Eurizon Capital SGR S.p.A. Makes New Investment in Rocket Lab Corporation $RKLB

Key Points

• Eurizon Capital SGR disclosed a new fourth-quarter stake in Rocket Lab, buying 43,471 shares valued at about $3.0 million.
• Rocket Lab’s shares were reported down 14.7% amid broader weakness in the space sector, with concerns that the SpaceX IPO could pull investor attention away from pure-play space stocks.
• The company recently posted better-than-expected revenue of $200.35 million and matched earnings estimates, while analysts remain generally constructive with a Moderate Buy consensus and a $97.19 price target.

Eurizon Capital SGR S.p.A. bought a new stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 43,471 shares of the rocket manufacturer's stock, valued at approximately $3,035,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Aventura Private Wealth LLC purchased a new position in shares of Rocket Lab in the fourth quarter valued at approximately $25,000. UMB Bank n.a. lifted its position in shares of Rocket Lab by 352.5% in the third quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer's stock valued at $26,000 after acquiring an additional 423 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Rocket Lab by 109.5% in the second quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer's stock valued at $28,000 after acquiring an additional 416 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Rocket Lab in the fourth quarter valued at approximately $32,000. Finally, DecisionPoint Financial LLC lifted its position in shares of Rocket Lab by 91.1% in the fourth quarter. DecisionPoint Financial LLC now owns 472 shares of the rocket manufacturer's stock valued at $33,000 after acquiring an additional 225 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company's stock.

Trending Headlines about Rocket Lab

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?

Rocket Lab Trading Down 14.7%

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

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.07). Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The business had revenue of $200.35 million during the quarter, compared to analysts' expectations of $189.65 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. The company's revenue was up 63.4% on a year-over-year basis. On average, equities analysts forecast that Rocket Lab Corporation will post -0.29 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Rocket Lab in a research report on Tuesday, April 21st. Citizens Jmp increased their price target on Rocket Lab from $85.00 to $95.00 and gave the company a "market outperform" rating in a report on Friday, May 8th. Needham & Company LLC increased their price target on Rocket Lab from $95.00 to $120.00 and gave the company a "buy" rating in a report on Monday, May 11th. TD Cowen increased their price target on Rocket Lab from $90.00 to $120.00 and gave the company a "buy" rating in a report on Friday, May 8th. Finally, BTIG Research reaffirmed a "hold" rating on shares of Rocket Lab in a report on Tuesday, May 12th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $97.19.

Insider Buying and Selling

In other Rocket Lab news, SVP Arjun Kampani sold 70,000 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $145.13, for a total transaction of $10,159,100.00. Following the completion of the sale, the senior vice president directly owned 376,509 shares of the company's stock, valued at $54,642,751.17. This represents a 15.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alexander R. Slusky sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $118.08, for a total value of $11,808,000.00. Following the sale, the director directly owned 434,675 shares of the company's stock, valued at approximately $51,326,424. This represents a 18.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 524,120 shares of company stock valued at $67,677,521. Company insiders own 8.40% of the company's stock.

Rocket Lab Company Profile

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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