Blueshift Asset Management LLC Takes $261,000 Position in Rocket Lab Corporation (NASDAQ:RKLB)

Key Points

• Blueshift Asset Management has acquired a new position in Rocket Lab Corporation, investing approximately $261,000 by purchasing 14,589 shares in the first quarter.
• Several institutional investors significantly increased their stakes in Rocket Lab, with FMR LLC raising its ownership by over 30,000% in the last quarter, now holding shares valued at $94 million.
• Wall Street analysts exhibit a mixed outlook on Rocket Lab, with ratings ranging from "overweight" and "buy" to "neutral," resulting in an average price target of $35.64.

Blueshift Asset Management LLC bought a new position in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 14,589 shares of the rocket manufacturer's stock, valued at approximately $261,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of Rocket Lab by 30,853.3% in the fourth quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock worth $94,141,000 after purchasing an additional 3,684,195 shares during the last quarter. Two Sigma Advisers LP acquired a new position in Rocket Lab in the 4th quarter worth approximately $72,623,000. BNP Paribas Financial Markets purchased a new position in Rocket Lab during the 4th quarter worth approximately $56,977,000. Two Sigma Investments LP acquired a new stake in Rocket Lab during the 4th quarter valued at approximately $47,074,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of Rocket Lab by 1,765.4% in the 4th quarter. Renaissance Technologies LLC now owns 1,818,800 shares of the rocket manufacturer's stock valued at $46,325,000 after acquiring an additional 1,721,300 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Cantor Fitzgerald reissued an "overweight" rating and set a $35.00 target price on shares of Rocket Lab in a report on Monday, July 14th. Wells Fargo & Company decreased their price objective on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Craig Hallum started coverage on Rocket Lab in a research note on Monday, July 28th. They issued a "hold" rating and a $51.00 target price on the stock. Stifel Nicolaus lifted their price target on Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Finally, The Goldman Sachs Group started coverage on Rocket Lab in a report on Monday, June 30th. They issued a "neutral" rating and a $27.00 price target for the company. Five 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. Based on data from MarketBeat.com, Rocket Lab has an average rating of "Moderate Buy" and an average price target of $35.64.

Insider Transactions at Rocket Lab

In other Rocket Lab news, Director Matthew Ocko sold 820,000 shares of the 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 completion of the transaction, the director owned 1,083,053 shares of the company's stock, valued at $28,170,208.53. This represents a 43.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Merline Saintil sold 6,353 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total value of $212,063.14. Following the completion of the transaction, the director directly owned 419,569 shares of the company's stock, valued at approximately $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. In the last quarter, insiders have sold 1,130,995 shares of company stock valued at $29,686,039. 13.70% of the stock is currently owned by corporate insiders.

Rocket Lab Stock Down 2.4%

Shares of RKLB opened at $44.81 on Friday. The firm has a market cap of $20.68 billion, a P/E ratio of -112.03 and a beta of 2.17. Rocket Lab Corporation has a 12 month low of $4.20 and a 12 month high of $53.44. The stock's 50 day moving average is $35.85 and its two-hundred day moving average is $27.22. The company has a current ratio of 2.08, a quick ratio of 1.72 and a debt-to-equity ratio of 0.97.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly 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 company had revenue of $122.57 million during the quarter, compared to analyst estimates of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. Rocket Lab's revenue was up 32.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.09) EPS. Analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

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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