Absolute Gestao de Investimentos Ltda. Invests $179,000 in Rocket Lab Corporation $RKLB

Absolute Gestao de Investimentos Ltda. acquired a new position in Rocket Lab Corporation (NASDAQ:RKLB) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 10,000 shares of the rocket manufacturer’s stock, valued at approximately $179,000.

Other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP acquired a new stake in shares of Rocket Lab in the 4th quarter worth $17,261,000. SG Americas Securities LLC boosted its position in shares of Rocket Lab by 2,186.7% in the 1st quarter. SG Americas Securities LLC now owns 353,522 shares of the rocket manufacturer’s stock worth $6,321,000 after purchasing an additional 338,062 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Rocket Lab by 52.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 58,652 shares of the rocket manufacturer’s stock worth $1,049,000 after purchasing an additional 20,076 shares in the last quarter. Smith Anglin Financial LLC boosted its position in shares of Rocket Lab by 132.1% in the 1st quarter. Smith Anglin Financial LLC now owns 27,261 shares of the rocket manufacturer’s stock worth $487,000 after purchasing an additional 15,515 shares in the last quarter. Finally, Mizuho Markets Americas LLC lifted its position in Rocket Lab by 155.7% during the 1st quarter. Mizuho Markets Americas LLC now owns 785,471 shares of the rocket manufacturer’s stock worth $14,044,000 after acquiring an additional 478,333 shares during the period. Institutional investors and hedge funds own 71.78% of the company’s stock.

Insiders Place Their Bets

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

Rocket Lab Stock Performance

Shares of RKLB stock opened at $44.27 on Monday. The stock has a market cap of $21.22 billion, a PE ratio of -98.38 and a beta of 2.17. The business has a 50-day simple moving average of $39.21 and a 200-day simple moving average of $28.31. The company has a quick ratio of 2.33, a current ratio of 2.67 and a debt-to-equity ratio of 0.60. Rocket Lab Corporation has a 52-week low of $5.74 and a 52-week high of $53.44.

Rocket Lab (NASDAQ:RKLB) last announced its quarterly earnings results on Thursday, August 7th. The rocket manufacturer reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.06). Rocket Lab had a negative net margin of 45.87% and a negative return on equity of 48.14%. The business had revenue of $144.50 million during the quarter, compared to analysts’ expectations of $135.42 million. During the same quarter in the prior year, the firm earned ($0.08) EPS. Rocket Lab’s revenue for the quarter was up 35.9% on a year-over-year basis. On average, equities analysts expect that Rocket Lab Corporation will post -0.38 EPS for the current year.

Analysts Set New Price Targets

RKLB has been the subject of a number of research reports. Stifel Nicolaus lifted their price target on Rocket Lab from $34.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price target (up previously from $45.00) on shares of Rocket Lab in a research report on Friday, August 8th. KeyCorp lifted their price target on Rocket Lab from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Craig Hallum initiated coverage on Rocket Lab in a research report on Monday, July 28th. They set a “hold” rating and a $51.00 price target for the company. Finally, Bank of America lifted their price target on Rocket Lab from $30.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, July 16th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rocket Lab presently has a consensus rating of “Moderate Buy” and an average target price of $42.27.

Rocket Lab 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.