Wellington Shields & Co. LLC Has $4.02 Million Position in Rocket Lab Corporation $RKLB

Key Points

• Wellington Shields & Co. cut its Rocket Lab stake by 20.7% in the fourth quarter, but still held 57,643 shares worth about $4.02 million, making RKLB its 19th-largest position.
• Analysts remain broadly optimistic: several firms recently raised price targets and kept Buy ratings, with Rocket Lab carrying an overall consensus of “Moderate Buy” and an average target of $97.19.
• Rocket Lab reported Q1 revenue of $200.35 million, topping estimates and rising 63.4% year over year, while EPS of -$0.07 matched expectations; meanwhile, insider selling has been notable, including sales by CEO Peter Beck and Frank Klein.

Wellington Shields & Co. LLC lowered its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 20.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,643 shares of the rocket manufacturer's stock after selling 15,013 shares during the quarter. Rocket Lab accounts for about 1.0% of Wellington Shields & Co. LLC's portfolio, making the stock its 19th biggest position. Wellington Shields & Co. LLC's holdings in Rocket Lab were worth $4,021,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Rocket Lab by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer's stock worth $3,308,033,000 after purchasing an additional 5,610,469 shares during the period. Baillie Gifford & Co. raised its position in shares of Rocket Lab by 47.2% during the fourth quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer's stock worth $1,245,317,000 after purchasing an additional 5,725,536 shares during the period. Capital World Investors raised its position in shares of Rocket Lab by 9.4% during the third quarter. Capital World Investors now owns 14,462,103 shares of the rocket manufacturer's stock worth $692,879,000 after purchasing an additional 1,242,547 shares during the period. State Street Corp raised its position in shares of Rocket Lab by 13.6% during the third quarter. State Street Corp now owns 12,399,571 shares of the rocket manufacturer's stock worth $594,063,000 after purchasing an additional 1,487,237 shares during the period. Finally, ARK Investment Management LLC raised its position in shares of Rocket Lab by 0.7% during the third quarter. ARK Investment Management LLC now owns 2,486,795 shares of the rocket manufacturer's stock worth $119,142,000 after purchasing an additional 16,329 shares during the period. Institutional investors and hedge funds own 71.78% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RKLB. Stifel Nicolaus reaffirmed a "buy" rating and set a $105.00 price target (up from $90.00) on shares of Rocket Lab in a research report on Monday, April 20th. New Street Research began coverage on Rocket Lab in a research report on Wednesday, May 13th. They set a "buy" rating and a $150.00 price target on the stock. Needham & Company LLC raised their price target on Rocket Lab from $95.00 to $120.00 and gave the stock a "buy" rating in a research report on Monday, May 11th. Roth Mkm raised their price target on Rocket Lab from $90.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Finally, Wall Street Zen raised Rocket Lab from a "sell" rating to a "hold" rating in a research report on Sunday, February 8th. Three research 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 assigned a Sell rating to the stock. According to MarketBeat.com, Rocket Lab has an average rating of "Moderate Buy" and an average price target of $97.19.

Insiders Place Their Bets

In related news, CEO Peter Beck sold 18,857 shares of Rocket Lab stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total value of $1,312,258.63. Following the sale, the chief executive officer owned 884,085 shares of the company's stock, valued at approximately $61,523,475.15. This trade represents a 2.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Frank Klein sold 36,768 shares of Rocket Lab stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total value of $2,645,457.60. Following the completion of the sale, the insider directly owned 1,088,237 shares in the company, valued at approximately $78,298,652.15. This represents a 3.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 333,449 shares of company stock worth $28,295,233 in the last 90 days. Company insiders own 8.40% of the company's stock.

Rocket Lab Price Performance

Shares of Rocket Lab stock opened at $135.76 on Tuesday. The business's 50 day simple moving average is $86.19 and its 200 day simple moving average is $73.80. Rocket Lab Corporation has a 52-week low of $24.67 and a 52-week high of $139.76. The firm has a market cap of $78.57 billion, a PE ratio of -424.25 and a beta of 2.30. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.02 and a current ratio of 4.47.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.07). Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The business had revenue of $200.35 million for the quarter, compared to analyst estimates of $189.65 million. During the same quarter last year, the firm earned ($0.12) EPS. Rocket Lab's revenue for the quarter was up 63.4% compared to the same quarter last year. On average, analysts predict that Rocket Lab Corporation will post -0.29 earnings per share for the current fiscal year.

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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