Brown Advisory Inc. Buys 13,378 Shares of Rocket Lab Corporation (NASDAQ:RKLB)

Brown Advisory Inc. lifted its position in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 19.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 80,615 shares of the rocket manufacturer's stock after purchasing an additional 13,378 shares during the period. Brown Advisory Inc.'s holdings in Rocket Lab were worth $1,441,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. US Bancorp DE lifted its stake in Rocket Lab by 1,937.6% in the fourth quarter. US Bancorp DE now owns 7,315 shares of the rocket manufacturer's stock worth $186,000 after acquiring an additional 6,956 shares during the period. Victory Capital Management Inc. raised its position in shares of Rocket Lab by 11.9% in the 4th quarter. Victory Capital Management Inc. now owns 45,403 shares of the rocket manufacturer's stock worth $1,156,000 after purchasing an additional 4,816 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Rocket Lab in the 4th quarter worth about $1,564,000. Raymond James Financial Inc. purchased a new position in shares of Rocket Lab in the 4th quarter worth about $5,748,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Rocket Lab by 1,602.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 16,971 shares of the rocket manufacturer's stock worth $432,000 after purchasing an additional 15,974 shares during the last quarter. Institutional investors own 71.78% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RKLB. Roth Capital lifted their price target on Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Stifel Nicolaus lifted 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 started coverage on Rocket Lab in a report on Monday, June 30th. They issued a "neutral" rating and a $27.00 price objective for the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $35.00 price objective on shares of Rocket Lab in a report on Monday. Finally, Citigroup reiterated a "buy" rating and issued a $50.00 price objective (up from $33.00) on shares of Rocket Lab in a report on Monday. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $34.10.

Insider Buying and Selling

In other news, insider Frank Klein sold 44,885 shares of the company's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $26.66, for a total transaction of $1,196,634.10. Following the sale, the insider directly owned 1,370,190 shares of the company's stock, valued at $36,529,265.40. This represents a 3.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Ocko sold 820,000 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $26.01, for a total value of $21,328,200.00. Following the sale, the director directly owned 1,083,053 shares in the company, valued at $28,170,208.53. This trade represents a 43.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,130,995 shares of company stock valued at $29,686,039 in the last 90 days. Corporate insiders own 13.70% of the company's stock.

Rocket Lab Stock Performance

Shares of RKLB stock traded up $3.64 during trading hours on Thursday, reaching $51.33. 46,651,302 shares of the company traded hands, compared to its average volume of 18,741,800. Rocket Lab Corporation has a 12-month low of $4.20 and a 12-month high of $53.41. 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 company has a market cap of $23.28 billion, a P/E ratio of -128.33 and a beta of 2.15. The firm has a 50-day moving average price of $30.86 and a 200 day moving average price of $25.65.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $122.57 million for the quarter, compared to analysts' expectations of $120.74 million. During the same period in the previous year, the firm earned ($0.09) earnings per share. The firm's quarterly revenue was up 32.1% on a year-over-year basis. As a group, sell-side analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

About Rocket Lab

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.