Rocket Lab Corporation (NASDAQ:RKLB) Shares Purchased by Meridian Wealth Management LLC

Key Points

• Meridian Wealth Management LLC increased its stake in Rocket Lab Corporation by 117.9%, now owning 46,120 shares valued at approximately $825,000, according to its recent SEC filing.
• Rocket Lab's stock has been rated as a "Moderate Buy" by analysts, with target prices ranging from $35.00 to $55.00 after recent upgrades from multiple firms.
• Despite a revenue increase of 35.9% year-over-year, Rocket Lab reported a net loss, with earnings per share of ($0.13), missing the analysts' consensus estimate.

Meridian Wealth Management LLC increased its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 117.9% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 46,120 shares of the rocket manufacturer's stock after purchasing an additional 24,959 shares during the period. Meridian Wealth Management LLC's holdings in Rocket Lab were worth $825,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in RKLB. Envestnet Asset Management Inc. boosted its position in shares of Rocket Lab by 3.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 21,747 shares of the rocket manufacturer's stock worth $554,000 after purchasing an additional 696 shares during the period. FMR LLC boosted its position in shares of Rocket Lab by 30,853.3% during the 4th quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock worth $94,141,000 after purchasing an additional 3,684,195 shares during the period. Cerity Partners LLC boosted its position in shares of Rocket Lab by 8.3% during the 4th quarter. Cerity Partners LLC now owns 22,696 shares of the rocket manufacturer's stock worth $532,000 after purchasing an additional 1,742 shares during the period. Invesco Ltd. boosted its position in shares of Rocket Lab by 41.1% during the 4th quarter. Invesco Ltd. now owns 2,394,732 shares of the rocket manufacturer's stock worth $60,994,000 after purchasing an additional 697,574 shares during the period. Finally, Advisory Services Network LLC boosted its position in shares of Rocket Lab by 46.2% during the 4th quarter. Advisory Services Network LLC now owns 18,969 shares of the rocket manufacturer's stock worth $483,000 after purchasing an additional 5,991 shares during the period. Hedge funds and other institutional investors own 71.78% of the company's stock.

Insider Activity

In other news, insider Arjun Kampani sold 5,194 shares of Rocket Lab stock in a transaction on Monday, June 9th. The shares were sold at an average price of $30.00, for a total transaction of $155,820.00. Following the completion of the sale, the insider directly owned 530,230 shares of the company's stock, valued at approximately $15,906,900. The trade was a 0.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Merline Saintil sold 6,353 shares of Rocket Lab stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $33.38, for a total transaction of $212,063.14. Following the sale, the director directly owned 419,569 shares of the company's stock, valued at approximately $14,005,213.22. This trade represents a 1.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,130,995 shares of company stock valued at $29,686,039 in the last 90 days. Company insiders own 11.90% of the company's stock.

Rocket Lab Stock Down 1.0%

Shares of Rocket Lab stock traded down $0.43 during trading on Wednesday, hitting $43.00. 14,402,769 shares of the stock were exchanged, compared to its average volume of 21,231,916. The stock has a market cap of $19.84 billion, a price-to-earnings ratio of -95.56 and a beta of 2.17. The firm's 50-day moving average price is $38.58 and its 200 day moving average price is $28.12. Rocket Lab Corporation has a 12-month low of $5.16 and a 12-month high of $53.44. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.67 and a quick ratio of 1.72.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The rocket manufacturer reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.06). The firm had revenue of $144.50 million for the quarter, compared to analysts' expectations of $135.42 million. Rocket Lab had a negative return on equity of 48.14% and a negative net margin of 45.87%. Rocket Lab's revenue for the quarter was up 35.9% on a year-over-year basis. During the same period last year, the firm posted ($0.08) earnings per share. As a group, analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RKLB shares. Bank of America increased their price objective on shares of Rocket Lab from $30.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. KeyCorp increased their price objective on shares of Rocket Lab from $40.00 to $50.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Cantor Fitzgerald raised their price target on shares of Rocket Lab from $35.00 to $54.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Citigroup reissued a "buy" rating and issued a $50.00 price target (up previously from $33.00) on shares of Rocket Lab in a research report on Monday, July 14th. Finally, Roth Capital raised their price target on shares of Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.27.

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.