Wealth Enhancement Advisory Services LLC Has $3.26 Million Stock Holdings in Rocket Lab Corporation (NASDAQ:RKLB)

Wealth Enhancement Advisory Services LLC reduced its position in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 12.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 182,530 shares of the rocket manufacturer's stock after selling 26,877 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Rocket Lab were worth $3,264,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Spectrum Wealth Counsel LLC bought a new stake in Rocket Lab in the fourth quarter valued at about $25,000. Sandy Spring Bank bought a new position in Rocket Lab in the 4th quarter worth approximately $26,000. Versant Capital Management Inc grew its holdings 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 worth $28,000 after buying an additional 860 shares in the last quarter. MassMutual Private Wealth & Trust FSB bought a new position in Rocket Lab in the 1st quarter worth approximately $29,000. Finally, Quarry LP bought a new position in Rocket Lab in the 4th quarter worth approximately $48,000. 71.78% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Matthew Ocko sold 200,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $26.44, for a total value of $5,288,000.00. Following the completion of the sale, the director now owns 1,320,121 shares in the company, valued at $34,903,999.24. This represents a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Merline Saintil sold 6,353 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total value of $212,063.14. Following the completion of the sale, the director now owns 419,569 shares of the company's stock, valued at $14,005,213.22. The trade was a 1.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,130,995 shares of company stock worth $29,686,039 over the last quarter. Corporate insiders own 13.70% of the company's stock.

Rocket Lab Price Performance

Shares of NASDAQ:RKLB traded down $0.76 on Friday, reaching $35.38. 75,626,732 shares of the company traded hands, compared to its average volume of 17,903,916. The company's 50 day moving average is $25.77 and its 200-day moving average is $24.25. The stock has a market capitalization of $16.05 billion, a PE ratio of -88.45 and a beta of 2.08. Rocket Lab Corporation has a fifty-two week low of $4.20 and a fifty-two week high of $37.66. 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 released its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The business had revenue of $122.57 million during the quarter, compared to analysts' expectations of $120.74 million. Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. Rocket Lab's revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.09) EPS. As a group, analysts anticipate that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on RKLB shares. Cantor Fitzgerald increased their price objective on Rocket Lab from $29.00 to $35.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Stifel Nicolaus increased their price objective on Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. The Goldman Sachs Group upped their target price on Rocket Lab from $14.35 to $16.00 and gave the stock a "neutral" rating in a research report on Monday, May 12th. Roth Capital upped their target price on Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Finally, Morgan Stanley upped their target price on Rocket Lab from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Monday, March 10th. Four equities research 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 data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $28.10.

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.