Sumitomo Mitsui Trust Group Inc. Has $16.78 Million Stake in Rocket Lab Corporation (NASDAQ:RKLB)

Sumitomo Mitsui Trust Group Inc. trimmed its stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 9.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 938,522 shares of the rocket manufacturer's stock after selling 101,469 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.21% of Rocket Lab worth $16,781,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Wellington Shields & Co. LLC increased its position in Rocket Lab by 0.5% in the 4th quarter. Wellington Shields & Co. LLC now owns 74,522 shares of the rocket manufacturer's stock worth $1,898,000 after buying an additional 383 shares during the period. Signaturefd LLC grew its holdings in shares of Rocket Lab by 12.2% during the 4th quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer's stock worth $153,000 after purchasing an additional 653 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Rocket Lab by 3.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 21,747 shares of the rocket manufacturer's stock worth $554,000 after purchasing an additional 696 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of Rocket Lab by 118.1% during the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock worth $28,000 after purchasing an additional 860 shares in the last quarter. Finally, Sandy Spring Bank acquired a new stake in shares of Rocket Lab during the 4th quarter worth approximately $26,000. 71.78% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RKLB shares. KeyCorp lifted their price objective on Rocket Lab from $29.00 to $40.00 and gave the stock an "overweight" rating in a report on Wednesday. The Goldman Sachs Group initiated coverage on Rocket Lab in a research note on Monday, June 30th. They issued a "neutral" rating and a $27.00 price target on the stock. Wells Fargo & Company decreased their price target on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Needham & Company LLC boosted their price target 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, Morgan Stanley boosted their price target on Rocket Lab from $18.00 to $20.00 and gave the company an "equal weight" rating in a research note on Monday, March 10th. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.40.

Rocket Lab Price Performance

RKLB traded down $0.08 during trading on Friday, hitting $35.60. The company's stock had a trading volume of 7,975,973 shares, compared to its average volume of 18,097,146. The firm's 50 day moving average price is $27.27 and its two-hundred day moving average price is $24.63. 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 $38.26. The stock has a market capitalization of $16.15 billion, a price-to-earnings ratio of -89.00 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its 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). The firm had revenue of $122.57 million for the quarter, compared to the consensus estimate of $120.74 million. Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. The company's revenue was up 32.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.09) EPS. Sell-side analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at Rocket Lab

In related news, Director Matthew Ocko sold 820,000 shares of the company's stock in a transaction dated 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 completion of the sale, the director owned 1,083,053 shares in the company, 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 document filed with the SEC, which can be accessed through this link. 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 value of $212,063.14. Following the completion of the sale, the director owned 419,569 shares of the company's stock, valued at $14,005,213.22. This represents a 1.49% decrease in their position. 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. Insiders own 13.70% of the company's stock.

Rocket Lab Company 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.