Connor Clark & Lunn Investment Management Ltd. Has $12.27 Million Position in Rocket Lab Corporation (NASDAQ:RKLB)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 20.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 686,064 shares of the rocket manufacturer's stock after selling 173,619 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.15% of Rocket Lab worth $12,267,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Rocket Lab by 10.6% during the first quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer's stock worth $715,728,000 after buying an additional 3,833,969 shares in the last quarter. FMR LLC boosted its holdings in shares of Rocket Lab by 30,853.3% in the 4th 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 holdings in shares of Rocket Lab by 9.5% in the 4th 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. Two Sigma Advisers LP acquired a new stake in shares of Rocket Lab in the 4th quarter valued at $72,623,000. Finally, Westfield Capital Management Co. LP boosted its holdings in shares of Rocket Lab by 2.6% in the 1st quarter. Westfield Capital Management Co. LP now owns 2,586,532 shares of the rocket manufacturer's stock valued at $46,247,000 after purchasing an additional 65,255 shares in the last quarter. Institutional investors and hedge funds own 71.78% of the company's stock.

Insider Buying and Selling

In other news, insider Arjun Kampani sold 5,194 shares of Rocket Lab stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $30.00, for a total value of $155,820.00. Following the completion of the transaction, the insider directly owned 530,230 shares of the company's stock, valued at approximately $15,906,900. This trade represents a 0.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Frank Klein sold 2,546 shares of Rocket Lab stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $30.00, for a total value of $76,380.00. Following the completion of the transaction, the insider directly owned 1,365,826 shares of the company's stock, valued at approximately $40,974,780. This trade represents a 0.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, 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 Trading Up 1.1%

Shares of RKLB stock opened at $44.69 on Monday. The stock has a market cap of $20.62 billion, a price-to-earnings ratio of -99.31 and a beta of 2.17. The stock has a 50-day moving average of $37.55 and a 200-day moving average of $27.81. 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 Corporation has a 1-year low of $5.03 and a 1-year high of $53.44.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its quarterly 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 company 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 56.25%. The company's quarterly revenue was up 35.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.08) EPS. On average, equities research analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Analysts Set New Price Targets

RKLB has been the topic of a number of research analyst reports. Stifel Nicolaus raised their target price on Rocket Lab from $34.00 to $55.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. KeyCorp raised their target price on Rocket Lab from $40.00 to $50.00 and gave the company an "overweight" rating in a report on Friday. Citigroup reaffirmed a "buy" rating and issued a $50.00 target price (up previously from $33.00) on shares of Rocket Lab in a report on Monday, July 14th. The Goldman Sachs Group started coverage on Rocket Lab in a research note on Monday, June 30th. They issued a "neutral" rating and a $27.00 price target for the company. Finally, Craig Hallum started coverage on Rocket Lab in a research note on Monday, July 28th. They issued a "hold" rating and a $51.00 price target for the company. Five 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $42.27.

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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