Fifth Third Bancorp Boosts Stock Holdings in Rocket Lab Corporation $RKLB

Key Points

• Fifth Third Bancorp sharply increased its Rocket Lab stake by 3,918.5% in the first quarter, ending with 55,214 shares worth about $3.55 million.
• Institutional interest in RKLB remains strong, with major funds like Vanguard, Baillie Gifford, and Norges Bank also boosting or establishing positions; institutions now own 71.78% of the stock.
• Despite solid revenue growth, sentiment has turned cautious: Rocket Lab reported $200.35 million in quarterly revenue, but insiders have been selling shares and analysts are mixed, with the consensus rating sitting at “Moderate Buy.”

Fifth Third Bancorp raised its position in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 3,918.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 55,214 shares of the rocket manufacturer's stock after purchasing an additional 53,840 shares during the period. Fifth Third Bancorp's holdings in Rocket Lab were worth $3,546,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in RKLB. Baillie Gifford & Co. increased its holdings in Rocket Lab by 47.2% in the 4th quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer's stock worth $1,245,317,000 after acquiring an additional 5,725,536 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Rocket Lab by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer's stock valued at $3,308,033,000 after purchasing an additional 5,610,469 shares during the last quarter. Norges Bank purchased a new stake in Rocket Lab during the fourth quarter valued at about $341,036,000. Alliancebernstein L.P. boosted its position in Rocket Lab by 818.8% during the third quarter. Alliancebernstein L.P. now owns 2,190,132 shares of the rocket manufacturer's stock worth $104,929,000 after purchasing an additional 1,951,755 shares during the period. Finally, Capital World Investors boosted its position in Rocket Lab by 12.0% during the fourth quarter. Capital World Investors now owns 16,200,726 shares of the rocket manufacturer's stock worth $1,130,172,000 after purchasing an additional 1,738,623 shares during the period. 71.78% of the stock is currently owned by institutional investors.

Insider Transactions at Rocket Lab

In other news, insider Frank Klein sold 44,390 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $142.57, for a total value of $6,328,682.30. Following the transaction, the insider owned 1,043,847 shares of the company's stock, valued at approximately $148,821,266.79. This represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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, CEO Peter Beck sold 1,298,622 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $84.92, for a total value of $110,278,980.24. Following the completion of the sale, the chief executive officer owned 2,715,181 shares in the company, valued at $230,573,170.52. This trade represents a 32.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 3,849,294 shares of company stock valued at $362,816,208. Corporate insiders own 8.40% of the company's stock.

Rocket Lab Stock Performance

Shares of Rocket Lab stock opened at $67.62 on Monday. Rocket Lab Corporation has a 12-month low of $37.57 and a 12-month high of $151.00. The company has a market cap of $39.14 billion, a price-to-earnings ratio of -211.31 and a beta of 2.54. 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 company's 50-day moving average price is $107.97 and its 200-day moving average price is $87.27.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, meeting analysts' consensus estimates of ($0.07). Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The company had revenue of $200.35 million during the quarter, compared to analyst estimates of $189.65 million. During the same period last year, the business earned ($0.12) earnings per share. Rocket Lab's revenue was up 63.4% compared to the same quarter last year. On average, equities analysts expect that Rocket Lab Corporation will post -0.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Wells Fargo & Company began coverage on shares of Rocket Lab in a research report on Wednesday, April 1st. They issued an "equal weight" rating and a $60.00 price target on the stock. TD Cowen raised their price objective on shares of Rocket Lab from $90.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Piper Sandler began coverage on shares of Rocket Lab in a research note on Wednesday. They issued a "neutral" rating and a $83.00 price objective for the company. Morgan Stanley reissued an "overweight" rating on shares of Rocket Lab in a report on Wednesday, July 8th. Finally, Citizens Jmp raised their price target on Rocket Lab from $95.00 to $130.00 and gave the stock a "market outperform" rating in a report on Tuesday, June 30th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $110.18.

Key Headlines Impacting Rocket Lab

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

• Negative Sentiment: Piper Sandler initiated coverage with a Neutral/Hold view, signaling limited near-term upside and adding to investor caution after the stock had already been sliding. Rocket Lab Stock Plunges After Piper Sandler Starts Coverage at Neutral
• Negative Sentiment: Investors are also worried about Rocket Lab’s pending $8 billion Iridium acquisition, including possible share dilution and the need for $3.6 billion in bridge financing, which could weigh on the stock. Why Is Rocket Lab Stock Falling on Thursday?
• Negative Sentiment: Recent reports point to a broader selloff across space stocks, with fear around debt, volatility, and sector sentiment spilling over into RKLB. AST SpaceMobile Stock Sinks as SpaceX Fallout Rattles Space Sector
• Negative Sentiment: Technical traders say RKLB broke an important support level, raising the risk of further downside if buyers do not step in soon. Stock of the Day: Where Is the Bottom for Rocket Lab?

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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