Rhumbline Advisers Has $24.91 Million Stock Holdings in Rocket Lab Corporation $RKLB

Key Points

• Rhumbline Advisers increased its stake in Rocket Lab by 18.7% during Q3, now owning 519,934 shares worth about $24.91 million (roughly 0.11% of the company).
• Insiders sold heavily over the last quarter — a total of 4,306,150 shares worth $271.87 million, including Frank Klein's sale of 100,000 shares at $72.95 — leaving insiders with 11.90% ownership.
• Morgan Stanley upgraded Rocket Lab to "overweight" and raised its target to $105, while the consensus rating is a "Moderate Buy" with an average price target of $72.92.

Rhumbline Advisers grew its stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 18.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 519,934 shares of the rocket manufacturer's stock after purchasing an additional 81,906 shares during the quarter. Rhumbline Advisers owned about 0.11% of Rocket Lab worth $24,910,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in RKLB. Wilmington Savings Fund Society FSB acquired a new position in Rocket Lab in the third quarter valued at about $25,000. Hara Capital LLC bought a new stake in shares of Rocket Lab in the 3rd quarter valued at about $25,000. UMB Bank n.a. increased its stake in shares of Rocket Lab by 352.5% in the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer's stock valued at $26,000 after acquiring an additional 423 shares during the last quarter. Sound Income Strategies LLC acquired a new stake in shares of Rocket Lab in the 3rd quarter valued at approximately $27,000. Finally, Financial Consulate Inc. bought a new position in Rocket Lab during the 3rd quarter worth approximately $35,000. 71.78% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Rocket Lab news, insider Frank Klein sold 100,000 shares of the business's stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $72.95, for a total transaction of $7,295,000.00. Following the sale, the insider owned 1,169,487 shares of the company's stock, valued at approximately $85,314,076.65. The trade was a 7.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Merline Saintil sold 12,500 shares of the firm's stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $90.00, for a total value of $1,125,000.00. Following the transaction, the director owned 280,029 shares of the company's stock, valued at $25,202,610. This trade represents a 4.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 4,306,150 shares of company stock worth $271,865,732 in the last quarter. Corporate insiders own 11.90% of the company's stock.

Rocket Lab Price Performance

Shares of Rocket Lab stock opened at $67.44 on Tuesday. The company has a quick ratio of 2.83, a current ratio of 3.18 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $36.02 billion, a price-to-earnings ratio of -177.47 and a beta of 2.16. Rocket Lab Corporation has a twelve month low of $14.71 and a twelve month high of $99.58. The company has a 50-day simple moving average of $75.86 and a two-hundred day simple moving average of $59.52.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Morgan Stanley raised shares of Rocket Lab from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $67.00 to $105.00 in a research note on Friday, January 16th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Rocket Lab in a research report on Wednesday, December 3rd. KeyCorp cut shares of Rocket Lab from an "overweight" rating to a "sector weight" rating in a research report on Thursday, January 15th. Roth Mkm reiterated a "buy" rating and set a $75.00 target price on shares of Rocket Lab in a report on Tuesday, November 11th. Finally, Citigroup reiterated a "market perform" rating on shares of Rocket Lab in a report on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $72.92.

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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