Bank of New York Mellon Corp Boosts Stake in Rocket Lab Corporation $RKLB

Key Points

• Bank of New York Mellon increased its stake in Rocket Lab by 14.3% in the first quarter, bringing its holdings to 1.79 million shares valued at about $114.9 million. Several other hedge funds also added to their positions, and institutions now own 71.78% of the company.
• Rocket Lab shares have been under pressure recently, opening at $65.74 and trading below both their 50-day and 200-day moving averages. The article also notes mixed sentiment, with some investors seeing the stock as oversold while others worry about further downside and competition from SpaceX.
• The company’s latest earnings showed revenue growth of 63.4% year over year to $200.35 million, while EPS came in at -$0.07, matching estimates. Analysts remain mostly constructive, with a consensus rating of Moderate Buy and an average price target of $110.18.

Bank of New York Mellon Corp raised its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 14.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,789,183 shares of the rocket manufacturer's stock after buying an additional 224,320 shares during the quarter. Bank of New York Mellon Corp owned about 0.31% of Rocket Lab worth $114,901,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. AQR Capital Management LLC lifted its position in shares of Rocket Lab by 114.0% in the first quarter. AQR Capital Management LLC now owns 174,308 shares of the rocket manufacturer's stock valued at $3,117,000 after acquiring an additional 92,849 shares in the last quarter. NewEdge Advisors LLC raised its stake in Rocket Lab by 1,812.1% in the 1st quarter. NewEdge Advisors LLC now owns 36,807 shares of the rocket manufacturer's stock valued at $658,000 after purchasing an additional 34,882 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Rocket Lab by 53.8% in the 1st quarter. Jones Financial Companies Lllp now owns 15,745 shares of the rocket manufacturer's stock valued at $282,000 after purchasing an additional 5,507 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Rocket Lab by 13.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 773,548 shares of the rocket manufacturer's stock valued at $13,831,000 after purchasing an additional 90,758 shares during the last quarter. Finally, Focus Partners Wealth lifted its holdings in Rocket Lab by 1.0% in the 1st quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer's stock valued at $1,206,000 after purchasing an additional 681 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company's stock.

Rocket Lab News Roundup

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

• Neutral Sentiment: Recent articles highlight that RKLB has been falling quickly, with traders and retail investors debating whether the stock is now oversold or still has further downside. Should You Buy Rocket Lab Stock Below $70?
• Neutral Sentiment: Despite the selloff, some retail investors remain bullish on Rocket Lab, arguing that a future catalyst could help the stock recover if execution improves. Reddit Still Believes in Rocket Lab Even as Shares Slide: Inside the Retail Sentiment
• Neutral Sentiment: One article noted Rocket Lab’s shares have declined more than the broader market in the latest session, underscoring the recent weak momentum in the name. Rocket Lab Corporation (RKLB) Declines More Than Market: Some Information for Investors
• Neutral Sentiment: Coverage also points to Rocket Lab’s growing competition with SpaceX, with investors watching whether RKLB can establish itself as a stronger direct rival in the space launch market. Rocket Lab's Latest Deal Puts It on a Collision Course With SpaceX
• Negative Sentiment: Sentiment in one piece suggested that SpaceX-related market enthusiasm may be fading, which is spilling over into Rocket Lab and weighing on the stock. SpaceX’s IPO Shine Fades, Taking ASTS And RKLB With It — But There Are 2 Surprise Winners This Month

Insider Buying and Selling at Rocket Lab

In related news, SVP Arjun Kampani sold 88,000 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $107.98, for a total value of $9,502,240.00. Following the transaction, the senior vice president owned 264,705 shares in the company, valued at approximately $28,582,845.90. This trade represents a 24.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Frank Klein sold 36,860 shares of Rocket Lab stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $147.42, for a total transaction of $5,433,901.20. Following the transaction, the insider directly owned 1,006,987 shares in the company, valued at approximately $148,450,023.54. This trade represents a 3.53% decrease in their ownership of the stock. 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 ninety days, insiders have sold 3,849,294 shares of company stock worth $362,816,208. Company insiders own 8.40% of the company's stock.

Rocket Lab Trading Down 2.8%

Shares of RKLB opened at $65.74 on Tuesday. Rocket Lab Corporation has a twelve month low of $37.57 and a twelve month high of $151.00. The firm has a market capitalization of $38.05 billion, a P/E ratio of -205.44 and a beta of 2.54. The company has a current ratio of 4.47, a quick ratio of 4.02 and a debt-to-equity ratio of 0.02. The stock's fifty day simple moving average is $106.94 and its 200 day simple moving average is $87.24.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.07). The firm had revenue of $200.35 million during the quarter, compared to the consensus estimate of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The firm's quarterly revenue was up 63.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.12) earnings per share. On average, equities research analysts forecast that Rocket Lab Corporation will post -0.26 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on RKLB shares. Roth Capital raised their price target on shares of Rocket Lab from $100.00 to $130.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. Bank of America boosted their price objective on shares of Rocket Lab from $105.00 to $115.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Citigroup reissued an "outperform" rating on shares of Rocket Lab in a research note on Tuesday, June 30th. Stifel Nicolaus set a $132.00 target price on shares of Rocket Lab in a research report on Thursday, June 4th. Finally, KGI Securities began coverage on shares of Rocket Lab in a research note on Thursday, June 11th. They issued a "neutral" rating and a $105.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $110.18.

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.

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