International Assets Investment Management LLC Trims Stock Position in Rocket Lab Corporation $RKLB

Key Points

• International Assets Investment Management cut its Rocket Lab stake by 73.2% in the fourth quarter, selling 9,027 shares and ending with 3,313 shares valued at about $231,000.
• Despite that sale, institutional ownership remains high, with hedge funds and other institutions holding about 71.78% of Rocket Lab’s shares, and several other firms added or increased positions during the quarter.
• Rocket Lab posted a strong quarter, reporting $200.35 million in revenue and EPS of -$0.07 in line with estimates; revenue rose 63.4% year over year and beat analyst forecasts.

International Assets Investment Management LLC lessened its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 73.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,313 shares of the rocket manufacturer's stock after selling 9,027 shares during the quarter. International Assets Investment Management LLC's holdings in Rocket Lab were worth $231,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Diversify Wealth Management LLC purchased a new stake in Rocket Lab in the 4th quarter valued at $229,000. ASR Vermogensbeheer N.V. purchased a new position in Rocket Lab during the 4th quarter worth $2,326,000. Cassaday & Co Wealth Management LLC purchased a new position in Rocket Lab during the 4th quarter worth $273,000. Sequoia Financial Advisors LLC raised its position in Rocket Lab by 49.5% during the 4th quarter. Sequoia Financial Advisors LLC now owns 8,576 shares of the rocket manufacturer's stock worth $598,000 after buying an additional 2,838 shares during the last quarter. Finally, Praxis Investment Management Inc. raised its position in Rocket Lab by 21.2% during the 4th quarter. Praxis Investment Management Inc. now owns 13,608 shares of the rocket manufacturer's stock worth $949,000 after buying an additional 2,378 shares during the last quarter. Hedge funds and other institutional investors own 71.78% of the company's stock.

Rocket Lab Price Performance

Rocket Lab stock opened at $124.15 on Thursday. Rocket Lab Corporation has a 52 week low of $21.86 and a 52 week high of $127.24. The company has a quick ratio of 4.02, a current ratio of 4.47 and a debt-to-equity ratio of 0.02. The firm's 50-day simple moving average is $76.51 and its 200 day simple moving average is $69.96. The firm has a market capitalization of $70.69 billion, a PE ratio of -387.97 and a beta of 2.30.

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, hitting the consensus estimate of ($0.07). Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The business had revenue of $200.35 million for the quarter, compared to analyst estimates of $189.65 million. During the same period in the previous year, the firm earned ($0.12) EPS. The business's revenue for the quarter was up 63.4% compared to the same quarter last year. On average, equities research analysts predict that Rocket Lab Corporation will post -0.22 EPS for the current fiscal year.

More Rocket Lab News

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

• Positive Sentiment: Rocket Lab’s strong Q1 results and raised outlook are still driving buying interest, as the company beat revenue expectations and issued guidance that came in well above forecasts. Rocket Lab (RKLB) Stock Trades Up, Here Is Why
• Positive Sentiment: Needham’s higher price target and upbeat analyst commentary added to the momentum, signaling Wall Street sees more upside after the earnings beat. Why Is Rocket Lab Stock Surging On Wednesday?
• Positive Sentiment: Investors are also betting on Rocket Lab’s Neutron launch later this year, which could expand the company’s role in the medium-lift rocket market and broaden its revenue opportunity. Rocket Lab Stock Is Getting a Major Lift. Investors Are Betting on Its Neutron Launch Later This Year.
• Positive Sentiment: New business wins and strategic work with defense partner Anduril on hypersonics support the view that Rocket Lab’s technology is gaining broader commercial and defense traction. Anduril Hires Rocket Lab to Help It With Hypersonics
• Neutral Sentiment: Broader space-sector enthusiasm, including chatter around a potential SpaceX IPO and orbital data-center projects, has lifted the group and helped keep RKLB in focus. Space Stocks Jump As SpaceX, Google Explore Orbital Data Center Deal
• Negative Sentiment: After the sharp run-up, some articles are questioning valuation and whether investors should take profits, while noting execution risks around Neutron development and supply-chain constraints. Rocket Lab Stock Advances 74% in 3 Months: Time to Take Profits?

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RKLB shares. Bank of America upped their price objective on shares of Rocket Lab from $60.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, January 20th. Needham & Company LLC upped their price target on shares of Rocket Lab from $95.00 to $120.00 and gave the stock a "buy" rating in a research note on Monday. Craig Hallum raised shares of Rocket Lab from a "hold" rating to a "buy" rating and set a $98.00 price target on the stock in a research note on Friday, May 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rocket Lab in a research note on Tuesday, April 21st. Finally, New Street Research assumed coverage on shares of Rocket Lab in a research note on Wednesday. They set a "buy" rating on the stock. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Rocket Lab currently has a consensus rating of "Moderate Buy" and an average price target of $93.67.

Insider Transactions at Rocket Lab

In related news, CFO Adam C. Spice sold 62,744 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total value of $4,366,354.96. Following the transaction, the chief financial officer owned 1,296,824 shares in the company, valued at approximately $90,245,982.16. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Arjun Kampani sold 28,761 shares of Rocket Lab stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total transaction of $2,001,477.99. Following the sale, the senior vice president owned 421,699 shares in the company, valued at $29,346,033.41. This represents a 6.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 233,449 shares of company stock valued at $16,487,233 in the last three months. 8.40% of the stock is owned by company insiders.

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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