Encompass More Asset Management Purchases Shares of 68,961 Rocket Lab Corporation (NASDAQ:RKLB)

Key Points

• Encompass More Asset Management has acquired 68,961 shares of Rocket Lab Corporation, valued at approximately $1,233,000.
• Rocket Lab's stock opened at $44.54, showing a 12-month range between $4.20 and $53.44, with a current market capitalization of $20.55 billion.
• The company reported a loss of ($0.12) EPS for the last quarter, missing analyst estimates, but showed a 32.1% year-over-year revenue increase to $122.57 million.

Encompass More Asset Management acquired a new stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 68,961 shares of the rocket manufacturer's stock, valued at approximately $1,233,000.

Several other hedge funds also recently bought and sold shares of RKLB. FMR LLC increased its holdings in shares of Rocket Lab by 30,853.3% in the fourth quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock worth $94,141,000 after buying an additional 3,684,195 shares during the period. Two Sigma Advisers LP purchased a new position in shares of Rocket Lab in the fourth quarter worth $72,623,000. BNP Paribas Financial Markets purchased a new stake in Rocket Lab during the 4th quarter valued at $56,977,000. Two Sigma Investments LP purchased a new position in shares of Rocket Lab in the fourth quarter valued at about $47,074,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Rocket Lab by 1,765.4% during the fourth quarter. Renaissance Technologies LLC now owns 1,818,800 shares of the rocket manufacturer's stock valued at $46,325,000 after acquiring an additional 1,721,300 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company's stock.

Wall Street Analyst Weigh In

RKLB has been the topic of several research reports. The Goldman Sachs Group started coverage on shares of Rocket Lab in a research note on Monday, June 30th. They set a "neutral" rating and a $27.00 price objective on the stock. Bank of America lifted their price objective on Rocket Lab from $30.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Wells Fargo & Company reduced their price target 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. Roth Capital upped their price target on shares of Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Finally, Needham & Company LLC raised their price objective 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. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $37.55.

Rocket Lab Trading Up 0.5%

Shares of NASDAQ RKLB traded up $0.21 during mid-day trading on Tuesday, reaching $44.75. The company had a trading volume of 10,887,288 shares, compared to its average volume of 21,621,306. The stock has a market cap of $20.65 billion, a price-to-earnings ratio of -111.88 and a beta of 2.17. Rocket Lab Corporation has a 52 week low of $4.55 and a 52 week high of $53.44. The business's 50-day moving average is $36.23 and its 200-day moving average is $27.38. 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 (NASDAQ:RKLB - Get Free Report) last issued its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $122.57 million during the quarter, compared to the consensus estimate of $120.74 million. During the same quarter in the prior year, the company earned ($0.09) earnings per share. Rocket Lab's revenue was up 32.1% on a year-over-year basis. Equities analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insider Transactions at Rocket Lab

In related news, Director Matthew Ocko sold 820,000 shares of Rocket Lab stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $26.01, for a total value of $21,328,200.00. Following the completion of the sale, the director directly owned 1,083,053 shares in the company, valued at $28,170,208.53. The trade was a 43.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Merline Saintil sold 6,353 shares of the company'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 completion of the sale, the director directly owned 425,922 shares of the company's stock, valued at approximately $12,526,366.02. This trade represents a 1.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,130,995 shares of company stock worth $29,686,039 over the last quarter. 11.90% of the stock is owned by corporate insiders.

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.