GAMMA Investing LLC Boosts Stock Position in Rocket Lab Corporation (NASDAQ:RKLB)

GAMMA Investing LLC increased its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 3,319.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 19,900 shares of the rocket manufacturer's stock after acquiring an additional 19,318 shares during the period. GAMMA Investing LLC's holdings in Rocket Lab were worth $356,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Shields & Co. LLC raised its position in Rocket Lab by 0.5% during the 4th quarter. Wellington Shields & Co. LLC now owns 74,522 shares of the rocket manufacturer's stock valued at $1,898,000 after purchasing an additional 383 shares in the last quarter. Signaturefd LLC raised its position in Rocket Lab by 12.2% during the 4th quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer's stock valued at $153,000 after purchasing an additional 653 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Rocket Lab by 3.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 21,747 shares of the rocket manufacturer's stock valued at $554,000 after purchasing an additional 696 shares in the last quarter. CIBC Asset Management Inc raised its position in Rocket Lab by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 15,078 shares of the rocket manufacturer's stock valued at $384,000 after purchasing an additional 746 shares in the last quarter. Finally, IFP Advisors Inc raised its position in Rocket Lab by 12.3% during the 4th quarter. IFP Advisors Inc now owns 6,885 shares of the rocket manufacturer's stock valued at $175,000 after purchasing an additional 753 shares in the last quarter. 71.78% of the stock is owned by institutional investors.

Rocket Lab Stock Up 7.9%

Shares of RKLB traded up $2.19 during trading hours on Friday, hitting $30.04. The company had a trading volume of 36,968,490 shares, compared to its average volume of 17,214,970. The company's fifty day moving average price is $24.37 and its two-hundred day moving average price is $23.88. Rocket Lab Corporation has a one year low of $4.20 and a one year high of $33.34. The company has a market capitalization of $13.62 billion, a PE ratio of -75.10 and a beta of 2.08. The company has a current ratio of 2.08, a quick ratio of 1.72 and a debt-to-equity ratio of 0.97.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced 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). Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The business had revenue of $122.57 million for the quarter, compared to analyst estimates of $120.74 million. During the same period in the prior year, the company earned ($0.09) earnings per share. The company's quarterly revenue was up 32.1% on a year-over-year basis. As a group, equities analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on RKLB. The Goldman Sachs Group lifted their target price on Rocket Lab from $14.35 to $16.00 and gave the company a "neutral" rating in a research report on Monday, May 12th. Needham & Company LLC lifted their target price on Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. KeyCorp reaffirmed an "overweight" rating on shares of Rocket Lab in a research report on Tuesday, June 3rd. Stifel Nicolaus boosted their price target on Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Finally, Citigroup reduced their price target on Rocket Lab from $35.00 to $33.00 and set a "buy" rating for the company in a research report on Friday, February 28th. Five 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $28.10.

Insider Activity at Rocket Lab

In related news, Director Matthew Ocko sold 820,000 shares of the company's stock in a transaction dated 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 transaction, the director now directly owns 1,083,053 shares of the company's stock, valued at $28,170,208.53. This represents a 43.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Frank Klein sold 2,569 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $29.97, for a total value of $76,992.93. Following the sale, the insider now owns 1,415,075 shares in the company, valued at approximately $42,409,797.75. The trade was a 0.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,118,289 shares of company stock valued at $29,287,134 in the last ninety days. Corporate insiders own 13.70% of the company's stock.

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.