Traynor Capital Management Inc. Makes New $338,000 Investment in Rocket Lab Corporation $RKLB

Key Points

• Traynor Capital Management bought a new stake of 7,058 shares in Rocket Lab (RKLB) in Q3, valued at about $338,000.
• Insider selling has been substantial: SVP Arjun Kampani sold 28,615 shares at $40.65 and Frank Klein sold 100,000 shares at $72.95, with insiders offloading a total of 4,306,150 shares worth $271,865,732 over the past three months.
• Analysts have turned more bullish, with Morgan Stanley upgrading to Overweight (target $105) and Bank of America raising its target to $120, while MarketBeat's consensus rates RKLB a "Moderate Buy" with a $72.92 price target.

Traynor Capital Management Inc. bought a new stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,058 shares of the rocket manufacturer's stock, valued at approximately $338,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RKLB. Wilmington Savings Fund Society FSB purchased a new stake in Rocket Lab in the third quarter valued at $25,000. Hara Capital LLC purchased a new stake in shares of Rocket Lab in the 3rd quarter valued at about $25,000. Sound Income Strategies LLC acquired a new stake in shares of Rocket Lab in the 3rd quarter valued at about $27,000. EverSource Wealth Advisors LLC grew its stake in Rocket Lab by 109.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer's stock worth $28,000 after buying an additional 416 shares during the last quarter. Finally, Financial Consulate Inc. acquired a new position in Rocket Lab during the third quarter worth approximately $35,000. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Arjun Kampani sold 28,615 shares of the stock in a transaction dated 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 completion of the transaction, the senior vice president owned 461,014 shares in the company, valued at $18,740,219.10. This trade represents a 5.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Frank Klein sold 100,000 shares of the firm's stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $72.95, for a total transaction of $7,295,000.00. Following the completion of the sale, the insider owned 1,169,487 shares of the company's stock, valued at $85,314,076.65. This trade represents a 7.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 4,306,150 shares of company stock valued at $271,865,732 over the last three months. 11.90% of the stock is currently owned by corporate insiders.

Rocket Lab Trading Down 3.3%

Shares of Rocket Lab stock opened at $85.68 on Friday. The firm has a market cap of $45.77 billion, a price-to-earnings ratio of -225.47 and a beta of 2.16. Rocket Lab Corporation has a 52-week low of $14.71 and a 52-week high of $99.58. The company's 50-day simple moving average is $69.11 and its 200-day simple moving average is $57.26. The company has a quick ratio of 2.83, a current ratio of 3.18 and a debt-to-equity ratio of 0.32.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its quarterly earnings data on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.02. The company had revenue of $155.08 million for the quarter, compared to analyst estimates of $152.45 million. Rocket Lab had a negative return on equity of 27.26% and a negative net margin of 35.64%.The firm's revenue for the quarter was up 48.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.10) EPS. As a group, equities research analysts anticipate that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Analysts Set New Price Targets

RKLB has been the subject of several research analyst reports. Morgan Stanley raised Rocket Lab from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $67.00 to $105.00 in a report on Friday, January 16th. Stifel Nicolaus raised their price objective on shares of Rocket Lab from $75.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, December 22nd. Bank of America upped their target price on shares of Rocket Lab from $60.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, January 20th. Robert W. Baird upgraded shares of Rocket Lab to a "strong-buy" rating in a research note on Thursday, October 16th. Finally, Wall Street Zen upgraded Rocket Lab from a "sell" rating to a "hold" rating in a research report on Saturday, January 3rd. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target 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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