Rocket Lab Corporation $RKLB Position Cut by DNB Asset Management AS

Key Points

• DNB Asset Management AS cut its Rocket Lab stake by 16.2% in the fourth quarter, selling 37,151 shares and leaving it with 191,804 shares valued at about $13.38 million.
• Insider selling has also been notable, including director Alexander R. Slusky’s sale of 100,000 shares and more than 333,000 shares sold by insiders over the last three months.
• Despite the selling, Rocket Lab’s recent results and outlook remain strong: it posted 63.4% year-over-year revenue growth in Q1, beat revenue estimates, and reported a $2.2 billion backlog as analysts raised price targets and maintained bullish ratings.

DNB Asset Management AS trimmed its holdings in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 16.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 191,804 shares of the rocket manufacturer's stock after selling 37,151 shares during the quarter. DNB Asset Management AS's holdings in Rocket Lab were worth $13,380,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RKLB. Hara Capital LLC bought a new position in Rocket Lab in the 3rd quarter worth approximately $25,000. Wilmington Savings Fund Society FSB bought a new position in Rocket Lab in the 3rd quarter worth approximately $25,000. Aventura Private Wealth LLC bought a new position in Rocket Lab in the 4th quarter worth approximately $25,000. UMB Bank n.a. grew its holdings in Rocket Lab by 352.5% in the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer's stock worth $26,000 after buying an additional 423 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Rocket Lab by 109.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer's stock worth $28,000 after buying an additional 416 shares in the last quarter. 71.78% of the stock is owned by institutional investors.

Insider Activity at Rocket Lab

In other news, SVP Arjun Kampani sold 23,711 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $71.95, for a total transaction of $1,706,006.45. Following the completion of the sale, the senior vice president owned 397,988 shares in the company, valued at approximately $28,635,236.60. This represents a 5.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alexander R. Slusky sold 100,000 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $118.08, for a total value of $11,808,000.00. Following the sale, the director owned 434,675 shares of the company's stock, valued at $51,326,424. This trade represents a 18.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 333,449 shares of company stock worth $28,295,233. 8.40% of the stock is owned by corporate insiders.

Rocket Lab News Roundup

Here are the key news stories impacting Rocket Lab this week:

• Positive Sentiment: Investors are still reacting to Rocket Lab’s Q1 earnings beat, with revenue up 63% year over year to about $200.4 million and a backlog of $2.2 billion, reinforcing confidence in the company’s growth trajectory. Why Rocket Lab Stock Is Rocketing Higher This Week
• Positive Sentiment: Analyst sentiment has improved after the report, including a higher price target from Deutsche Bank and additional bullish commentary that suggests Wall Street sees more upside if execution stays strong. Why Rocket Lab Stock Is Rocketing Higher This Week
• Positive Sentiment: Momentum is also being fueled by optimism around Rocket Lab’s Neutron rocket program, which investors see as a potential catalyst for expansion into a larger launch market later this year. Rocket Lab Stock Is Getting a Major Lift. Investors Are Betting on Its Neutron Launch Later This Year.
• Positive Sentiment: New contract wins and defense-related expansion, including work tied to missile defense and hypersonics, are helping investors view Rocket Lab as more than just a small-satellite launch company. Rocket Lab Targets Missile Defense and Golden Dome as Its Next Growth Market
• Neutral Sentiment: Some investors are also watching the recent insider selling by director Alexander Slusky, which may weigh on sentiment at these elevated levels but does not change the company’s operating story. Director Alexander R. Slusky transaction filing

Analyst Ratings Changes

RKLB has been the subject of a number of recent analyst reports. Citigroup reissued an "outperform" rating on shares of Rocket Lab in a report on Friday, May 8th. Wall Street Zen upgraded Rocket Lab from a "sell" rating to a "hold" rating in a research report on Sunday, February 8th. Citizens Jmp upped their target price on Rocket Lab from $85.00 to $95.00 and gave the stock a "market outperform" rating in a research report on Friday, May 8th. Bank of America upped their target price on Rocket Lab from $60.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, January 20th. Finally, The Goldman Sachs Group upped their target price on Rocket Lab from $47.00 to $69.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 20th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $97.19.

Rocket Lab Stock Performance

RKLB opened at $124.77 on Monday. The company has a market capitalization of $72.21 billion, a price-to-earnings ratio of -389.91 and a beta of 2.30. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.47 and a quick ratio of 4.02. Rocket Lab Corporation has a 1-year low of $23.92 and a 1-year high of $133.18. The business has a 50 day moving average price of $78.81 and a two-hundred day moving average price of $70.85.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.07). Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The firm had revenue of $200.35 million during the quarter, compared to the consensus estimate of $189.65 million. During the same period in the prior year, the firm posted ($0.12) earnings per share. The firm's revenue for the quarter was up 63.4% compared to the same quarter last year. Research analysts predict that Rocket Lab Corporation will post -0.22 EPS for the current fiscal year.

Rocket Lab Profile

Rocket Lab is an aerospace company that provides launch services, spacecraft, and space systems for commercial and government customers. The company's primary launch vehicle is Electron, a small-lift orbital rocket designed to deploy small satellites and rideshare payloads to low Earth orbit. Rocket Lab also develops and manufactures the Rutherford engine, noted for its electric-pump-fed design and additive-manufactured components, which powers Electron and supports the company's propulsion capabilities.

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