Rocket Lab Corporation $RKLB Shares Sold by Straight Path Wealth Management

Key Points

• Straight Path Wealth Management cut its Rocket Lab stake by 56.9% in the fourth quarter, selling 24,000 shares and leaving it with 18,200 shares worth about $1.27 million.
• Insider selling has also been notable: Director Alexander R. Slusky and CFO Adam C. Spice both sold shares, and insiders have sold 445,515 shares over the last three months.
• Despite the selling, Rocket Lab has seen bullish analyst sentiment and strong recent momentum, with Stifel lifting its price target to a Street-high $132 and the stock trading near its 52-week high after a big run-up.

Straight Path Wealth Management trimmed its position in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 56.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,200 shares of the rocket manufacturer's stock after selling 24,000 shares during the period. Rocket Lab makes up 0.3% of Straight Path Wealth Management's portfolio, making the stock its 29th biggest position. Straight Path Wealth Management's holdings in Rocket Lab were worth $1,270,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in RKLB. Aventura Private Wealth LLC acquired a new stake in Rocket Lab during the 4th quarter valued at $25,000. UMB Bank n.a. grew its holdings in Rocket Lab by 352.5% during the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer's stock valued at $26,000 after purchasing an additional 423 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Rocket Lab by 109.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer's stock valued at $28,000 after purchasing an additional 416 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in Rocket Lab during the 4th quarter valued at $32,000. Finally, DecisionPoint Financial LLC grew its holdings in Rocket Lab by 91.1% during the 4th quarter. DecisionPoint Financial LLC now owns 472 shares of the rocket manufacturer's stock valued at $33,000 after purchasing an additional 225 shares in the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Alexander R. Slusky sold 100,000 shares of Rocket Lab stock in a transaction dated 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 completion of the transaction, the director directly owned 434,675 shares of the company's stock, valued at approximately $51,326,424. The trade was a 18.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Adam C. Spice sold 62,744 shares of Rocket Lab stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $142.57, for a total transaction of $8,945,412.08. Following the completion of the transaction, the chief financial officer directly owned 983,049 shares of the company's stock, valued at $140,153,295.93. This trade represents a 6.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 445,515 shares of company stock worth $61,965,882. Corporate insiders own 8.40% of the company's stock.

Rocket Lab News Summary

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

• Positive Sentiment: Stifel analyst Erik Rasmussen raised his price target on Rocket Lab to a Street-high $132 from $110 and kept a Buy rating, signaling stronger growth expectations ahead. Article Title
• Positive Sentiment: Multiple reports said Rocket Lab was gaining alongside other space names as excitement around SpaceX’s IPO roadshow lifted sentiment for publicly traded space proxies. Article Title
• Neutral Sentiment: Commentary continued to highlight Rocket Lab’s strong year-to-date rally and growing institutional interest, but also noted that valuation has become rich and that some analysts still see downside risk after the run-up. Article Title
• Neutral Sentiment: Recent coverage also framed the move as a consolidation/pullback within a strong longer-term uptrend rather than a sign of deteriorating fundamentals. Article Title
• Negative Sentiment: Some articles warned that the upcoming SpaceX IPO could steal attention from Rocket Lab and increase volatility in the space sector as investors reassess valuations. Article Title

Rocket Lab Price Performance

Shares of RKLB stock opened at $119.95 on Friday. The firm has a market cap of $69.42 billion, a P/E ratio of -374.84 and a beta of 2.49. 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 $25.24 and a 1-year high of $151.00. The firm has a fifty day moving average of $96.28 and a two-hundred day moving average of $78.47.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). The company had revenue of $200.35 million during the quarter, compared to analyst estimates of $189.65 million. Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The firm's revenue for the quarter was up 63.4% compared to the same quarter last year. During the same period last year, the business earned ($0.12) EPS. As a group, research analysts anticipate that Rocket Lab Corporation will post -0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RKLB has been the subject of a number of recent analyst reports. Stifel Nicolaus set a $132.00 price target on shares of Rocket Lab in a report on Thursday. Wall Street Zen raised shares of Rocket Lab from a "sell" rating to a "hold" rating in a report on Sunday, February 8th. Citizens Jmp raised their price objective on shares of Rocket Lab from $85.00 to $95.00 and gave the stock a "market outperform" rating in a report on Friday, May 8th. New Street Research began coverage on shares of Rocket Lab in a report on Wednesday, May 13th. They set a "buy" rating and a $150.00 price objective for the company. Finally, Needham & Company LLC raised their price objective on shares of Rocket Lab from $95.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $98.88.

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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