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $30.00, for a total value of $76,380.00. Following the sale, the insider directly owned 1,365,826 shares of the company's stock, valued at $40,974,780. The trade was a 0.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Merline Saintil sold 6,353 shares of Rocket Lab stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $33.38, for a total value of $212,063.14. Following the completion of the sale, the director directly owned 419,569 shares in the company, valued at $14,005,213.22. This represents a 1.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,130,995 shares of company stock valued at $29,686,039 over the last ninety days. 13.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RKLB. Craig Hallum began coverage on Rocket Lab in a research report on Monday, July 28th. They set a "hold" rating and a $51.00 target price for the company. Citigroup reiterated a "buy" rating and set a $50.00 target price (up from $33.00) on shares of Rocket Lab in a research report on Monday, July 14th. Needham & Company LLC increased their target price on Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Bank of America increased their target price on Rocket Lab from $30.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company decreased their price target on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $35.64.

About Rocket Lab

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.