Rocket Lab Corporation (NASDAQ:RKLB) Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. decreased its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 79.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,490 shares of the rocket manufacturer's stock after selling 104,072 shares during the period. QRG Capital Management Inc.'s holdings in Rocket Lab were worth $492,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. FMR LLC boosted 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 last quarter. Two Sigma Advisers LP purchased a new position in shares of Rocket Lab in the 4th quarter worth about $72,623,000. BNP Paribas Financial Markets bought a new position in Rocket Lab during the fourth quarter valued at $56,977,000. Two Sigma Investments LP bought a new position in shares of Rocket Lab during the 4th quarter worth $47,074,000. Finally, Renaissance Technologies LLC increased its stake in shares of Rocket Lab by 1,765.4% in the fourth quarter. Renaissance Technologies LLC now owns 1,818,800 shares of the rocket manufacturer's stock worth $46,325,000 after purchasing an additional 1,721,300 shares in the last quarter. Institutional investors own 71.78% of the company's stock.

Rocket Lab Stock Performance

NASDAQ:RKLB traded up $3.79 during trading hours on Thursday, hitting $36.14. 41,451,021 shares of the company were exchanged, compared to its average volume of 17,605,470. Rocket Lab Corporation has a 52-week low of $4.20 and a 52-week high of $37.19. The company's 50 day moving average price is $25.13 and its 200-day moving average price is $24.07. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72. The stock has a market capitalization of $16.39 billion, a price-to-earnings ratio of -90.35 and a beta of 2.08.

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 the consensus estimate of ($0.10) by ($0.02). The business 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 business's revenue was up 32.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. As a group, research analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RKLB shares. The Goldman Sachs Group raised their price target on shares of Rocket Lab from $14.35 to $16.00 and gave the company a "neutral" rating in a report on Monday, May 12th. Roth Capital raised their price objective on Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Needham & Company LLC raised their target price on shares of Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Morgan Stanley upped their price target on Rocket Lab from $18.00 to $20.00 and gave the company an "equal weight" rating in a research report on Monday, March 10th. Finally, Stifel Nicolaus lifted their target price on shares of Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $28.10.

Insider Buying and Selling at Rocket Lab

In related news, insider Frank Klein sold 2,569 shares of the stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $29.97, for a total transaction of $76,992.93. Following the sale, the insider now directly owns 1,415,075 shares of the company's stock, valued at approximately $42,409,797.75. This represents a 0.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Merline Saintil sold 6,353 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total value of $212,063.14. Following the sale, the director now owns 419,569 shares in the company, valued at $14,005,213.22. This trade represents a 1.49% 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. 13.70% of the stock is owned by company insiders.

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.