Orion Porfolio Solutions LLC Boosts Stake in Rocket Lab Corporation $RKLB

Key Points

• Orion Porfolio Solutions LLC increased its stake in Rocket Lab by 66.9% to 47,048 shares (about $2.25M), and institutions now own 71.78% of the stock with ARK Investment Management holding roughly 2.49M shares (~$119.1M).
• Insiders have been net sellers recently — Director Merline Saintil sold 18,126 shares at $75.04 and CFO Adam C. Spice sold 62,744 shares at $69.59, with insiders selling 4,362,428 shares (~$281M) over the past 90 days and now owning 11.90%.
• Quick market snapshot: Rocket Lab has a market cap of $36.82B, opened at $68.93 (52-week range $14.71–$99.58), and carries a consensus analyst rating of "Moderate Buy" with an average price target of $75.92.

Orion Porfolio Solutions LLC raised its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 66.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,048 shares of the rocket manufacturer's stock after acquiring an additional 18,853 shares during the quarter. Orion Porfolio Solutions LLC's holdings in Rocket Lab were worth $2,254,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. ARK Investment Management LLC raised its position in shares of Rocket Lab by 0.7% in the 3rd quarter. ARK Investment Management LLC now owns 2,486,795 shares of the rocket manufacturer's stock worth $119,142,000 after acquiring an additional 16,329 shares in the last quarter. Cresset Asset Management LLC boosted its position in Rocket Lab by 29.6% during the third quarter. Cresset Asset Management LLC now owns 33,880 shares of the rocket manufacturer's stock valued at $1,623,000 after purchasing an additional 7,738 shares in the last quarter. Rafferty Asset Management LLC grew its stake in Rocket Lab by 9.0% in the third quarter. Rafferty Asset Management LLC now owns 102,975 shares of the rocket manufacturer's stock valued at $4,934,000 after purchasing an additional 8,504 shares during the last quarter. Caitlin John LLC bought a new position in Rocket Lab in the third quarter worth about $144,000. Finally, Clare Market Investments LLC bought a new position in Rocket Lab in the third quarter worth about $255,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Rocket Lab

In other news, Director Merline Saintil sold 18,126 shares of Rocket Lab stock in a transaction on Friday, March 6th. The shares were sold at an average price of $75.04, for a total transaction of $1,360,175.04. Following the completion of the sale, the director directly owned 261,903 shares in the company, valued at approximately $19,653,201.12. The trade was a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Adam C. Spice sold 62,744 shares of the business's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total transaction of $4,366,354.96. Following the sale, the chief financial officer directly owned 1,296,824 shares in the company, valued at $90,245,982.16. This trade represents a 4.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 4,362,428 shares of company stock worth $281,055,579 in the last 90 days. 11.90% of the stock is owned by insiders.

Rocket Lab Stock Performance

RKLB opened at $68.93 on Wednesday. The company has a market cap of $36.82 billion, a P/E ratio of -186.29 and a beta of 2.20. The company has a quick ratio of 3.61, a current ratio of 4.08 and a debt-to-equity ratio of 0.10. The firm's 50-day moving average price is $77.60 and its 200-day moving average price is $62.62. Rocket Lab Corporation has a 52-week low of $14.71 and a 52-week high of $99.58.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on RKLB shares. KeyCorp downgraded shares of Rocket Lab from an "overweight" rating to a "sector weight" rating in a research report on Thursday, January 15th. Citigroup reissued a "market perform" rating on shares of Rocket Lab in a research report on Wednesday, November 12th. Cantor Fitzgerald raised their target price on shares of Rocket Lab from $72.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, February 27th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rocket Lab in a report on Thursday, January 22nd. Finally, Wall Street Zen raised Rocket Lab from a "sell" rating to a "hold" rating in a research report on Sunday, February 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Rocket Lab has a consensus rating of "Moderate Buy" and an average price target of $75.92.

Rocket Lab Company Profile

Rocket Lab is an aerospace company that provides launch services, spacecraft, and space systems for commercial and government customers. The company's primary launch vehicle is Electron, a small-lift orbital rocket designed to deploy small satellites and rideshare payloads to low Earth orbit. Rocket Lab also develops and manufactures the Rutherford engine, noted for its electric-pump-fed design and additive-manufactured components, which powers Electron and supports the company's propulsion capabilities.

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