Revere Asset Management Inc Makes New $6.92 Million Investment in Rocket Lab Corporation $RKLB

Revere Asset Management Inc bought a new position in Rocket Lab Corporation (NASDAQ:RKLB) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 99,169 shares of the rocket manufacturer’s stock, valued at approximately $6,918,000. Rocket Lab comprises about 2.4% of Revere Asset Management Inc’s investment portfolio, making the stock its 10th largest position.

Several other institutional investors and hedge funds have also recently bought and sold shares of RKLB. AQR Capital Management LLC grew its position in Rocket Lab by 114.0% in the 1st quarter. AQR Capital Management LLC now owns 174,308 shares of the rocket manufacturer’s stock worth $3,117,000 after purchasing an additional 92,849 shares during the last quarter. NewEdge Advisors LLC grew its position in Rocket Lab by 1,812.1% in the 1st quarter. NewEdge Advisors LLC now owns 36,807 shares of the rocket manufacturer’s stock worth $658,000 after purchasing an additional 34,882 shares during the last quarter. Jones Financial Companies Lllp grew its position in Rocket Lab by 53.8% in the 1st quarter. Jones Financial Companies Lllp now owns 15,745 shares of the rocket manufacturer’s stock worth $282,000 after purchasing an additional 5,507 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Rocket Lab by 13.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 773,548 shares of the rocket manufacturer’s stock worth $13,831,000 after purchasing an additional 90,758 shares during the last quarter. Finally, Focus Partners Wealth grew its position in Rocket Lab by 1.0% in the 1st quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer’s stock worth $1,206,000 after purchasing an additional 681 shares during the last quarter. Institutional investors own 71.78% of the company’s stock.

Insiders Place Their Bets

In other news, insider Frank Klein sold 44,482 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total value of $3,095,502.38. Following the completion of the transaction, the insider directly owned 1,125,005 shares in the company, valued at $78,289,097.95. This trade represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Peter Beck sold 18,857 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total transaction of $1,312,258.63. Following the sale, the chief executive officer directly owned 884,085 shares of the company’s stock, valued at approximately $61,523,475.15. This represents a 2.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 333,449 shares of company stock valued at $28,295,233. 8.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

RKLB has been the subject of several recent analyst reports. Craig Hallum upgraded shares of Rocket Lab from a “hold” rating to a “buy” rating and set a $98.00 target price for the company in a research report on Friday, May 8th. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 target price on shares of Rocket Lab in a research report on Friday, March 13th. BTIG Research restated a “hold” rating on shares of Rocket Lab in a research report on Tuesday, May 12th. Zacks Research cut shares of Rocket Lab from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Finally, TD Cowen increased their price objective on shares of Rocket Lab from $90.00 to $120.00 and gave the company a “buy” rating in a report on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $97.19.

Rocket Lab Stock Performance

Rocket Lab stock opened at $135.76 on Tuesday. The firm has a 50 day simple moving average of $86.19 and a 200-day simple moving average of $73.80. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.47 and a quick ratio of 4.02. The stock has a market capitalization of $78.57 billion, a PE ratio of -424.25 and a beta of 2.30. Rocket Lab Corporation has a 12-month low of $24.67 and a 12-month high of $139.76.

Rocket Lab (NASDAQ:RKLB) last posted its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.07). The business had revenue of $200.35 million during the quarter, compared to analysts’ expectations of $189.65 million. Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The business’s revenue was up 63.4% on a year-over-year basis. During the same period last year, the firm posted ($0.12) earnings per share. As a group, equities research analysts expect that Rocket Lab Corporation will post -0.29 EPS for the current fiscal year.

About Rocket Lab

Rocket Lab is an aerospace company that provides launch services, spacecraft, and space systems for commercial and government customers. The company’s primary launch vehicle is Electron, a small-lift orbital rocket designed to deploy small satellites and rideshare payloads to low Earth orbit. Rocket Lab also develops and manufactures the Rutherford engine, noted for its electric-pump-fed design and additive-manufactured components, which powers Electron and supports the company’s propulsion capabilities.