Rocket Lab Corporation $RKLB Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its holdings in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,533,362 shares of the rocket manufacturer's stock after selling 575,961 shares during the period. Bank of America Corp DE owned approximately 0.78% of Rocket Lab worth $291,132,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Mcguire Capital Advisors Inc. acquired a new stake in shares of Rocket Lab during the fourth quarter valued at about $27,000. Zions Bancorporation National Association UT acquired a new position in shares of Rocket Lab in the 4th quarter worth approximately $28,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Rocket Lab in the 4th quarter worth approximately $29,000. Reflection Asset Management purchased a new position in shares of Rocket Lab during the 4th quarter worth approximately $30,000. Finally, Ankerstar Wealth LLC purchased a new position in shares of Rocket Lab during the 4th quarter worth approximately $31,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Rocket Lab

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

• Positive Sentiment: The U.S. Space Force awarded Rocket Lab a $266 million contract to conduct 12 to 18 hypersonic missile tests. The award broadens Rocket Lab’s addressable market and adds to several hundred million dollars in missile-defense contracts, potentially accelerating revenue growth and diversifying the company beyond space launches. U.S. Air Force Taps Rocket Lab for Hypersonic Missiles
• Positive Sentiment: Coverage of Rocket Lab’s planned $8 billion acquisition of Iridium argues that the deal could transform the company into a diversified space-services provider, with greater recurring revenue, profitability and free-cash-flow potential as soon as 2027. Rocket Lab’s $8 Billion Iridium Acquisition
• Positive Sentiment: Analysts and commentators view the recent pullback into the $60–$68 range as a potentially attractive entry point, citing Rocket Lab’s leadership in space systems and long-term expansion prospects. Is this the Last Quarter to Buy Rocket Lab at a Steep Discount?
• Neutral Sentiment: Investors are looking ahead to Rocket Lab’s August 10 earnings report. Revenue growth and improving profitability may support the stock, but the company remains unprofitable, making the outlook and cash-flow commentary especially important. Rocket Lab Reports Earnings on Aug. 10
• Neutral Sentiment: Comparisons with Redwire and AST SpaceMobile reinforce Rocket Lab’s position as a rapidly scaling, vertically integrated space company, but also highlight competition and the uncertainty surrounding large acquisitions. Redwire vs. Rocket Lab

Analyst Ratings Changes

A number of analysts have issued reports on RKLB shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $96.00 target price on shares of Rocket Lab in a research report on Tuesday, June 30th. Deutsche Bank Aktiengesellschaft raised their price target on Rocket Lab from $73.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. KeyCorp upgraded Rocket Lab from a "sector weight" rating to an "overweight" rating and set a $135.00 price objective on the stock in a report on Monday, June 15th. Bank of America increased their target price on Rocket Lab from $105.00 to $115.00 and gave the stock a "buy" rating in a research note on Tuesday, June 30th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Rocket Lab in a research note on Wednesday, July 8th. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $110.29.

Insider Transactions at Rocket Lab

In other Rocket Lab news, insider Marvin Bradford Clevenger sold 3,500 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $146.67, for a total value of $513,345.00. Following the sale, the insider directly owned 473,975 shares of the company's stock, valued at approximately $69,517,913.25. This represents a 0.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Alexander R. Slusky sold 40,000 shares of the firm's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $123.60, for a total transaction of $4,944,000.00. Following the completion of the sale, the director owned 334,675 shares in the company, valued at $41,365,830. The trade was a 10.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,849,294 shares of company stock valued at $362,816,208 over the last quarter. Insiders own 8.40% of the company's stock.

Rocket Lab Trading Up 8.4%

NASDAQ:RKLB opened at $70.43 on Tuesday. The firm has a market cap of $40.76 billion, a PE ratio of -220.09 and a beta of 2.54. The stock has a fifty day moving average price of $94.41 and a 200 day moving average price of $86.23. Rocket Lab Corporation has a 12-month low of $37.57 and a 12-month high of $151.00. The company has a current ratio of 4.47, a quick ratio of 4.02 and a debt-to-equity ratio of 0.02.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The company had revenue of $200.35 million for the quarter, compared to the consensus estimate of $189.65 million. During the same quarter in the prior year, the business earned ($0.12) EPS. Rocket Lab's revenue was up 63.4% on a year-over-year basis. Sell-side analysts anticipate that Rocket Lab Corporation will post -0.26 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding RKLB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rocket Lab Corporation (NASDAQ:RKLB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.