Westfield Capital Management Co. LP Purchases 65,255 Shares of Rocket Lab Corporation (NASDAQ:RKLB)

Key Points

• Westfield Capital Management Co. LP increased its stake in Rocket Lab by 2.6% during Q1, acquiring an additional 65,255 shares for a total of 2,586,532 shares, valued at approximately $46.2 million.
• Multiple hedge funds are actively trading Rocket Lab's shares, with institutions now holding 71.78% of the company's stock, indicating significant institutional interest.
• Analysts have raised their price targets for Rocket Lab, with ratings varying from hold to strong buy, and an average target price of around $35.64, showcasing a positive outlook for the stock.

Westfield Capital Management Co. LP lifted its holdings in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 2.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,586,532 shares of the rocket manufacturer's stock after purchasing an additional 65,255 shares during the period. Westfield Capital Management Co. LP owned about 0.57% of Rocket Lab worth $46,247,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Versant Capital Management Inc boosted its holdings in shares of Rocket Lab by 118.1% in the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock worth $28,000 after buying an additional 860 shares during the period. MassMutual Private Wealth & Trust FSB acquired a new position in shares of Rocket Lab in the first quarter worth about $29,000. Farther Finance Advisors LLC boosted its holdings in shares of Rocket Lab by 181.1% in the first quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock worth $35,000 after buying an additional 1,226 shares during the period. Spectrum Wealth Counsel LLC boosted its holdings in shares of Rocket Lab by 100.0% in the first quarter. Spectrum Wealth Counsel LLC now owns 2,000 shares of the rocket manufacturer's stock worth $36,000 after buying an additional 1,000 shares during the period. Finally, Quarry LP acquired a new position in shares of Rocket Lab in the fourth quarter worth about $48,000. Institutional investors and hedge funds own 71.78% of the company's stock.

Insider Activity

In other news, Director Matthew Ocko sold 820,000 shares of Rocket Lab stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $26.01, for a total value of $21,328,200.00. Following the transaction, the director owned 1,083,053 shares of the company's stock, valued at $28,170,208.53. This trade 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 hyperlink. Also, Director Merline Saintil sold 6,353 shares of Rocket Lab stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $29.41, for a total transaction of $186,841.73. Following the completion of the transaction, the director directly owned 425,922 shares in the company, valued at approximately $12,526,366.02. This represents a 1.47% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,130,995 shares of company stock worth $29,686,039. 11.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms recently commented on RKLB. Cantor Fitzgerald restated an "overweight" rating and set a $35.00 price target on shares of Rocket Lab in a report on Monday, July 14th. Stifel Nicolaus raised their price target on shares of Rocket Lab from $34.00 to $55.00 and gave the stock a "buy" rating in a report on Tuesday. Citigroup restated a "buy" rating and set a $50.00 price target (up from $33.00) on shares of Rocket Lab in a report on Monday, July 14th. Craig Hallum began coverage on shares of Rocket Lab in a report on Monday, July 28th. They set a "hold" rating and a $51.00 price target for the company. Finally, Wells Fargo & Company decreased their price target on shares of Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Five 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, Rocket Lab presently has an average rating of "Moderate Buy" and an average target price of $37.55.

Rocket Lab Stock Up 0.5%

NASDAQ RKLB traded up $0.21 during trading on Tuesday, reaching $44.75. The company's stock had a trading volume of 10,887,288 shares, compared to its average volume of 21,621,306. The company has a current ratio of 2.08, a quick ratio of 1.72 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $20.65 billion, a PE ratio of -111.88 and a beta of 2.17. The business has a 50-day moving average price of $36.23 and a 200-day moving average price of $27.38. Rocket Lab Corporation has a 1-year low of $4.55 and a 1-year high of $53.44.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last posted its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The business had revenue of $122.57 million during the quarter, compared to analyst estimates of $120.74 million. During the same quarter last year, the firm earned ($0.09) earnings per share. Rocket Lab's revenue was up 32.1% compared to the same quarter last year. On average, research analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

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.