D.A. Davidson & CO. Raises Holdings in Rocket Lab Corporation $RKLB

Key Points

• D.A. Davidson & Co. increased its Rocket Lab holdings by 45.6% in the first quarter, while several other hedge funds also added to their positions. Institutional investors now own 71.78% of the company.
• Rocket Lab has seen significant insider selling, including CEO Peter Beck’s sale of 1.3 million shares in a pre-arranged 10b5-1 plan and SVP Arjun Kampani’s sale of 88,000 shares. Over the last 90 days, insiders sold about $362.8 million worth of stock.
• The stock has been volatile and recently weaker, opening at $65.74 and trading well below some analysts’ price targets. Despite the pullback, analysts still lean positive overall, with a Moderate Buy consensus and an average price target of $110.18.

D.A. Davidson & CO. grew its holdings in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 45.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,734 shares of the rocket manufacturer's stock after purchasing an additional 11,193 shares during the period. D.A. Davidson & CO.'s holdings in Rocket Lab were worth $2,295,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of RKLB. AQR Capital Management LLC lifted its holdings in shares of Rocket Lab by 114.0% during the first quarter. AQR Capital Management LLC now owns 174,308 shares of the rocket manufacturer's stock valued at $3,117,000 after purchasing an additional 92,849 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of Rocket Lab by 1,812.1% during the first quarter. NewEdge Advisors LLC now owns 36,807 shares of the rocket manufacturer's stock valued at $658,000 after buying an additional 34,882 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in Rocket Lab by 53.8% in the 1st quarter. Jones Financial Companies Lllp now owns 15,745 shares of the rocket manufacturer's stock worth $282,000 after buying an additional 5,507 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Rocket Lab by 13.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 773,548 shares of the rocket manufacturer's stock worth $13,831,000 after buying an additional 90,758 shares in the last quarter. Finally, Focus Partners Wealth raised its position in Rocket Lab by 1.0% in the 1st quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer's stock worth $1,206,000 after buying an additional 681 shares during the last quarter. Hedge funds and other institutional investors own 71.78% of the company's stock.

Insider Transactions at Rocket Lab

In other news, SVP Arjun Kampani sold 88,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $107.98, for a total value of $9,502,240.00. Following the transaction, the senior vice president owned 264,705 shares in the company, valued at $28,582,845.90. This represents a 24.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Peter Beck sold 1,298,622 shares of the firm's stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $84.92, for a total transaction of $110,278,980.24. Following the completion of the transaction, the chief executive officer directly owned 2,715,181 shares in the company, valued at approximately $230,573,170.52. The trade was a 32.35% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 3,849,294 shares of company stock worth $362,816,208. 8.40% of the stock is currently owned by corporate insiders.

More Rocket Lab News

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

• Neutral Sentiment: Recent articles highlight that RKLB has been falling quickly, with traders and retail investors debating whether the stock is now oversold or still has further downside. Should You Buy Rocket Lab Stock Below $70?
• Neutral Sentiment: Despite the selloff, some retail investors remain bullish on Rocket Lab, arguing that a future catalyst could help the stock recover if execution improves. Reddit Still Believes in Rocket Lab Even as Shares Slide: Inside the Retail Sentiment
• Neutral Sentiment: One article noted Rocket Lab’s shares have declined more than the broader market in the latest session, underscoring the recent weak momentum in the name. Rocket Lab Corporation (RKLB) Declines More Than Market: Some Information for Investors
• Neutral Sentiment: Coverage also points to Rocket Lab’s growing competition with SpaceX, with investors watching whether RKLB can establish itself as a stronger direct rival in the space launch market. Rocket Lab's Latest Deal Puts It on a Collision Course With SpaceX
• Negative Sentiment: Sentiment in one piece suggested that SpaceX-related market enthusiasm may be fading, which is spilling over into Rocket Lab and weighing on the stock. SpaceX’s IPO Shine Fades, Taking ASTS And RKLB With It — But There Are 2 Surprise Winners This Month

Rocket Lab Stock Down 2.8%

Rocket Lab stock opened at $65.74 on Tuesday. Rocket Lab Corporation has a one year low of $37.57 and a one year high of $151.00. The stock has a fifty day moving average of $106.94 and a 200 day moving average of $87.24. 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 stock has a market cap of $38.05 billion, a PE ratio of -205.44 and a beta of 2.54.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). The business had revenue of $200.35 million for the quarter, compared to analysts' expectations of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The business's revenue for the quarter was up 63.4% on a year-over-year basis. During the same period last year, the firm posted ($0.12) earnings per share. As a group, sell-side analysts predict that Rocket Lab Corporation will post -0.26 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on RKLB. Citigroup restated an "outperform" rating on shares of Rocket Lab in a research note on Tuesday, June 30th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Rocket Lab in a research note on Tuesday, April 21st. Citizens Jmp boosted their price objective on shares of Rocket Lab from $95.00 to $130.00 and gave the company a "market outperform" rating in a report on Tuesday, June 30th. KeyCorp upgraded shares of Rocket Lab from a "sector weight" rating to an "overweight" rating and set a $135.00 price objective on the stock in a research report on Monday, June 15th. Finally, Stifel Nicolaus set a $132.00 target price on shares of Rocket Lab in a report on Thursday, June 4th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Rocket Lab currently has a consensus rating of "Moderate Buy" and an average price target of $110.18.

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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