Darden Wealth Group Inc Has $1.22 Million Stake in Rocket Lab Corporation (NASDAQ:RKLB)

Darden Wealth Group Inc increased its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 37.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 68,250 shares of the rocket manufacturer's stock after purchasing an additional 18,500 shares during the quarter. Rocket Lab makes up about 0.9% of Darden Wealth Group Inc's investment portfolio, making the stock its 28th biggest holding. Darden Wealth Group Inc's holdings in Rocket Lab were worth $1,220,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Sandy Spring Bank acquired a new stake in Rocket Lab in the fourth quarter valued at $26,000. Versant Capital Management Inc lifted its stake in Rocket Lab by 118.1% in the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock valued at $28,000 after acquiring an additional 860 shares during the last quarter. MassMutual Private Wealth & Trust FSB acquired a new stake in Rocket Lab in the first quarter valued at $29,000. Quarry LP acquired a new stake in Rocket Lab in the fourth quarter valued at $48,000. Finally, Farther Finance Advisors LLC lifted its stake in Rocket Lab by 181.1% in the first quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock valued at $35,000 after acquiring an additional 1,226 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RKLB shares. Needham & Company LLC increased their price target on shares of Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Citigroup restated a "buy" rating and set a $50.00 target price (up previously from $33.00) on shares of Rocket Lab in a research note on Monday. The Goldman Sachs Group assumed coverage on shares of Rocket Lab in a research note on Monday, June 30th. They set a "neutral" rating and a $27.00 target price for the company. Stifel Nicolaus raised their target price on shares of Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Finally, Wells Fargo & Company cut their target price on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $34.10.

Rocket Lab Price Performance

Shares of Rocket Lab stock traded down $2.32 during midday trading on Friday, hitting $49.01. 8,822,119 shares of the company traded hands, compared to its average volume of 18,712,246. The stock has a market cap of $22.23 billion, a price-to-earnings ratio of -122.85 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. The firm's fifty day moving average price is $30.86 and its 200-day moving average price is $25.65. Rocket Lab Corporation has a 12 month low of $4.20 and a 12 month high of $53.44.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. The business had revenue of $122.57 million for the quarter, compared to analyst estimates of $120.74 million. During the same quarter in the prior year, the business earned ($0.09) earnings per share. The firm's quarterly revenue was up 32.1% on a year-over-year basis. As a group, sell-side analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insider Activity

In related news, Director Matthew Ocko sold 820,000 shares of the business's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $26.01, for a total transaction of $21,328,200.00. Following the transaction, the director owned 1,083,053 shares in the company, valued at $28,170,208.53. The trade was a 43.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Merline Saintil sold 6,353 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $29.41, for a total transaction of $186,841.73. Following the transaction, the director owned 425,922 shares in the company, valued at $12,526,366.02. The trade was a 1.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,130,995 shares of company stock worth $29,686,039 over the last quarter. Company insiders own 13.70% of the company's stock.

Rocket Lab Company 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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