SBI Securities Co. Ltd. Cuts Stock Position in Rocket Lab Corporation $RKLB

Key Points

• SBI Securities reduced its stake in Rocket Lab by 11.2%, selling 16,075 shares in Q3 and holding 127,480 shares worth about $6.11 million at quarter-end.
• Insiders have been sizable net sellers recently — Frank Klein sold 100,000 shares for ~$7.30 million, and insiders disposed of 4,306,150 shares (~$271.9 million) over the last three months, leaving insiders with 11.90% ownership.
• Institutional interest remains strong (institutions own 71.78%); Norges Bank opened a new ~$164.75 million position, and analysts have grown more positive, with Morgan Stanley upgrading to overweight and a $105 target amid a consensus target near $72.92.

SBI Securities Co. Ltd. decreased its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 11.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 127,480 shares of the rocket manufacturer's stock after selling 16,075 shares during the quarter. SBI Securities Co. Ltd.'s holdings in Rocket Lab were worth $6,108,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of RKLB. Arizona State Retirement System lifted 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 worth $6,123,000 after purchasing an additional 15,307 shares during the period. Cadent Capital Advisors LLC bought a new stake in Rocket Lab during the third quarter valued at approximately $668,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Rocket Lab by 44.7% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 992,777 shares of the rocket manufacturer's stock valued at $35,512,000 after buying an additional 306,713 shares during the last quarter. Orion Porfolio Solutions LLC bought a new position in Rocket Lab in the second quarter worth approximately $1,009,000. Finally, Norges Bank purchased a new position in shares of Rocket Lab during the 2nd quarter worth $164,751,000. Institutional investors own 71.78% of the company's stock.

Insider Buying and Selling at Rocket Lab

In related news, insider Frank Klein sold 100,000 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $72.95, for a total transaction of $7,295,000.00. Following the completion of the transaction, the insider directly owned 1,169,487 shares of the company's stock, valued at approximately $85,314,076.65. This represents a 7.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Arjun Kampani sold 28,615 shares of the firm's stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $40.65, for a total value of $1,163,199.75. Following the transaction, the senior vice president owned 461,014 shares of the company's stock, valued at $18,740,219.10. This represents a 5.84% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 4,306,150 shares of company stock worth $271,865,732. Insiders own 11.90% of the company's stock.

Rocket Lab Trading Down 10.0%

Shares of RKLB opened at $73.11 on Thursday. The firm has a market cap of $39.05 billion, a P/E ratio of -192.39 and a beta of 2.16. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.18 and a quick ratio of 2.83. Rocket Lab Corporation has a 1 year low of $14.71 and a 1 year high of $99.58. The company has a 50 day simple moving average of $71.94 and a two-hundred day simple moving average of $58.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.05) by $0.02. The firm had revenue of $155.08 million during the quarter, compared to analyst estimates of $152.45 million. Rocket Lab had a negative net margin of 35.64% and a negative return on equity of 27.26%. Rocket Lab's revenue for the quarter was up 48.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.10) earnings per share. On average, equities analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RKLB has been the subject of several analyst reports. Morgan Stanley upgraded Rocket Lab from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $67.00 to $105.00 in a research note on Friday, January 16th. Robert W. Baird upgraded Rocket Lab to a "strong-buy" rating in a research report on Thursday, October 16th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Rocket Lab in a research note on Wednesday, December 3rd. TD Cowen reiterated a "buy" rating on shares of Rocket Lab in a research note on Thursday, January 22nd. Finally, The Goldman Sachs Group raised their target price on shares of Rocket Lab from $47.00 to $69.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $72.92.

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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