54,437 Shares in Rocket Lab Corporation (NASDAQ:RKLB) Purchased by Foundations Investment Advisors LLC

Key Points

• Foundations Investment Advisors LLC acquired 54,437 shares of Rocket Lab Corporation, valued at approximately $973,000, during the 1st quarter.
• Analysts have raised their price targets for Rocket Lab, with Bank of America increasing its target from $30.00 to $50.00, reflecting a consensus rating of "Moderate Buy" with an average target of $35.64.
• Insider transactions included Director Merline Saintil selling 6,353 shares for about $212,063, indicating a 1.49% decrease in their holdings.

Foundations Investment Advisors LLC purchased a new position in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 54,437 shares of the rocket manufacturer's stock, valued at approximately $973,000.

Several other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP bought a new position in shares of Rocket Lab during the 4th quarter valued at $17,261,000. SG Americas Securities LLC lifted its holdings in Rocket Lab by 2,186.7% in the first quarter. SG Americas Securities LLC now owns 353,522 shares of the rocket manufacturer's stock valued at $6,321,000 after acquiring an additional 338,062 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in Rocket Lab by 52.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 58,652 shares of the rocket manufacturer's stock worth $1,049,000 after purchasing an additional 20,076 shares during the last quarter. Smith Anglin Financial LLC increased its position in shares of Rocket Lab by 132.1% during the 1st quarter. Smith Anglin Financial LLC now owns 27,261 shares of the rocket manufacturer's stock valued at $487,000 after purchasing an additional 15,515 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Rocket Lab by 9.6% in the 1st quarter. Rhumbline Advisers now owns 525,018 shares of the rocket manufacturer's stock worth $9,387,000 after purchasing an additional 45,889 shares during the period. 71.78% of the stock is owned by hedge funds and other institutional investors.

Rocket Lab Price Performance

Rocket Lab stock traded down $1.11 during midday trading on Friday, reaching $44.81. 16,521,867 shares of the stock traded hands, compared to its average volume of 21,989,944. The stock has a market cap of $20.68 billion, a P/E ratio of -112.03 and a beta of 2.17. The stock's fifty day moving average is $35.46 and its 200-day moving average is $27.06. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97. 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 analysts' consensus estimates of ($0.10) by ($0.02). Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The firm had revenue of $122.57 million for the quarter, compared to the consensus estimate of $120.74 million. During the same quarter in the prior year, the company posted ($0.09) earnings per share. The firm's revenue was up 32.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Rocket Lab Corporation will post -0.38 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RKLB. Citigroup reissued a "buy" rating and set a $50.00 price objective (up previously from $33.00) on shares of Rocket Lab in a research report on Monday, July 14th. Roth Capital boosted their price objective on Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Bank of America raised their target price on shares of Rocket Lab from $30.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $35.00 price target on shares of Rocket Lab in a research report on Monday, July 14th. Finally, Needham & Company LLC increased their price objective on shares of Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $35.64.

Insider Buying and Selling at Rocket Lab

In other news, Director Matthew Ocko sold 820,000 shares of Rocket Lab stock in a transaction that occurred on 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 transaction, the director owned 1,083,053 shares in the company, valued at approximately $28,170,208.53. The trade was a 43.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Arjun Kampani sold 5,194 shares of the stock in a transaction on Monday, June 9th. The shares were sold at an average price of $30.00, for a total value of $155,820.00. Following the sale, the insider owned 530,230 shares in the company, valued at $15,906,900. The trade was a 0.97% 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 valued at $29,686,039 over the last quarter. 13.70% 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.