Penserra Capital Management LLC Decreases Holdings in Rocket Lab Corporation (NASDAQ:RKLB)

Penserra Capital Management LLC trimmed its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 30.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 140,906 shares of the rocket manufacturer's stock after selling 61,490 shares during the period. Penserra Capital Management LLC's holdings in Rocket Lab were worth $2,519,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Wellington Management Group LLP bought a new position in shares of 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% in the first quarter. SG Americas Securities LLC now owns 353,522 shares of the rocket manufacturer's stock valued at $6,321,000 after acquiring an additional 338,062 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in Rocket Lab by 52.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 58,652 shares of the rocket manufacturer's stock worth $1,049,000 after purchasing an additional 20,076 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Rocket Lab in the fourth quarter worth about $5,748,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Rocket Lab by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,902,212 shares of the rocket manufacturer's stock valued at $73,919,000 after purchasing an additional 23,855 shares during the period. Institutional investors own 71.78% of the company's stock.

Rocket Lab Stock Performance

NASDAQ:RKLB traded up $0.40 on Wednesday, reaching $39.14. 16,237,094 shares of the company's stock traded hands, compared to its average volume of 18,303,594. The stock has a 50-day simple moving average of $27.92 and a 200-day simple moving average of $24.83. Rocket Lab Corporation has a 12 month low of $4.20 and a 12 month high of $39.94. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The business had revenue of $122.57 million for the quarter, compared to the consensus estimate of $120.74 million. During the same period last year, the business posted ($0.09) EPS. The firm's revenue for the quarter was up 32.1% compared to the same quarter last year. On average, research analysts predict that Rocket Lab Corporation will post -0.38 EPS for the current year.

Insider Activity at Rocket Lab

In other Rocket Lab news, insider Arjun Kampani sold 28,988 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.66, for a total value of $772,820.08. Following the sale, the insider owned 540,618 shares in the company, valued at $14,412,875.88. The trade was a 5.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Ocko sold 820,000 shares of Rocket Lab stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $26.01, for a total value of $21,328,200.00. Following the completion of the sale, the director directly owned 1,083,053 shares in the company, valued at $28,170,208.53. This trade represents a 43.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,130,995 shares of company stock valued at $29,686,039. Insiders own 13.70% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus increased their price objective on shares of Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. KeyCorp lifted their price target on shares of Rocket Lab from $29.00 to $40.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Cantor Fitzgerald boosted their price objective on shares of Rocket Lab from $29.00 to $35.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. The Goldman Sachs Group began coverage on Rocket Lab in a research note on Monday, June 30th. They issued a "neutral" rating and a $27.00 price objective for the company. Finally, Roth Capital lifted their target price on Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $30.40.

Rocket Lab Company 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.