Bessemer Group Inc. Sells 20,035 Shares of Rocket Lab Corporation (NASDAQ:RKLB)

Bessemer Group Inc. lowered its position in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 20.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,058 shares of the rocket manufacturer's stock after selling 20,035 shares during the quarter. Bessemer Group Inc.'s holdings in Rocket Lab were worth $1,378,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP bought a new position in shares of Rocket Lab during the 4th quarter worth about $17,261,000. SG Americas Securities LLC boosted its position in shares of Rocket Lab by 2,186.7% during the 1st quarter. SG Americas Securities LLC now owns 353,522 shares of the rocket manufacturer's stock worth $6,321,000 after purchasing an additional 338,062 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Rocket Lab during the 4th quarter worth about $5,748,000. Charles Schwab Investment Management Inc. boosted its position in shares of Rocket Lab by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,902,212 shares of the rocket manufacturer's stock worth $73,919,000 after purchasing an additional 23,855 shares in the last quarter. Finally, Smith Anglin Financial LLC boosted its position in shares of Rocket Lab by 132.1% during the 1st quarter. Smith Anglin Financial LLC now owns 27,261 shares of the rocket manufacturer's stock worth $487,000 after purchasing an additional 15,515 shares in the last quarter. Institutional investors own 71.78% of the company's stock.

Rocket Lab Price Performance

Shares of NASDAQ:RKLB opened at $35.38 on Monday. The stock has a market cap of $16.05 billion, a PE ratio of -88.45 and a beta of 2.08. The company's fifty day moving average is $25.77 and its 200 day moving average is $24.26. Rocket Lab Corporation has a 52 week low of $4.20 and a 52 week high of $37.66. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97.

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 for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The company had revenue of $122.57 million for the quarter, compared to the consensus estimate of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The company's revenue for the quarter was up 32.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.09) EPS. Research analysts anticipate that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on RKLB shares. Wells Fargo & Company lowered their target price on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Needham & Company LLC upped their target price on shares of Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Cantor Fitzgerald upped their target price on shares of Rocket Lab from $29.00 to $35.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Morgan Stanley upped their target price on shares of Rocket Lab from $18.00 to $20.00 and gave the stock an "equal weight" rating in a report on Monday, March 10th. Finally, Stifel Nicolaus upped their target price on shares of Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $28.10.

Insider Buying and Selling

In related news, insider Frank Klein sold 1,818 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $26.51, for a total transaction of $48,195.18. Following the sale, the insider now owns 1,368,372 shares of the company's stock, valued at $36,275,541.72. The trade was a 0.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew Ocko sold 820,000 shares of Rocket Lab stock in a transaction dated 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 completion of the transaction, the director now directly owns 1,083,053 shares of the company's stock, valued at $28,170,208.53. This trade represents a 43.09% 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 quarter. Corporate insiders own 13.70% of the company's stock.

Rocket Lab Profile

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.

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