Principal Financial Group Inc. Has $3.06 Million Position in Rocket Lab Corporation (NASDAQ:RKLB)

Principal Financial Group Inc. lifted its stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 475.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 171,337 shares of the rocket manufacturer's stock after purchasing an additional 141,577 shares during the quarter. Principal Financial Group Inc.'s holdings in Rocket Lab were worth $3,064,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of RKLB. Sandy Spring Bank acquired a new stake in shares of Rocket Lab during the 4th quarter worth approximately $26,000. Versant Capital Management Inc grew its stake in Rocket Lab by 118.1% in the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock valued at $28,000 after acquiring an additional 860 shares during the period. MassMutual Private Wealth & Trust FSB acquired a new stake in Rocket Lab in the 1st quarter valued at $29,000. Farther Finance Advisors LLC grew its stake in Rocket Lab by 181.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock valued at $35,000 after acquiring an additional 1,226 shares during the period. Finally, Quarry LP acquired a new stake in Rocket Lab in the 4th quarter valued at $48,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Rocket Lab

In other Rocket Lab news, insider Arjun Kampani sold 5,194 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $30.00, for a total value of $155,820.00. Following the transaction, the insider directly owned 530,230 shares of the company's stock, valued at $15,906,900. This represents a 0.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Ocko sold 820,000 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $26.01, for a total value of $21,328,200.00. Following the transaction, the director directly owned 1,083,053 shares in the company, valued at approximately $28,170,208.53. This represents a 43.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,130,995 shares of company stock worth $29,686,039. Corporate insiders own 13.70% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Stifel Nicolaus boosted their price objective 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. Needham & Company LLC boosted their price objective 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. Cantor Fitzgerald restated an "overweight" rating and issued a $35.00 price objective on shares of Rocket Lab in a report on Monday, July 14th. Roth Capital boosted their price target on shares of Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Finally, Wells Fargo & Company cut their price target 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. Four equities 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $34.10.

Rocket Lab Price Performance

Shares of RKLB stock traded up $0.06 during mid-day trading on Friday, reaching $51.39. The stock had a trading volume of 32,847,329 shares, compared to its average volume of 18,910,872. Rocket Lab Corporation has a 12-month low of $4.20 and a 12-month high of $53.44. The company has a market cap of $23.31 billion, a P/E ratio of -128.48 and a beta of 2.15. The business has a 50-day simple moving average of $31.48 and a 200 day simple moving average of $25.83. The company has a current ratio of 2.08, a quick ratio of 1.72 and a debt-to-equity ratio of 0.97.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted 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). Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. The company had revenue of $122.57 million for the quarter, compared to analysts' expectations of $120.74 million. During the same quarter in the prior year, the business posted ($0.09) EPS. The company's revenue for the quarter was up 32.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

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.