Bank of New York Mellon Corp Has $18.21 Million Holdings in Rocket Lab Corporation (NASDAQ:RKLB)

Bank of New York Mellon Corp lowered its stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 9.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,018,348 shares of the rocket manufacturer's stock after selling 102,676 shares during the period. Bank of New York Mellon Corp owned 0.22% of Rocket Lab worth $18,208,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of RKLB. Sandy Spring Bank acquired a new stake in shares of Rocket Lab in the 4th quarter worth approximately $26,000. Versant Capital Management Inc lifted its stake in shares of Rocket Lab by 118.1% in the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock worth $28,000 after acquiring an additional 860 shares during the period. MassMutual Private Wealth & Trust FSB acquired a new stake in Rocket Lab during the first quarter valued at approximately $29,000. Farther Finance Advisors LLC lifted its stake in Rocket Lab by 181.1% during the first quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock valued at $35,000 after purchasing an additional 1,226 shares during the last quarter. Finally, Quarry LP acquired a new stake in Rocket Lab during the fourth quarter valued at approximately $48,000. Institutional investors own 71.78% of the company's stock.

Rocket Lab Price Performance

Shares of RKLB stock traded up $0.06 during mid-day trading on Friday, reaching $51.39. The company's stock had a trading volume of 32,847,329 shares, compared to its average volume of 18,910,872. Rocket Lab Corporation has a 1-year low of $4.20 and a 1-year high of $53.44. The company has a market cap of $23.31 billion, a P/E ratio of -128.48 and a beta of 2.15. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.72 and a current ratio of 2.08. The firm's 50-day moving average is $31.48 and its two-hundred day moving average is $25.83.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group began coverage on shares of Rocket Lab in a report on Monday, June 30th. They set a "neutral" rating and a $27.00 price target on the stock. Stifel Nicolaus upped their price objective on shares of Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. KeyCorp upped their price objective on shares of Rocket Lab from $29.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company dropped their price objective on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $35.00 target price on shares of Rocket Lab in a research report on Monday, July 14th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $34.10.

Insider Activity at Rocket Lab

In related news, Director Merline Saintil sold 6,353 shares of Rocket Lab stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total transaction of $212,063.14. Following the transaction, the director owned 419,569 shares of the company's stock, valued at $14,005,213.22. This trade represents a 1.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Ocko sold 820,000 shares of Rocket Lab stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $26.01, for a total transaction of $21,328,200.00. Following the transaction, the director directly owned 1,083,053 shares in the company, valued at $28,170,208.53. The trade was a 43.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,130,995 shares of company stock worth $29,686,039. 13.70% of the stock is owned by insiders.

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.