Rocket Lab Corporation (NASDAQ:RKLB) Stock Position Lifted by Woodley Farra Manion Portfolio Management Inc.

Key Points

• Woodley Farra Manion Portfolio Management Inc. increased its holdings in Rocket Lab Corporation by 22.8%, acquiring an additional 17,500 shares during the first quarter, totaling 94,100 shares valued at approximately $1.68 million.
• Several institutional investors have made significant changes to their positions in Rocket Lab, with Sei Investments Co. raising its stake by 167.2%, and LPL Financial LLC increasing theirs by 89.7% during the fourth quarter.
• Analysts have issued mixed ratings for Rocket Lab, with five analysts rating a hold, seven a buy, and one a strong buy, leading to an average price target of $35.64.

Woodley Farra Manion Portfolio Management Inc. raised its holdings in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 22.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 94,100 shares of the rocket manufacturer's stock after acquiring an additional 17,500 shares during the quarter. Woodley Farra Manion Portfolio Management Inc.'s holdings in Rocket Lab were worth $1,683,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of RKLB. Sei Investments Co. increased its position in shares of Rocket Lab by 167.2% in the fourth quarter. Sei Investments Co. now owns 53,584 shares of the rocket manufacturer's stock valued at $1,365,000 after buying an additional 33,531 shares in the last quarter. LPL Financial LLC increased its position in shares of Rocket Lab by 89.7% in the fourth quarter. LPL Financial LLC now owns 249,873 shares of the rocket manufacturer's stock valued at $6,364,000 after buying an additional 118,123 shares in the last quarter. Pictet Asset Management Holding SA increased its position in Rocket Lab by 26.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 42,834 shares of the rocket manufacturer's stock worth $1,091,000 after purchasing an additional 8,980 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Rocket Lab during the 4th quarter worth about $16,044,000. Finally, RWA Wealth Partners LLC purchased a new stake in Rocket Lab during the 4th quarter worth about $400,000. Institutional investors and hedge funds own 71.78% of the company's stock.

Insider Buying and Selling

In other Rocket Lab news, Director Matthew Ocko sold 820,000 shares of the 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 sale, the director directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Merline Saintil sold 6,353 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $33.38, for a total value of $212,063.14. Following the completion of the sale, the director directly owned 419,569 shares in the company, valued at $14,005,213.22. This represents a 1.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,130,995 shares of company stock valued at $29,686,039 over the last three months. Corporate insiders own 13.70% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Wells Fargo & Company dropped their price objective on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Bank of America lifted their price target on Rocket Lab from $30.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Citigroup restated a "buy" rating and issued a $50.00 price target (up previously from $33.00) on shares of Rocket Lab in a report on Monday, July 14th. Craig Hallum assumed coverage on Rocket Lab in a report on Monday. They issued a "hold" rating and a $51.00 price target for the company. Finally, KeyCorp lifted their price target on Rocket Lab from $29.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Five equities research 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 company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $35.64.

Rocket Lab Stock Down 2.4%

Shares of RKLB traded down $1.11 during trading on Friday, reaching $44.81. The company's stock had a trading volume of 16,521,867 shares, compared to its average volume of 20,060,477. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97. The company has a market cap of $20.68 billion, a price-to-earnings ratio of -112.03 and a beta of 2.15. Rocket Lab Corporation has a twelve month low of $4.20 and a twelve month high of $53.44. The company has a fifty day moving average of $35.46 and a two-hundred day moving average of $27.06.

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

About Rocket Lab

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.