COFG Advisors LLC Makes New Investment in Rocket Lab Corporation $RKLB

Key Points

• COFG Advisors LLC opened a new position in Rocket Lab, buying 14,500 shares worth about $1.01 million in the fourth quarter.
• Institutional interest remains strong, with several large funds increasing their stakes; overall, about 71.78% of Rocket Lab shares are held by institutional investors.
• Insider selling has been notable, including recent sales by a director and an executive, while the stock has also been under pressure from broad weakness in the space sector and concerns about valuations.

COFG Advisors LLC bought a new position in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 14,500 shares of the rocket manufacturer's stock, valued at approximately $1,012,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in RKLB. Baillie Gifford & Co. increased its position in Rocket Lab by 47.2% in the 4th quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer's stock valued at $1,245,317,000 after acquiring an additional 5,725,536 shares during the period. Vanguard Group Inc. lifted its stake in shares of Rocket Lab by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer's stock worth $3,308,033,000 after acquiring an additional 5,610,469 shares during the period. Norges Bank acquired a new position in shares of Rocket Lab in the fourth quarter worth approximately $341,036,000. Alliancebernstein L.P. lifted its stake in shares of Rocket Lab by 818.8% in the third quarter. Alliancebernstein L.P. now owns 2,190,132 shares of the rocket manufacturer's stock worth $104,929,000 after acquiring an additional 1,951,755 shares during the period. Finally, Amundi lifted its stake in shares of Rocket Lab by 308.4% in the third quarter. Amundi now owns 2,301,568 shares of the rocket manufacturer's stock worth $110,268,000 after acquiring an additional 1,738,038 shares during the period. 71.78% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Rocket Lab news, insider Marvin Bradford Clevenger sold 3,500 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $146.67, for a total transaction of $513,345.00. Following the completion of the transaction, the insider owned 473,975 shares in the company, valued at $69,517,913.25. This trade represents a 0.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Alexander R. Slusky sold 60,000 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $149.40, for a total value of $8,964,000.00. Following the transaction, the director owned 374,675 shares of the company's stock, valued at $55,976,445. This represents a 13.80% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 524,120 shares of company stock valued at $67,677,521. 8.40% of the stock is currently owned by corporate insiders.

Rocket Lab Stock Down 14.7%

RKLB stock opened at $122.39 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.02 and a current ratio of 4.47. The company has a market capitalization of $70.83 billion, a price-to-earnings ratio of -382.47 and a beta of 2.48. Rocket Lab Corporation has a fifty-two week low of $25.24 and a fifty-two week high of $151.00. The stock has a fifty day moving average of $93.14 and a 200-day moving average of $76.94.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). The company had revenue of $200.35 million during the quarter, compared to the consensus estimate of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The firm's quarterly revenue was up 63.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.12) EPS. As a group, equities research analysts predict that Rocket Lab Corporation will post -0.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Stifel Nicolaus reaffirmed a "buy" rating and issued a $105.00 price objective (up from $90.00) on shares of Rocket Lab in a research note on Monday, April 20th. Wells Fargo & Company began coverage on Rocket Lab in a research note on Wednesday, April 1st. They issued an "equal weight" rating and a $60.00 price target on the stock. Clear Str raised Rocket Lab to a "strong-buy" rating in a research note on Wednesday, March 18th. Cantor Fitzgerald reissued an "overweight" rating on shares of Rocket Lab in a research note on Wednesday, May 27th. Finally, Craig Hallum raised Rocket Lab from a "hold" rating to a "buy" rating and set a $98.00 price target on the stock in a research note on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Rocket Lab presently has an average rating of "Moderate Buy" and a consensus target price of $97.19.

Rocket Lab News Summary

Here are the key news stories impacting Rocket Lab this week:

• Negative Sentiment: Rocket Lab shares are being hit by broad weakness across the space sector, as investors reassess stretched valuations and worry that the SpaceX IPO could draw money away from pure-play space names. Rocket Lab Stock Is Tumbling Today: What's Happening?
• Negative Sentiment: Multiple insiders sold shares, including SVP Arjun Kampani, Frank Klein, Marvin Bradford Clevenger, and Director Alexander R. Slusky, which can weigh on investor confidence in the near term despite the sales being disclosed under trading plans.
• Neutral Sentiment: Recent commentary also notes that Rocket Lab remains a major name in the commercial space industry, with its Neutron rocket still a key long-term catalyst and the company’s backlog and revenue growth supporting the bullish long-term case. Should You Buy Rocket Lab Stock Ahead of the SpaceX IPO?

About Rocket Lab

Rocket Lab is an aerospace company that provides launch services, spacecraft, and space systems for commercial and government customers. The company's primary launch vehicle is Electron, a small-lift orbital rocket designed to deploy small satellites and rideshare payloads to low Earth orbit. Rocket Lab also develops and manufactures the Rutherford engine, noted for its electric-pump-fed design and additive-manufactured components, which powers Electron and supports the company's propulsion capabilities.

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