Navellier & Associates Inc. Takes $346,000 Position in Rocket Lab Corporation (NASDAQ:RKLB)

Navellier & Associates Inc. acquired a new position in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 19,327 shares of the rocket manufacturer's stock, valued at approximately $346,000.

A number of other institutional investors have also made changes to their positions in the stock. Cetera Investment Advisers lifted its holdings in Rocket Lab by 70.4% during the first quarter. Cetera Investment Advisers now owns 53,021 shares of the rocket manufacturer's stock worth $948,000 after acquiring an additional 21,902 shares in the last quarter. Tempus Wealth Planning LLC increased its position in shares of Rocket Lab by 98.0% in the first quarter. Tempus Wealth Planning LLC now owns 16,657 shares of the rocket manufacturer's stock valued at $298,000 after acquiring an additional 8,244 shares during the last quarter. AE Wealth Management LLC acquired a new position in Rocket Lab during the first quarter worth approximately $183,000. Legato Capital Management LLC acquired a new position in Rocket Lab during the first quarter worth approximately $400,000. Finally, Pier 88 Investment Partners LLC increased its position in Rocket Lab by 8.0% during the first quarter. Pier 88 Investment Partners LLC now owns 69,030 shares of the rocket manufacturer's stock worth $1,234,000 after buying an additional 5,120 shares during the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Rocket Lab

In related news, Director Merline Saintil sold 6,353 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were 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 of the company's stock, valued at approximately $12,526,366.02. This trade represents a 1.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Arjun Kampani sold 28,988 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.66, for a total transaction of $772,820.08. Following the completion of the transaction, the insider directly owned 540,618 shares in the company, valued at approximately $14,412,875.88. The trade was a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,130,995 shares of company stock worth $29,686,039 over the last quarter. Company insiders own 13.70% of the company's stock.

Rocket Lab Stock Performance

Shares of Rocket Lab stock opened at $47.43 on Friday. The company has a current ratio of 2.08, a quick ratio of 1.72 and a debt-to-equity ratio of 0.97. The business has a 50-day moving average price of $33.89 and a two-hundred day moving average price of $26.53. Rocket Lab Corporation has a 1-year low of $4.20 and a 1-year high of $53.44. The company has a market cap of $21.89 billion, a P/E ratio of -118.58 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 for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The business had revenue of $122.57 million for the quarter, compared to analyst estimates of $120.74 million. Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. The business's revenue was up 32.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.09) earnings per share. As a group, analysts anticipate that Rocket Lab Corporation will post -0.38 EPS for the current year.

Analysts Set New Price Targets

RKLB has been the topic of several research reports. Citigroup reaffirmed a "buy" rating and issued a $50.00 target price (up previously from $33.00) on shares of Rocket Lab in a research report on Monday, July 14th. Needham & Company LLC boosted their price target on Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Wells Fargo & Company cut their target price on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Bank of America upped their target price on Rocket Lab from $30.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $35.00 price target on shares of Rocket Lab in a report on Monday, July 14th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Rocket Lab has a consensus rating of "Moderate Buy" and an average price target of $34.10.

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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