Truist Financial Corp Has $1.27 Million Stock Holdings in Rocket Lab Corporation $RKLB

Key Points

• Truist Financial Corp increased its Rocket Lab stake by 35.4% in the fourth quarter, ending with 18,185 shares valued at about $1.27 million.
• Institutional interest in Rocket Lab remains strong, with several other hedge funds and investors adding positions and institutions now owning 71.78% of the stock.
• Analysts are mixed but mostly constructive on RKLB: the consensus rating is Moderate Buy with an average price target of $97.19, while recent updates reflect both bullish and cautious views.

Truist Financial Corp grew its stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 35.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,185 shares of the rocket manufacturer's stock after buying an additional 4,758 shares during the period. Truist Financial Corp's holdings in Rocket Lab were worth $1,269,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. KPP Advisory Services LLC acquired a new stake in Rocket Lab during the fourth quarter worth approximately $922,000. Pittenger & Anderson Inc. acquired a new stake in Rocket Lab during the fourth quarter worth approximately $484,000. Caisse Des Depots ET Consignations acquired a new stake in Rocket Lab during the fourth quarter worth approximately $805,000. Horizon Investments LLC acquired a new stake in Rocket Lab during the fourth quarter worth approximately $114,000. Finally, Fifth Third Bancorp grew its stake in Rocket Lab by 1,891.3% during the fourth quarter. Fifth Third Bancorp now owns 1,374 shares of the rocket manufacturer's stock worth $96,000 after purchasing an additional 1,305 shares during the period. Institutional investors and hedge funds own 71.78% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on RKLB shares. Stifel Nicolaus reiterated a "buy" rating and issued a $105.00 price target (up from $90.00) on shares of Rocket Lab in a report on Monday, April 20th. Zacks Research cut Rocket Lab from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 10th. Roth Mkm raised their price objective on Rocket Lab from $90.00 to $100.00 and gave the company a "buy" rating in a research note on Friday, April 17th. Weiss Ratings reissued a "sell (d-)" rating on shares of Rocket Lab in a research note on Tuesday, April 21st. Finally, Wells Fargo & Company began coverage on Rocket Lab in a research note on Wednesday, April 1st. They issued an "equal weight" rating and a $60.00 price objective for the company. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $97.19.

Rocket Lab News Summary

Here are the key news stories impacting Rocket Lab this week:

• Positive Sentiment: Investors are still reacting to Rocket Lab’s Q1 earnings beat, with revenue up 63% year over year to about $200.4 million and a backlog of $2.2 billion, reinforcing confidence in the company’s growth trajectory. Why Rocket Lab Stock Is Rocketing Higher This Week
• Positive Sentiment: Analyst sentiment has improved after the report, including a higher price target from Deutsche Bank and additional bullish commentary that suggests Wall Street sees more upside if execution stays strong. Why Rocket Lab Stock Is Rocketing Higher This Week
• Positive Sentiment: Momentum is also being fueled by optimism around Rocket Lab’s Neutron rocket program, which investors see as a potential catalyst for expansion into a larger launch market later this year. Rocket Lab Stock Is Getting a Major Lift. Investors Are Betting on Its Neutron Launch Later This Year.
• Positive Sentiment: New contract wins and defense-related expansion, including work tied to missile defense and hypersonics, are helping investors view Rocket Lab as more than just a small-satellite launch company. Rocket Lab Targets Missile Defense and Golden Dome as Its Next Growth Market
• Neutral Sentiment: Some investors are also watching the recent insider selling by director Alexander Slusky, which may weigh on sentiment at these elevated levels but does not change the company’s operating story. Director Alexander R. Slusky transaction filing

Rocket Lab Stock Performance

Shares of Rocket Lab stock opened at $124.77 on Friday. The business's fifty day simple moving average is $78.81 and its 200 day simple moving average is $70.82. The firm has a market capitalization of $71.05 billion, a P/E ratio of -389.91 and a beta of 2.30. Rocket Lab Corporation has a 12 month low of $23.92 and a 12 month high of $133.18. The company has a current ratio of 4.47, a quick ratio of 4.02 and a debt-to-equity ratio of 0.02.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, hitting analysts' consensus estimates of ($0.07). The business had revenue of $200.35 million for the quarter, compared to analyst estimates of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.Rocket Lab's quarterly revenue was up 63.4% compared to the same quarter last year. During the same period last year, the company posted ($0.12) earnings per share. As a group, analysts anticipate that Rocket Lab Corporation will post -0.22 EPS for the current year.

Insider Transactions at Rocket Lab

In other Rocket Lab news, insider Frank Klein sold 36,768 shares of the business's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $71.95, for a total value of $2,645,457.60. Following the sale, the insider directly owned 1,088,237 shares in the company, valued at $78,298,652.15. The trade was a 3.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Peter Beck sold 18,857 shares of the business's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total value of $1,312,258.63. Following the completion of the sale, the chief executive officer owned 884,085 shares in the company, valued at approximately $61,523,475.15. The trade was a 2.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 333,449 shares of company stock valued at $28,295,233. 8.40% of the stock is currently owned by insiders.

Rocket Lab Company 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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