Cambridge Investment Research Advisors Inc. Acquires 20,076 Shares of Rocket Lab Corporation (NASDAQ:RKLB)

Cambridge Investment Research Advisors Inc. lifted its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 52.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 58,652 shares of the rocket manufacturer's stock after acquiring an additional 20,076 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Rocket Lab were worth $1,049,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp raised its stake in Rocket Lab by 2.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,121,024 shares of the rocket manufacturer's stock worth $28,552,000 after purchasing an additional 28,618 shares during the period. US Bancorp DE grew its holdings in Rocket Lab by 1,937.6% during the 4th quarter. US Bancorp DE now owns 7,315 shares of the rocket manufacturer's stock valued at $186,000 after purchasing an additional 6,956 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in Rocket Lab by 1,565.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,015 shares of the rocket manufacturer's stock valued at $53,000 after buying an additional 1,894 shares during the last quarter. Jones Financial Companies Lllp grew its stake in Rocket Lab by 450.4% during the 4th quarter. Jones Financial Companies Lllp now owns 10,238 shares of the rocket manufacturer's stock valued at $261,000 after purchasing an additional 8,378 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Rocket Lab by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,902,212 shares of the rocket manufacturer's stock valued at $73,919,000 after purchasing an additional 23,855 shares in the last quarter. Institutional investors and hedge funds own 71.78% of the company's stock.

Insider Activity at Rocket Lab

In other Rocket Lab news, Director Merline Saintil sold 6,353 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $29.41, for a total transaction of $186,841.73. Following the transaction, the director directly owned 425,922 shares in the company, valued at $12,526,366.02. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Arjun Kampani sold 28,988 shares of the business's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $26.66, for a total value of $772,820.08. Following the completion of the sale, the insider owned 540,618 shares of the company's stock, valued at approximately $14,412,875.88. This trade represents a 5.09% 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. Insiders own 13.70% of the company's stock.

Rocket Lab Trading Up 9.0%

RKLB traded up $3.22 during trading on Monday, reaching $38.88. The company had a trading volume of 35,457,322 shares, compared to its average volume of 18,167,010. Rocket Lab Corporation has a 12-month low of $4.20 and a 12-month high of $39.04. The firm's 50-day simple moving average is $27.27 and its 200 day simple moving average is $24.64. The company has a market cap of $17.63 billion, a price-to-earnings ratio of -97.20 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.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its quarterly 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 business had revenue of $122.57 million for the quarter, compared to analysts' expectations of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The business's quarterly revenue was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. Equities research analysts anticipate that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RKLB has been the topic of a number of research analyst reports. 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. Morgan Stanley boosted their price target on shares of Rocket Lab from $18.00 to $20.00 and gave the company an "equal weight" rating in a report on Monday, March 10th. 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. KeyCorp lifted their target price on Rocket Lab from $29.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, July 2nd. Finally, Needham & Company LLC increased their target price on shares of Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $30.40.

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.