Zevenbergen Capital Investments LLC Purchases New Position in Rocket Lab Corporation (NASDAQ:RKLB)

Key Points

• Zevenbergen Capital Investments LLC has acquired a new position in Rocket Lab Corporation, purchasing 169,630 shares valued at approximately $3.03 million.
• Multiple institutional investors have increased their stakes, with Vanguard Group Inc. leading by raising its position by 10.6%, now owning over 40 million shares valued at $715.7 million.
• Rocket Lab's stock opened at $44.69, and despite a revenue increase of 35.9% year-over-year, it reported a net loss of ($0.13) earnings per share for the last quarter.

Zevenbergen Capital Investments LLC purchased a new stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm purchased 169,630 shares of the rocket manufacturer's stock, valued at approximately $3,033,000.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Rocket Lab by 10.6% in the 1st quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer's stock valued at $715,728,000 after buying an additional 3,833,969 shares in the last quarter. Invesco Ltd. boosted its stake in Rocket Lab by 56.1% in the 1st quarter. Invesco Ltd. now owns 3,738,250 shares of the rocket manufacturer's stock worth $66,840,000 after purchasing an additional 1,343,518 shares in the last quarter. FMR LLC boosted its stake in Rocket Lab by 30,853.3% in the 4th quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer's stock worth $94,141,000 after purchasing an additional 3,684,195 shares in the last quarter. Northern Trust Corp boosted its stake in Rocket Lab by 9.5% in the 4th quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer's stock worth $82,207,000 after purchasing an additional 281,339 shares in the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in Rocket Lab in the 4th quarter worth approximately $72,623,000. 71.78% of the stock is currently owned by institutional investors.

Rocket Lab Stock Performance

Shares of NASDAQ:RKLB traded down $1.59 during midday trading on Tuesday, reaching $43.43. The company's stock had a trading volume of 20,823,408 shares, compared to its average volume of 20,038,051. The firm has a market capitalization of $20.04 billion, a PE ratio of -96.51 and a beta of 2.17. Rocket Lab Corporation has a twelve month low of $5.03 and a twelve month high of $53.44. The stock has a fifty day moving average of $37.92 and a 200 day moving average of $27.91. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97.

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 for the quarter, missing analysts' consensus estimates of ($0.07) by ($0.06). The business had revenue of $144.50 million during the quarter, compared to analyst estimates of $135.42 million. Rocket Lab had a negative return on equity of 56.25% and a negative net margin of 45.87%. The firm's revenue was up 35.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.08) EPS. On average, equities analysts expect that Rocket Lab Corporation will post -0.38 EPS for the current fiscal year.

Insider Activity

In related news, Director Merline Saintil sold 6,353 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $29.41, for a total value of $186,841.73. Following the completion of the transaction, the director directly owned 425,922 shares in the company, valued at $12,526,366.02. The trade was a 1.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Frank Klein sold 44,885 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $26.66, for a total transaction of $1,196,634.10. Following the completion of the transaction, the insider owned 1,370,190 shares of the company's stock, valued at approximately $36,529,265.40. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,130,995 shares of company stock valued at $29,686,039. 11.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Citigroup reiterated a "buy" rating and issued a $50.00 target price (up from $33.00) on shares of Rocket Lab in a research note on Monday, July 14th. Roth Capital raised their target price on Rocket Lab from $25.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Needham & Company LLC restated a "buy" rating and issued a $55.00 target price (up previously from $45.00) on shares of Rocket Lab in a research note on Friday. Stifel Nicolaus raised their target price on Rocket Lab from $34.00 to $55.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, Bank of America raised their target price on Rocket Lab from $30.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Rocket Lab currently has an average rating of "Moderate Buy" and an average price target of $42.27.

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.