Norges Bank Takes Position in Rocket Lab Corporation $RKLB

Key Points

• Norges Bank bought a new position of 4,605,830 Rocket Lab shares in Q2 valued at about $164.8 million, representing roughly 1.00% ownership of the company.
• Rocket Lab has a market cap of about $22.4 billion, reported revenue up 48% year‑over‑year and beat quarterly EPS estimates (‑$0.03 vs. ‑$0.05), but still shows negative margins and a negative PE (~‑110).
• Company insiders sold 5,573,532 shares (~$274.3 million) in the past 90 days while institutional investors own about 71.78% of the stock; analysts’ consensus is a “Moderate Buy” with a target price of $58.17.

Norges Bank bought a new position in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 4,605,830 shares of the rocket manufacturer's stock, valued at approximately $164,751,000. Norges Bank owned about 1.00% of Rocket Lab as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp bought a new position in shares of Rocket Lab in the second quarter valued at approximately $36,000. ORG Partners LLC grew its stake in Rocket Lab by 491.9% in the 2nd quarter. ORG Partners LLC now owns 1,095 shares of the rocket manufacturer's stock valued at $38,000 after buying an additional 910 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in Rocket Lab by 3,250.0% in the 2nd quarter. Golden State Wealth Management LLC now owns 1,340 shares of the rocket manufacturer's stock worth $48,000 after acquiring an additional 1,300 shares during the period. GAMMA Investing LLC lifted its position in Rocket Lab by 36.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,518 shares of the rocket manufacturer's stock worth $54,000 after acquiring an additional 405 shares during the last quarter. Finally, National Bank of Canada FI boosted its holdings in Rocket Lab by 39.8% during the first quarter. National Bank of Canada FI now owns 3,118 shares of the rocket manufacturer's stock valued at $56,000 after acquiring an additional 887 shares during the period. Institutional investors and hedge funds own 71.78% of the company's stock.

Rocket Lab Price Performance

Shares of NASDAQ:RKLB opened at $41.90 on Wednesday. The firm has a market capitalization of $22.38 billion, a PE ratio of -110.26 and a beta of 2.20. The company has a current ratio of 3.18, a quick ratio of 2.83 and a debt-to-equity ratio of 0.32. Rocket Lab Corporation has a 1-year low of $14.71 and a 1-year high of $73.97. The business's 50 day moving average is $54.17 and its 200-day moving average is $44.65.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) EPS for the quarter, beating analysts' consensus estimates of ($0.05) by $0.02. Rocket Lab had a negative return on equity of 27.26% and a negative net margin of 35.64%.The business had revenue of $155.08 million during the quarter, compared to analyst estimates of $152.45 million. During the same period in the prior year, the company posted ($0.10) earnings per share. Rocket Lab's revenue was up 48.0% on a year-over-year basis. Sell-side analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RKLB. KeyCorp lifted their price objective on Rocket Lab from $50.00 to $75.00 and gave the stock an "overweight" rating in a research note on Friday, October 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rocket Lab in a research report on Wednesday, October 8th. Baird R W upgraded Rocket Lab to a "strong-buy" rating in a report on Thursday, October 16th. Citigroup restated a "market perform" rating on shares of Rocket Lab in a research note on Wednesday, November 12th. Finally, Wall Street Zen raised shares of Rocket Lab from a "strong sell" rating to a "hold" rating in a research report on Saturday, November 15th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $58.17.

Insider Activity at Rocket Lab

In other news, CFO Adam C. Spice sold 874,588 shares of Rocket Lab stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $48.01, for a total transaction of $41,988,969.88. Following the sale, the chief financial officer directly owned 2,057,889 shares in the company, valued at approximately $98,799,250.89. The trade was a 29.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Ocko sold 1,873,097 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $48.20, for a total transaction of $90,283,275.40. Following the completion of the transaction, the director directly owned 541,526 shares of the company's stock, valued at $26,101,553.20. This trade represents a 77.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 5,573,532 shares of company stock worth $274,301,358 in the last ninety days. Company insiders own 11.90% of the company's stock.

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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