Sharpepoint LLC Boosts Stock Holdings in Rocket Lab Corporation (NASDAQ:RKLB)

Sharpepoint LLC grew its position in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 49.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 130,274 shares of the rocket manufacturer's stock after buying an additional 42,944 shares during the quarter. Rocket Lab accounts for 2.1% of Sharpepoint LLC's portfolio, making the stock its 17th largest position. Sharpepoint LLC's holdings in Rocket Lab were worth $2,329,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in RKLB. Wellington Shields & Co. LLC grew its stake in Rocket Lab by 0.5% during the fourth quarter. Wellington Shields & Co. LLC now owns 74,522 shares of the rocket manufacturer's stock valued at $1,898,000 after acquiring an additional 383 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Rocket Lab by 12.2% in the 4th quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer's stock worth $153,000 after acquiring an additional 653 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Rocket Lab by 3.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 21,747 shares of the rocket manufacturer's stock worth $554,000 after acquiring an additional 696 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of Rocket Lab by 118.1% in the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock worth $28,000 after acquiring an additional 860 shares during the last quarter. Finally, WJ Wealth Management LLC lifted its holdings in shares of Rocket Lab by 10.0% in the 1st quarter. WJ Wealth Management LLC now owns 10,160 shares of the rocket manufacturer's stock worth $182,000 after acquiring an additional 920 shares during the last quarter. Hedge funds and other institutional investors own 71.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Cantor Fitzgerald raised their target price on shares of Rocket Lab from $29.00 to $35.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Roth Capital upped their price objective on shares of Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Needham & Company LLC upped their price objective on shares of Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. KeyCorp upped their price objective on shares of Rocket Lab from $29.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Finally, Stifel Nicolaus raised their price objective on shares of Rocket Lab from $29.00 to $34.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $30.40.

Insider Activity

In other Rocket Lab news, Director Matthew Ocko sold 820,000 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $26.01, for a total transaction of $21,328,200.00. Following the completion of the sale, the director directly owned 1,083,053 shares of the company's stock, valued at approximately $28,170,208.53. This represents a 43.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Merline Saintil sold 6,353 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total transaction of $212,063.14. Following the sale, the director directly owned 419,569 shares of the company's stock, valued at $14,005,213.22. This represents a 1.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,130,995 shares of company stock valued at $29,686,039 over the last ninety days. Corporate insiders own 13.70% of the company's stock.

Rocket Lab Stock Up 1.0%

Rocket Lab stock opened at $39.14 on Thursday. The company has a 50-day simple moving average of $28.27 and a 200-day simple moving average of $24.93. The firm has a market capitalization of $17.75 billion, a P/E ratio of -97.85 and a beta of 2.15. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.72 and a current ratio of 2.08. Rocket Lab Corporation has a one year low of $4.20 and a one year high of $39.94.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The business had revenue of $122.57 million during the quarter, compared to analyst estimates of $120.74 million. During the same period in the previous year, the company posted ($0.09) earnings per share. Rocket Lab's revenue was up 32.1% compared to the same quarter last year. As a group, equities analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

About Rocket Lab

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.

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