Sharpepoint LLC Grows Stake in Rocket Lab Corporation (NASDAQ:RKLB)

Sharpepoint LLC increased its position in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 49.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,274 shares of the rocket manufacturer's stock after purchasing an additional 42,944 shares during the period. Rocket Lab accounts for 2.1% of Sharpepoint LLC's portfolio, making the stock its 17th largest holding. Sharpepoint LLC's holdings in Rocket Lab were worth $2,329,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. FMR LLC lifted its position in shares of Rocket Lab by 30,853.3% in the fourth quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock worth $94,141,000 after buying an additional 3,684,195 shares in the last quarter. Two Sigma Advisers LP purchased a new stake in shares of Rocket Lab during the 4th quarter worth approximately $72,623,000. BNP Paribas Financial Markets bought a new position in shares of Rocket Lab during the 4th quarter valued at approximately $56,977,000. Two Sigma Investments LP purchased a new position in shares of Rocket Lab in the fourth quarter valued at $47,074,000. Finally, Renaissance Technologies LLC increased its position in Rocket Lab by 1,765.4% in the fourth quarter. Renaissance Technologies LLC now owns 1,818,800 shares of the rocket manufacturer's stock worth $46,325,000 after purchasing an additional 1,721,300 shares during the last quarter. Hedge funds and other institutional investors own 71.78% of the company's stock.

Wall Street Analysts Forecast Growth

RKLB has been the subject of several research reports. Roth Capital increased their price objective on shares of Rocket Lab from $25.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, May 28th. KeyCorp lifted their price target on Rocket Lab from $29.00 to $40.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. Cantor Fitzgerald upped their price objective on Rocket Lab from $29.00 to $35.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Needham & Company LLC raised their price objective on Rocket Lab from $28.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Finally, The Goldman Sachs Group assumed coverage on Rocket Lab in a research report on Monday, June 30th. They set a "neutral" rating and a $27.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $30.40.

Rocket Lab Stock Performance

Shares of RKLB traded down $0.04 during trading hours on Thursday, reaching $39.10. 13,635,309 shares of the company traded hands, compared to its average volume of 18,337,089. The stock's fifty day moving average price is $28.27 and its 200 day moving average price is $24.93. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97. Rocket Lab Corporation has a 12-month low of $4.20 and a 12-month high of $39.94.

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

Insider Transactions at Rocket Lab

In other news, Director Matthew Ocko sold 820,000 shares of Rocket Lab stock in a transaction on Friday, June 13th. The stock was sold at an average price of $26.01, for a total value of $21,328,200.00. Following the transaction, the director directly owned 1,083,053 shares in the company, valued at approximately $28,170,208.53. This trade represents a 43.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Frank Klein sold 44,885 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $26.66, for a total value of $1,196,634.10. Following the sale, the insider owned 1,370,190 shares of the company's stock, valued at $36,529,265.40. This trade represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,130,995 shares of company stock worth $29,686,039. Corporate insiders own 13.70% of the company's stock.

Rocket Lab Profile

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.