Harbor Capital Advisors Inc. Increases Stock Position in Rocket Lab USA, Inc. (NASDAQ:RKLB)

Harbor Capital Advisors Inc. grew its holdings in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) by 25.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 118,237 shares of the rocket manufacturer’s stock after buying an additional 24,213 shares during the period. Harbor Capital Advisors Inc.’s holdings in Rocket Lab USA were worth $2,114,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP bought a new stake in Rocket Lab USA during the fourth quarter worth about $17,261,000. Van ECK Associates Corp lifted its holdings in shares of Rocket Lab USA by 26.9% during the fourth quarter. Van ECK Associates Corp now owns 166,369 shares of the rocket manufacturer’s stock valued at $4,237,000 after purchasing an additional 35,293 shares during the last quarter. AlphaCentric Advisors LLC boosted its position in shares of Rocket Lab USA by 66.7% in the 4th quarter. AlphaCentric Advisors LLC now owns 25,000 shares of the rocket manufacturer’s stock worth $637,000 after purchasing an additional 10,000 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of Rocket Lab USA in the 4th quarter worth approximately $288,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Rocket Lab USA in the 4th quarter worth approximately $5,748,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RKLB has been the subject of a number of recent research reports. Stifel Nicolaus lifted their price objective on Rocket Lab USA from $29.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, May 28th. Citigroup lowered their price target on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Friday, February 28th. TD Cowen raised shares of Rocket Lab USA to a “strong-buy” rating in a research report on Monday, February 24th. Needham & Company LLC lifted their target price on shares of Rocket Lab USA from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, May 28th. Finally, Cantor Fitzgerald upped their target price on shares of Rocket Lab USA from $29.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Rocket Lab USA has an average rating of “Moderate Buy” and an average target price of $26.18.

Rocket Lab USA Stock Performance

Shares of RKLB stock opened at $27.36 on Thursday. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The company has a 50 day moving average price of $23.20 and a 200-day moving average price of $23.77. Rocket Lab USA, Inc. has a 52 week low of $4.20 and a 52 week high of $33.34. The firm has a market capitalization of $12.41 billion, a PE ratio of -73.94 and a beta of 2.08.

Rocket Lab USA (NASDAQ:RKLB) last issued its 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 company had revenue of $122.57 million during the quarter, compared to analysts’ expectations of $120.74 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The company’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.09) EPS. As a group, equities research analysts expect that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at Rocket Lab USA

In other news, insider Arjun Kampani sold 5,194 shares of Rocket Lab USA stock in a transaction on Monday, June 9th. The shares were sold at an average price of $30.00, for a total transaction of $155,820.00. Following the transaction, the insider now owns 530,230 shares in the company, valued at $15,906,900. This trade represents a 0.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 sale, the insider now directly owns 1,370,190 shares of the company’s stock, valued at approximately $36,529,265.40. The trade was a 3.17% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 144,677 shares of company stock worth $3,517,479. 13.70% of the stock is owned by insiders.

About Rocket Lab USA

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.