Penserra Capital Management LLC Sells 61,490 Shares of Rocket Lab Corporation (NASDAQ:RKLB)

Penserra Capital Management LLC lowered its stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 30.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 SEC.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Rocket Lab by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 36,195,577 shares of the rocket manufacturer's stock valued at $921,901,000 after buying an additional 668,093 shares in the last quarter. Geode Capital Management LLC raised its stake in Rocket Lab by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 8,285,693 shares of the rocket manufacturer's stock valued at $211,084,000 after purchasing an additional 32,658 shares during the period. FMR LLC raised its stake in Rocket Lab by 30,853.3% during the 4th quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock valued at $94,141,000 after purchasing an additional 3,684,195 shares during the period. Northern Trust Corp raised its stake in Rocket Lab by 9.5% during the 4th quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer's stock valued at $82,207,000 after purchasing an additional 281,339 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in 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.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RKLB. Wells Fargo & Company cut their target price on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Roth Capital boosted their price target on shares of Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Morgan Stanley boosted their price target on shares of Rocket Lab from $18.00 to $20.00 and gave the company an "equal weight" rating in a report on Monday, March 10th. Needham & Company LLC boosted their price target on shares of Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Finally, Stifel Nicolaus boosted their price target on shares of Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $30.40.

Rocket Lab Stock Performance

RKLB stock traded down $0.14 during mid-day trading on Tuesday, reaching $38.74. 27,719,842 shares of the stock traded hands, compared to its average volume of 18,205,095. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97. Rocket Lab Corporation has a 52 week low of $4.20 and a 52 week high of $39.92. The business has a 50-day moving average of $27.59 and a two-hundred day moving average of $24.73. The firm has a market capitalization of $17.57 billion, a PE ratio of -96.85 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The company had revenue of $122.57 million for the quarter, compared to analyst estimates of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The firm's quarterly revenue was up 32.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.09) EPS. As a group, equities analysts predict that Rocket Lab Corporation will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at Rocket Lab

In other news, insider Frank Klein sold 44,885 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $26.66, for a total transaction of $1,196,634.10. Following the completion of the sale, the insider owned 1,370,190 shares of the company's stock, valued at approximately $36,529,265.40. This trade represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Matthew Ocko sold 820,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $26.01, for a total transaction of $21,328,200.00. Following the sale, the director directly owned 1,083,053 shares of the company's stock, valued at approximately $28,170,208.53. The trade was a 43.09% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,130,995 shares of company stock worth $29,686,039. 13.70% of the stock is currently owned by company insiders.

About Rocket Lab

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.