Rocket Lab Corporation $RKLB Shares Bought by First Trust Advisors LP

Key Points

• First Trust Advisors LP increased its stake in Rocket Lab by 125.6% in Q3 to 1,014,397 shares (about 0.21% of the company) valued at roughly $48.6 million.
• CEO Peter Beck sold 1,560,254 shares for about $89.7 million and insiders have sold a total of 4,362,428 shares (~$281 million) in the last 90 days, leaving insiders with 11.9% ownership.
• Analysts are broadly positive with an average rating of “Moderate Buy” and an average target of $75.92; notable recent action includes Morgan Stanley upgrading to Overweight with a $105 target.

First Trust Advisors LP grew its position in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 125.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,014,397 shares of the rocket manufacturer's stock after acquiring an additional 564,828 shares during the quarter. First Trust Advisors LP owned about 0.21% of Rocket Lab worth $48,600,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Arizona State Retirement System grew its stake in shares of Rocket Lab by 13.6% in the 3rd quarter. Arizona State Retirement System now owns 127,794 shares of the rocket manufacturer's stock valued at $6,123,000 after purchasing an additional 15,307 shares during the last quarter. Cadent Capital Advisors LLC acquired a new stake in shares of Rocket Lab during the third quarter worth $668,000. Orion Porfolio Solutions LLC purchased a new position in Rocket Lab in the 2nd quarter valued at $1,009,000. Norges Bank acquired a new position in Rocket Lab in the 2nd quarter valued at $164,751,000. Finally, State of New Jersey Common Pension Fund D raised its position in Rocket Lab by 14.4% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 153,106 shares of the rocket manufacturer's stock worth $7,335,000 after buying an additional 19,304 shares during the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RKLB. Stifel Nicolaus boosted their price target on shares of Rocket Lab from $75.00 to $85.00 and gave the stock a "buy" rating in a research note on Monday, December 22nd. Morgan Stanley upgraded Rocket Lab from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $67.00 to $105.00 in a research report on Friday, January 16th. Citigroup reissued a "market perform" rating on shares of Rocket Lab in a report on Wednesday, November 12th. KeyCorp downgraded Rocket Lab from an "overweight" rating to a "sector weight" rating in a research note on Thursday, January 15th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rocket Lab in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $75.92.

Insider Buying and Selling

In related news, CEO Peter Beck sold 1,560,254 shares of Rocket Lab stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $57.47, for a total transaction of $89,667,797.38. Following the completion of the sale, the chief executive officer owned 939,746 shares in the company, valued at approximately $54,007,202.62. This trade represents a 62.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Merline Saintil sold 96,000 shares of the business's stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $86.58, for a total transaction of $8,311,680.00. Following the completion of the transaction, the director directly owned 292,529 shares of the company's stock, valued at $25,327,160.82. The trade was a 24.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 4,362,428 shares of company stock valued at $281,055,579. Company insiders own 11.90% of the company's stock.

Rocket Lab Price Performance

RKLB stock opened at $71.96 on Thursday. Rocket Lab Corporation has a 1 year low of $14.71 and a 1 year high of $99.58. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.61 and a current ratio of 4.08. The stock's 50 day moving average price is $77.64 and its 200 day moving average price is $62.68. The firm has a market cap of $38.44 billion, a P/E ratio of -194.48 and a beta of 2.20.

Rocket Lab Company 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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