Rocket Lab Corporation $RKLB Shares Bought by Penserra Capital Management LLC

Penserra Capital Management LLC raised its stake in Rocket Lab Corporation (NASDAQ:RKLB) by 47.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 207,628 shares of the rocket manufacturer’s stock after buying an additional 66,722 shares during the quarter. Penserra Capital Management LLC’s holdings in Rocket Lab were worth $7,426,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Spectrum Wealth Counsel LLC boosted its position in shares of Rocket Lab by 100.0% during the 1st quarter. Spectrum Wealth Counsel LLC now owns 2,000 shares of the rocket manufacturer’s stock valued at $36,000 after acquiring an additional 1,000 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new position in Rocket Lab during the second quarter worth about $36,000. ORG Partners LLC boosted its holdings in Rocket Lab by 491.9% in the 2nd quarter. ORG Partners LLC now owns 1,095 shares of the rocket manufacturer’s stock valued at $38,000 after purchasing an additional 910 shares during the last quarter. Golden State Wealth Management LLC boosted its holdings in Rocket Lab by 3,250.0% in the 2nd quarter. Golden State Wealth Management LLC now owns 1,340 shares of the rocket manufacturer’s stock valued at $48,000 after purchasing an additional 1,300 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Rocket Lab by 36.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,518 shares of the rocket manufacturer’s stock valued at $54,000 after buying an additional 405 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on RKLB shares. Stifel Nicolaus lifted their price target on shares of Rocket Lab from $34.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, August 5th. KeyCorp upped their price target on Rocket Lab from $50.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, October 17th. Needham & Company LLC reiterated a “buy” rating and set a $55.00 price target on shares of Rocket Lab in a report on Wednesday, September 3rd. Bank of America boosted their price objective on shares of Rocket Lab from $30.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, July 16th. Finally, Morgan Stanley increased their target price on shares of Rocket Lab from $20.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Monday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rocket Lab currently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Insiders Place Their Bets

In related news, CFO Adam C. Spice sold 874,588 shares of Rocket Lab stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $48.01, for a total value of $41,988,969.88. Following the completion of the transaction, the chief financial officer owned 2,057,889 shares in the company, valued at approximately $98,799,250.89. The trade was a 29.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Peter Beck sold 1,436,442 shares of the company’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $48.75, for a total transaction of $70,026,547.50. Following the sale, the chief executive officer directly owned 2,500,000 shares in the company, valued at approximately $121,875,000. The trade was a 36.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 5,406,361 shares of company stock valued at $267,483,973. 11.90% of the stock is owned by company insiders.

Rocket Lab Price Performance

RKLB stock opened at $51.64 on Friday. The business’s fifty day moving average price is $55.63 and its 200 day moving average price is $41.95. Rocket Lab Corporation has a 12-month low of $12.90 and a 12-month high of $73.97. The company has a current ratio of 2.67, a quick ratio of 2.33 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $24.99 billion, a PE ratio of -114.76 and a beta of 2.16.

Rocket Lab (NASDAQ:RKLB) last released its 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). The firm had revenue of $144.50 million during the quarter, compared to analyst estimates of $135.42 million. Rocket Lab had a negative net margin of 45.87% and a negative return on equity of 48.14%. The business’s revenue was up 35.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.08) earnings per share. On average, sell-side analysts anticipate that Rocket Lab Corporation will post -0.38 EPS for the current 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.