Rocket Lab Corporation (NASDAQ:RKLB) Shares Sold by ARK Investment Management LLC

Key Points

• ARK Investment Management LLC reduced its stake in Rocket Lab Corporation by 30.2% in the first quarter, now owning a total of 2,467,141 shares valued at approximately $44 million.
• Insider transactions revealed significant sales, with Director Merline Saintil selling 6,353 shares and Director Matthew Ocko selling 820,000 shares, indicating a 43.09% decrease in Ocko's holdings.
• Despite the insider selling, several analysts have raised their price targets on Rocket Lab, with Bank of America setting a target as high as $50.00 and the stock currently displaying a consensus rating of "Moderate Buy."

ARK Investment Management LLC cut its position in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 30.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,467,141 shares of the rocket manufacturer's stock after selling 1,068,228 shares during the quarter. ARK Investment Management LLC owned 0.54% of Rocket Lab worth $44,112,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP acquired a new stake in shares of Rocket Lab in the fourth quarter valued at $17,261,000. SG Americas Securities LLC grew its stake in Rocket Lab by 2,186.7% during the 1st quarter. SG Americas Securities LLC now owns 353,522 shares of the rocket manufacturer's stock worth $6,321,000 after purchasing an additional 338,062 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in Rocket Lab by 52.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 58,652 shares of the rocket manufacturer's stock worth $1,049,000 after purchasing an additional 20,076 shares in the last quarter. Smith Anglin Financial LLC grew its stake in Rocket Lab by 132.1% during the 1st quarter. Smith Anglin Financial LLC now owns 27,261 shares of the rocket manufacturer's stock worth $487,000 after purchasing an additional 15,515 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Rocket Lab by 9.6% during the 1st quarter. Rhumbline Advisers now owns 525,018 shares of the rocket manufacturer's stock worth $9,387,000 after purchasing an additional 45,889 shares in the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Rocket Lab

In other news, Director Merline Saintil sold 6,353 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $33.38, for a total value of $212,063.14. Following the completion of the sale, the director directly owned 419,569 shares of the company's stock, valued at approximately $14,005,213.22. The trade was a 1.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Ocko sold 820,000 shares of the business's 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 completion of the sale, the director directly owned 1,083,053 shares of the company's stock, valued at $28,170,208.53. The trade was a 43.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,130,995 shares of company stock valued at $29,686,039 over the last quarter. Company insiders own 13.70% of the company's stock.

Rocket Lab Stock Down 1.5%

Shares of NASDAQ RKLB opened at $47.43 on Friday. The company has a market capitalization of $21.89 billion, a price-to-earnings ratio of -118.58 and a beta of 2.15. 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 business has a 50-day moving average of $33.89 and a two-hundred day moving average of $26.54. Rocket Lab Corporation has a 1 year low of $4.20 and a 1 year high of $53.44.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The firm had revenue of $122.57 million during the quarter, compared to analysts' expectations of $120.74 million. During the same period in the previous year, the firm posted ($0.09) earnings per share. The firm's revenue for the quarter was up 32.1% on a year-over-year basis. On average, analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Roth Capital boosted their target price on Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Wells Fargo & Company lowered their target price on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Stifel Nicolaus boosted their target price on Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Bank of America boosted their target price on Rocket Lab from $30.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Finally, Citigroup reaffirmed a "buy" rating and set a $50.00 price target (up from $33.00) on shares of Rocket Lab in a report on Monday, July 14th. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.10.

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.

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.