Caitong International Asset Management Co. Ltd Raises Stock Position in Rocket Lab Corporation (NASDAQ:RKLB)

Key Points

• Caitong International Asset Management Co. Ltd has dramatically increased its stake in Rocket Lab Corporation by purchasing an additional 20,731 shares, leading to a total of 20,793 shares valued at approximately $372,000.
• Several hedge funds, including Wellington Management Group and SG Americas Securities LLC, have significantly enhanced their positions in Rocket Lab, highlighting strong institutional interest in the company.
• Rocket Lab reported earnings with a negative EPS of (-$0.13), missing analysts’ expectations, yet its revenue of $144.50 million surpassed estimates, marking a 35.9% year-over-year increase.

Caitong International Asset Management Co. Ltd grew its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 33,437.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,793 shares of the rocket manufacturer's stock after buying an additional 20,731 shares during the quarter. Caitong International Asset Management Co. Ltd's holdings in Rocket Lab were worth $372,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Rocket Lab by 10.6% in the 1st quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer's stock worth $715,728,000 after acquiring an additional 3,833,969 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Rocket Lab by 56.1% during the first quarter. Invesco Ltd. now owns 3,738,250 shares of the rocket manufacturer's stock valued at $66,840,000 after purchasing an additional 1,343,518 shares in the last quarter. FMR LLC boosted its stake in shares of Rocket Lab by 30,853.3% during the fourth quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock valued at $94,141,000 after purchasing an additional 3,684,195 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Rocket Lab by 9.5% during the fourth quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer's stock valued at $82,207,000 after purchasing an additional 281,339 shares in the last quarter. Finally, Two Sigma Advisers LP bought a new position in shares of Rocket Lab during the fourth quarter valued at approximately $72,623,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RKLB. Stifel Nicolaus increased their price objective on shares of Rocket Lab from $34.00 to $55.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Craig Hallum began coverage on shares of Rocket Lab in a research note on Monday, July 28th. They set a "hold" rating and a $51.00 price objective on the stock. Citigroup reiterated a "buy" rating and set a $50.00 price objective (up from $33.00) on shares of Rocket Lab in a research note on Monday, July 14th. Bank of America increased their price objective on shares of Rocket Lab from $30.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Finally, Roth Capital increased their price objective on shares of Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $42.27.

Insider Activity at Rocket Lab

In other Rocket Lab news, Director Matthew Ocko sold 820,000 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $26.01, for a total value 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 approximately $28,170,208.53. This trade represents a 43.09% 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 Arjun Kampani sold 28,988 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $26.66, for a total transaction of $772,820.08. Following the completion of the transaction, the insider directly owned 540,618 shares of the company's stock, valued at approximately $14,412,875.88. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,130,995 shares of company stock worth $29,686,039. Corporate insiders own 11.90% of the company's stock.

Rocket Lab Stock Down 1.0%

RKLB traded down $0.43 during trading on Wednesday, hitting $43.00. The stock had a trading volume of 14,402,769 shares, compared to its average volume of 21,231,916. The company has a market capitalization of $19.84 billion, a PE ratio of -95.56 and a beta of 2.17. Rocket Lab Corporation has a twelve month low of $5.16 and a twelve month high of $53.44. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.72 and a current ratio of 2.67. The stock has a 50 day simple moving average of $38.58 and a two-hundred day simple moving average of $28.12.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its earnings results on Thursday, August 7th. The rocket manufacturer reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.06). The firm had revenue of $144.50 million during the quarter, compared to analyst estimates of $135.42 million. Rocket Lab had a negative net margin of 45.87% and a negative return on equity of 48.14%. Rocket Lab's revenue was up 35.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.08) earnings per share. On average, research analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

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.