Mitsubishi UFJ Asset Management Co. Ltd. Purchases 73,698 Shares of Rocket Lab Corporation (NASDAQ:RKLB)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 41.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 251,377 shares of the rocket manufacturer's stock after buying an additional 73,698 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.06% of Rocket Lab worth $4,495,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new stake in 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% during the 1st quarter. SG Americas Securities LLC now owns 353,522 shares of the rocket manufacturer's stock valued at $6,321,000 after purchasing an additional 338,062 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Rocket Lab by 52.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 58,652 shares of the rocket manufacturer's stock valued at $1,049,000 after purchasing an additional 20,076 shares during the last quarter. Smith Anglin Financial LLC lifted its holdings in 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 holdings in Rocket Lab by 9.6% during the 1st quarter. Rhumbline Advisers now owns 525,018 shares of the rocket manufacturer's stock valued at $9,387,000 after purchasing an additional 45,889 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company's stock.

Insider Buying and Selling

In related news, Director Merline Saintil sold 6,353 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $29.41, for a total value of $186,841.73. Following the transaction, the director owned 425,922 shares in the company, valued at approximately $12,526,366.02. This trade represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Frank Klein sold 44,885 shares of Rocket Lab stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.66, for a total value of $1,196,634.10. Following the completion of the transaction, the insider owned 1,370,190 shares in the company, valued at approximately $36,529,265.40. This represents a 3.17% 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 worth $29,686,039 over the last three months. Company insiders own 11.90% of the company's stock.

Rocket Lab Stock Down 3.5%

Shares of NASDAQ RKLB opened at $43.43 on Wednesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.72 and a current ratio of 2.67. Rocket Lab Corporation has a 52 week low of $5.03 and a 52 week high of $53.44. The stock has a market capitalization of $20.04 billion, a P/E ratio of -96.51 and a beta of 2.17. The stock's fifty day moving average is $38.26 and its 200 day moving average is $28.02.

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Citigroup reaffirmed a "buy" rating and set a $50.00 price target (up previously from $33.00) on shares of Rocket Lab in a report on Monday, July 14th. Stifel Nicolaus raised their price target on Rocket Lab from $34.00 to $55.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Craig Hallum initiated coverage on Rocket Lab in a report on Monday, July 28th. They set a "hold" rating and a $51.00 target price for the company. Roth Capital lifted their target price on Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Finally, The Goldman Sachs Group initiated coverage on Rocket Lab in a report on Monday, June 30th. They set a "neutral" rating and a $27.00 target price for the company. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Rocket Lab currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.27.

Rocket Lab 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.

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