Vanguard Group Inc. Boosts Stake in Rocket Lab Corporation (NASDAQ:RKLB)

Vanguard Group Inc. raised its position in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 10.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,029,546 shares of the rocket manufacturer's stock after buying an additional 3,833,969 shares during the quarter. Vanguard Group Inc. owned about 8.83% of Rocket Lab worth $715,728,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its stake 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 buying an additional 696 shares in the last quarter. FMR LLC grew its position in 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 acquiring an additional 3,684,195 shares in the last quarter. Cerity Partners LLC grew its position in Rocket Lab by 8.3% in the fourth quarter. Cerity Partners LLC now owns 22,696 shares of the rocket manufacturer's stock worth $532,000 after acquiring an additional 1,742 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Rocket Lab by 41.1% in the 4th quarter. Invesco Ltd. now owns 2,394,732 shares of the rocket manufacturer's stock worth $60,994,000 after purchasing an additional 697,574 shares during the period. Finally, Advisory Services Network LLC boosted its holdings in shares of Rocket Lab by 46.2% in the 4th quarter. Advisory Services Network LLC now owns 18,969 shares of the rocket manufacturer's stock worth $483,000 after purchasing an additional 5,991 shares during the period. Hedge funds and other institutional investors own 71.78% of the company's stock.

Insider Transactions at Rocket Lab

In other Rocket Lab news, insider Frank Klein sold 2,546 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $30.00, for a total value of $76,380.00. Following the completion of the sale, the insider directly owned 1,365,826 shares in the company, valued at approximately $40,974,780. This represents a 0.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Ocko sold 820,000 shares of the company's 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 completion of the sale, the director owned 1,083,053 shares of the company's stock, valued at $28,170,208.53. This represents a 43.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,130,995 shares of company stock worth $29,686,039 over the last three months. Company insiders own 11.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on RKLB shares. Bank of America lifted their target price on Rocket Lab from $30.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Needham & Company LLC reaffirmed a "buy" rating and set a $55.00 price objective (up from $45.00) on shares of Rocket Lab in a research note on Friday, August 8th. Citigroup reaffirmed a "buy" rating and set a $50.00 price target (up from $33.00) on shares of Rocket Lab in a research note on Monday, July 14th. Cantor Fitzgerald lifted their price target on shares of Rocket Lab from $35.00 to $54.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Finally, KeyCorp lifted their price target on shares of Rocket Lab from $40.00 to $50.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Five investment 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 stock. According to data from MarketBeat.com, Rocket Lab presently has an average rating of "Moderate Buy" and an average price target of $42.27.

Rocket Lab Trading Down 1.0%

Shares of RKLB traded down $0.43 during trading hours on Wednesday, reaching $43.00. 14,402,769 shares of the company traded hands, compared to its average volume of 21,231,916. The firm has a market cap of $19.84 billion, a price-to-earnings ratio of -95.56 and a beta of 2.17. The company has a current ratio of 2.67, a quick ratio of 1.72 and a debt-to-equity ratio of 0.60. Rocket Lab Corporation has a 12-month low of $5.16 and a 12-month high of $53.44. The stock's fifty day moving average price is $38.58 and its 200 day moving average price is $28.12.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The rocket manufacturer reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.06). The company had revenue of $144.50 million during the quarter, compared to analysts' expectations of $135.42 million. Rocket Lab had a negative net margin of 45.87% and a negative return on equity of 48.14%. Rocket Lab's quarterly revenue was up 35.9% on a year-over-year basis. During the same period last year, the firm earned ($0.08) earnings per share. Sell-side analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

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.