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Rocket Lab Corporation (NASDAQ:RKLB) Shares Bought by LPL Financial LLC

Rocket Lab logo with Aerospace background

Key Points

  • LPL Financial LLC increased its stake in Rocket Lab Corporation by 51.4%, owning 378,208 shares valued at approximately $6.76 million.
  • Analysts have raised their price targets for Rocket Lab, with Needham & Company setting a new target of $55.00, reflecting increased optimism in its stock performance.
  • Insider transactions have occurred, with notable sales by executives, including Arjun Kampani, who sold shares totaling $155,820, indicating a 0.97% decrease in their ownership.
  • Want stock alerts on Rocket Lab? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

LPL Financial LLC raised its stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 51.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 378,208 shares of the rocket manufacturer's stock after acquiring an additional 128,335 shares during the period. LPL Financial LLC owned 0.08% of Rocket Lab worth $6,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. FMR LLC boosted its stake in Rocket Lab by 30,853.3% in the fourth quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock valued at $94,141,000 after acquiring an additional 3,684,195 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Rocket Lab by 9.5% in the fourth quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer's stock valued at $82,207,000 after buying an additional 281,339 shares during the last quarter. Two Sigma Advisers LP purchased a new stake in shares of Rocket Lab in the fourth quarter valued at about $72,623,000. Invesco Ltd. raised its holdings in shares of Rocket Lab by 41.1% in the fourth quarter. Invesco Ltd. now owns 2,394,732 shares of the rocket manufacturer's stock valued at $60,994,000 after buying an additional 697,574 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Rocket Lab in the fourth quarter valued at about $56,977,000. Institutional investors and hedge funds own 71.78% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on RKLB. Needham & Company LLC reaffirmed a "buy" rating and issued a $55.00 target price (up from $45.00) on shares of Rocket Lab in a report on Friday. The Goldman Sachs Group began coverage on shares of Rocket Lab in a report on Monday, June 30th. They issued a "neutral" rating and a $27.00 target price for the company. Bank of America upped their target price on shares of Rocket Lab from $30.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Cantor Fitzgerald upped their target price on shares of Rocket Lab from $35.00 to $54.00 and gave the company an "overweight" rating in a report on Friday. Finally, Roth Capital upped their target price 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. 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. According to MarketBeat, Rocket Lab presently has an average rating of "Moderate Buy" and an average target price of $42.27.

Get Our Latest Analysis on Rocket Lab

Insider Buying and Selling at Rocket Lab

In other news, insider Arjun Kampani sold 5,194 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $30.00, for a total value of $155,820.00. Following the sale, the insider directly owned 530,230 shares in the company, valued at $15,906,900. This represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Frank Klein sold 2,546 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $30.00, for a total transaction of $76,380.00. Following the completion of the sale, the insider owned 1,365,826 shares in the company, valued at $40,974,780. This represents a 0.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,130,995 shares of company stock valued at $29,686,039 over the last three months. Company insiders own 11.90% of the company's stock.

Rocket Lab Trading Up 0.7%

NASDAQ RKLB opened at $45.02 on Tuesday. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97. The firm has a 50-day moving average price of $37.92 and a 200 day moving average price of $27.91. Rocket Lab Corporation has a 52-week low of $5.03 and a 52-week high of $53.44. The stock has a market capitalization of $20.77 billion, a P/E ratio of -100.04 and a beta of 2.17.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its earnings results on Thursday, August 7th. The rocket manufacturer reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.06). Rocket Lab had a negative return on equity of 56.25% and a negative net margin of 45.87%. The company had revenue of $144.50 million for the quarter, compared to analyst estimates of $135.42 million. During the same quarter in the previous year, the company posted ($0.08) earnings per share. The company's quarterly revenue was up 35.9% compared to the same quarter last year. Equities research analysts expect that Rocket Lab Corporation will post -0.38 EPS for the current year.

Rocket Lab Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Rocket Lab (NASDAQ:RKLB)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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