K.J. Harrison & Partners Inc Has $894,000 Stake in Rocket Lab Corporation (NASDAQ:RKLB)

K.J. Harrison & Partners Inc lowered its position in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 37.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,000 shares of the rocket manufacturer's stock after selling 30,000 shares during the quarter. K.J. Harrison & Partners Inc's holdings in Rocket Lab were worth $894,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RKLB. Truist Financial Corp acquired a new stake in shares of Rocket Lab during the 4th quarter worth $352,000. New York State Common Retirement Fund raised its position in Rocket Lab by 7.7% in the fourth quarter. New York State Common Retirement Fund now owns 107,888 shares of the rocket manufacturer's stock valued at $2,748,000 after purchasing an additional 7,700 shares during the period. Global Retirement Partners LLC purchased a new stake in shares of Rocket Lab in the fourth quarter worth about $58,000. IFP Advisors Inc grew its stake in shares of Rocket Lab by 12.3% in the fourth quarter. IFP Advisors Inc now owns 6,885 shares of the rocket manufacturer's stock valued at $175,000 after buying an additional 753 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Rocket Lab by 2.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,121,024 shares of the rocket manufacturer's stock worth $28,552,000 after acquiring an additional 28,618 shares in the last quarter. Institutional investors and hedge funds own 71.78% of the company's stock.

Insider Transactions at Rocket Lab

In other news, insider Arjun Kampani sold 28,988 shares of Rocket Lab stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $26.66, for a total value of $772,820.08. Following the transaction, the insider owned 540,618 shares of the company's stock, valued at $14,412,875.88. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Ocko sold 820,000 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $26.01, for a total transaction of $21,328,200.00. Following the completion of the transaction, the director directly owned 1,083,053 shares of the company's stock, valued at $28,170,208.53. This trade represents a 43.09% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,130,995 shares of company stock worth $29,686,039. Corporate insiders own 13.70% of the company's stock.

Wall Street Analyst Weigh In

RKLB has been the topic of a number of analyst reports. Wells Fargo & Company dropped their price objective on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Stifel Nicolaus boosted their price target on Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Cantor Fitzgerald lifted their price objective on Rocket Lab from $29.00 to $35.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Roth Capital increased their target price on Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Finally, Morgan Stanley raised their price target on shares of Rocket Lab from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Monday, March 10th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Rocket Lab presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.40.

Rocket Lab Stock Performance

NASDAQ RKLB traded up $1.35 during trading hours on Wednesday, hitting $35.68. The company had a trading volume of 14,466,307 shares, compared to its average volume of 17,971,646. 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 fifty-two week low of $4.20 and a fifty-two week high of $38.26. The business has a fifty day simple moving average of $26.42 and a 200-day simple moving average of $24.41. The firm has a market cap of $16.18 billion, a P/E ratio of -89.20 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The firm had revenue of $122.57 million for the quarter, compared to the consensus estimate of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The business's revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.09) earnings per share. Equities analysts predict that Rocket Lab Corporation will post -0.38 EPS for the current year.

Rocket Lab Company Profile

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.