Intech Investment Management LLC Has $4.25 Million Stock Holdings in Rocket Lab Corporation $RKLB

Key Points

• Intech Investment Management increased its Rocket Lab stake by 691% in Q4, ending with 60,987 shares valued at about $4.25 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 71.78% of Rocket Lab shares; several major firms, including Vanguard and Baillie Gifford, also added to positions.
• Insiders have been selling shares recently, including director Alexander R. Slusky and insider Frank Klein, and the stock was noted as down 14.7% amid broader weakness in the space sector.

Intech Investment Management LLC boosted its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 691.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,987 shares of the rocket manufacturer's stock after buying an additional 53,277 shares during the period. Intech Investment Management LLC's holdings in Rocket Lab were worth $4,254,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Baillie Gifford & Co. raised its holdings in shares of Rocket Lab by 47.2% in the fourth quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer's stock valued at $1,245,317,000 after purchasing an additional 5,725,536 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Rocket Lab by 13.4% in 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. Alliancebernstein L.P. raised its holdings in shares of Rocket Lab by 818.8% in the third quarter. Alliancebernstein L.P. now owns 2,190,132 shares of the rocket manufacturer's stock valued at $104,929,000 after purchasing an additional 1,951,755 shares during the last quarter. Amundi raised its holdings in shares of Rocket Lab by 308.4% in the third quarter. Amundi now owns 2,301,568 shares of the rocket manufacturer's stock valued at $110,268,000 after purchasing an additional 1,738,038 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of Rocket Lab by 13.6% in the third quarter. State Street Corp now owns 12,399,571 shares of the rocket manufacturer's stock valued at $594,063,000 after purchasing an additional 1,487,237 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company's stock.

Insiders Place Their Bets

In other Rocket Lab news, insider Frank Klein sold 44,390 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $142.57, for a total value of $6,328,682.30. Following the completion of the transaction, the insider owned 1,043,847 shares of the company's stock, valued at approximately $148,821,266.79. The trade was a 4.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 dated Tuesday, May 12th. The shares were sold at an average price of $118.08, for a total transaction of $11,808,000.00. Following the sale, the director directly owned 434,675 shares of the company's stock, valued at $51,326,424. The trade was a 18.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 524,120 shares of company stock worth $67,677,521 in the last 90 days. Corporate insiders own 8.40% of the company's stock.

Rocket Lab Trading Down 14.7%

Shares of RKLB opened at $122.39 on Tuesday. The firm's 50 day simple moving average is $93.14 and its 200 day simple moving average is $76.94. The company has a market capitalization of $70.83 billion, a P/E ratio of -382.47 and a beta of 2.48. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.47 and a quick ratio of 4.02. Rocket Lab Corporation has a 1-year low of $25.24 and a 1-year high of $151.00.

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

Analyst Ratings Changes

RKLB has been the subject of a number of research analyst reports. Craig Hallum upgraded shares of Rocket Lab from a "hold" rating to a "buy" rating and set a $98.00 price objective for the company in a report on Friday, May 8th. Stifel Nicolaus restated a "buy" rating and set a $105.00 price objective (up from $90.00) on shares of Rocket Lab in a report on Monday, April 20th. Wall Street Zen upgraded shares of Rocket Lab from a "sell" rating to a "hold" rating in a report on Sunday, February 8th. Clear Str upgraded shares of Rocket Lab to a "strong-buy" rating in a report on Wednesday, March 18th. Finally, Wells Fargo & Company initiated coverage on shares of Rocket Lab in a report on Wednesday, April 1st. They set an "equal weight" rating and a $60.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $97.19.

More Rocket Lab News

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 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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