Rocket Lab Corporation (NASDAQ:RKLB) Shares Sold by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in Rocket Lab by 10.0%, holding approximately 938,522 shares valued at about $16.78 million after selling 103,705 shares during the first quarter.
• Research analysts have recently increased their target prices for Rocket Lab, including a rise from $29.00 to $40.00 by KeyCorp, reflecting a positive outlook with a consensus rating of "Moderate Buy."
• Rocket Lab reported a net margin of -44.32% in its latest earnings release, with revenue up 32.1% year-over-year despite missing EPS estimates.

Nikko Asset Management Americas Inc. cut its stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 10.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 938,522 shares of the rocket manufacturer's stock after selling 103,705 shares during the quarter. Nikko Asset Management Americas Inc. owned approximately 0.21% of Rocket Lab worth $16,781,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Natixis Advisors LLC acquired a new position in shares of Rocket Lab during the 4th quarter worth approximately $291,000. Sei Investments Co. raised its stake in shares of Rocket Lab by 167.2% during the 4th quarter. Sei Investments Co. now owns 53,584 shares of the rocket manufacturer's stock worth $1,365,000 after buying an additional 33,531 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Rocket Lab during the 4th quarter worth approximately $1,709,000. LPL Financial LLC raised its stake in shares of Rocket Lab by 89.7% during the 4th quarter. LPL Financial LLC now owns 249,873 shares of the rocket manufacturer's stock worth $6,364,000 after buying an additional 118,123 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Rocket Lab by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 36,195,577 shares of the rocket manufacturer's stock worth $921,901,000 after buying an additional 668,093 shares during the period. 71.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RKLB shares. KeyCorp upped their target price on Rocket Lab from $29.00 to $40.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. Citigroup reaffirmed a "buy" rating and set a $50.00 target price (up from $33.00) on shares of Rocket Lab in a research note on Monday, July 14th. Needham & Company LLC upped their target price on Rocket Lab from $28.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. The Goldman Sachs Group began coverage on Rocket Lab in a research note on Monday, June 30th. They issued a "neutral" rating and a $27.00 price objective for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $35.00 price objective on shares of Rocket Lab in a research note on Monday, July 14th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $34.10.

Rocket Lab Stock Down 1.5%

Shares of NASDAQ:RKLB opened at $47.43 on Friday. 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 business has a fifty day moving average of $33.89 and a two-hundred day moving average of $26.54. The stock has a market cap of $21.89 billion, a P/E ratio of -118.58 and a beta of 2.15. Rocket Lab Corporation has a 52-week low of $4.20 and a 52-week high of $53.44.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The company 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%. The firm's quarterly revenue was up 32.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.09) earnings per share. On average, research analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Matthew Ocko sold 820,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $26.01, for a total transaction of $21,328,200.00. Following the completion of the transaction, the director directly owned 1,083,053 shares in the company, valued at approximately $28,170,208.53. This represents a 43.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Arjun Kampani sold 5,194 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $30.00, for a total value of $155,820.00. Following the transaction, the insider owned 530,230 shares of the company's stock, valued at approximately $15,906,900. This represents a 0.97% 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 in the last quarter. Corporate insiders own 13.70% of the company's stock.

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.

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