Overbrook Management Corp Invests $4.13 Million in Rocket Lab Corporation $RKLB

Key Points

• Overbrook Management acquired 59,207 shares of Rocket Lab (NASDAQ:RKLB) in Q4 — about $4.13 million — making it the firm's 28th-largest holding and roughly 0.7% of its portfolio, while institutional investors own about 71.78% of the stock.
• Insider selling accelerated in early March with CEO Peter Beck selling 18,857 shares and Frank Klein selling 36,768 shares; insiders sold 1,807,614 shares worth $136.3 million over the last quarter and now hold 11.90% of the company.
• Analyst and market snapshot: RKLB has a consensus "Moderate Buy" rating with a $75.92 target (Bank of America lifted its target to $120), a $38.6 billion market cap and a negative trailing P/E of -183.8.

Overbrook Management Corp acquired a new stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 59,207 shares of the rocket manufacturer's stock, valued at approximately $4,130,000. Rocket Lab comprises about 0.7% of Overbrook Management Corp's holdings, making the stock its 28th largest position.

Several other institutional investors also recently bought and sold shares of RKLB. AQR Capital Management LLC raised its position in Rocket Lab by 114.0% during the 1st quarter. AQR Capital Management LLC now owns 174,308 shares of the rocket manufacturer's stock worth $3,117,000 after buying an additional 92,849 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Rocket Lab by 1,812.1% in the first quarter. NewEdge Advisors LLC now owns 36,807 shares of the rocket manufacturer's stock valued at $658,000 after acquiring an additional 34,882 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of Rocket Lab by 53.8% during the first quarter. Jones Financial Companies Lllp now owns 15,745 shares of the rocket manufacturer's stock worth $282,000 after acquiring an additional 5,507 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Rocket Lab by 13.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 773,548 shares of the rocket manufacturer's stock worth $13,831,000 after acquiring an additional 90,758 shares during the period. Finally, Focus Partners Wealth raised its holdings in Rocket Lab by 1.0% during the first quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer's stock worth $1,206,000 after purchasing an additional 681 shares in the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Peter Beck sold 18,857 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total value of $1,312,258.63. Following the sale, the chief executive officer owned 884,085 shares in the company, valued at $61,523,475.15. This represents a 2.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Frank Klein sold 36,768 shares of Rocket Lab stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $71.95, for a total value of $2,645,457.60. Following the transaction, the insider directly owned 1,088,237 shares of the company's stock, valued at approximately $78,298,652.15. This represents a 3.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,807,614 shares of company stock worth $136,326,621. 11.90% of the stock is owned by insiders.

Rocket Lab Trading Up 1.2%

Shares of Rocket Lab stock opened at $68.01 on Tuesday. The company has a 50-day moving average of $75.91 and a two-hundred day moving average of $64.11. Rocket Lab Corporation has a 12-month low of $14.71 and a 12-month high of $99.58. The company has a current ratio of 4.08, a quick ratio of 3.61 and a debt-to-equity ratio of 0.10. The stock has a market cap of $38.59 billion, a PE ratio of -183.80 and a beta of 2.20.

Analyst Ratings Changes

A number of brokerages recently commented on RKLB. KeyCorp downgraded shares of Rocket Lab from an "overweight" rating to a "sector weight" rating in a research report on Thursday, January 15th. Zacks Research downgraded Rocket Lab from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 10th. Wall Street Zen raised Rocket Lab from a "sell" rating to a "hold" rating in a report on Sunday, February 8th. Bank of America lifted their price target on Rocket Lab from $60.00 to $120.00 and gave the company a "buy" rating in a research note on Tuesday, January 20th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rocket Lab in a report on Thursday, January 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price 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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