Firsthand Capital Management Inc. Has $4.19 Million Holdings in Rocket Lab Corporation $RKLB

Firsthand Capital Management Inc. trimmed its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 14.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 60,000 shares of the rocket manufacturer’s stock after selling 10,000 shares during the period. Rocket Lab comprises about 7.8% of Firsthand Capital Management Inc.’s holdings, making the stock its 4th biggest holding. Firsthand Capital Management Inc.’s holdings in Rocket Lab were worth $4,186,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Baillie Gifford & Co. lifted its stake in Rocket Lab by 47.2% in the 4th quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer’s stock worth $1,245,317,000 after acquiring an additional 5,725,536 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Rocket Lab by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock valued at $3,308,033,000 after acquiring an additional 5,610,469 shares during the last quarter. Norges Bank acquired a new position in shares of Rocket Lab during the 4th quarter valued at about $341,036,000. Alliancebernstein L.P. increased its holdings in shares of Rocket Lab by 818.8% during the 3rd quarter. Alliancebernstein L.P. now owns 2,190,132 shares of the rocket manufacturer’s stock valued at $104,929,000 after acquiring an additional 1,951,755 shares during the last quarter. Finally, Capital World Investors increased its position in Rocket Lab by 12.0% in the 4th quarter. Capital World Investors now owns 16,200,726 shares of the rocket manufacturer’s stock worth $1,130,172,000 after buying an additional 1,738,623 shares during the period. 71.78% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rocket Lab

In other news, insider Marvin Bradford Clevenger sold 15,549 shares of Rocket Lab stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $142.57, for a total transaction of $2,216,820.93. Following the transaction, the insider owned 477,475 shares in the company, valued at $68,073,610.75. The trade was a 3.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alexander R. Slusky sold 100,000 shares of Rocket Lab stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $118.08, for a total value of $11,808,000.00. Following the transaction, the director owned 434,675 shares in the company, valued at $51,326,424. This trade represents a 18.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 485,515 shares of company stock worth $66,909,882 over the last three months. Company insiders own 8.40% of the company’s stock.

Rocket Lab Trading Down 10.8%

NASDAQ RKLB opened at $102.39 on Friday. The stock has a 50-day simple moving average of $101.62 and a 200 day simple moving average of $81.03. The company has a market capitalization of $59.26 billion, a PE ratio of -319.97 and a beta of 2.49. The company has a current ratio of 4.47, a quick ratio of 4.02 and a debt-to-equity ratio of 0.02. Rocket Lab Corporation has a 12 month low of $25.24 and a 12 month high of $151.00.

Rocket Lab (NASDAQ:RKLB) last announced its quarterly earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.07). Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The company had revenue of $200.35 million during the quarter, compared to the consensus estimate of $189.65 million. During the same period in the prior year, the company earned ($0.12) earnings per share. The company’s revenue for the quarter was up 63.4% compared to the same quarter last year. Research analysts forecast that Rocket Lab Corporation will post -0.29 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on RKLB shares. TD Cowen lifted their price objective on Rocket Lab from $90.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, May 8th. BTIG Research reaffirmed a “hold” rating on shares of Rocket Lab in a research note on Tuesday, May 12th. Needham & Company LLC lifted their price objective on Rocket Lab from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Craig Hallum upgraded Rocket Lab from a “hold” rating to a “buy” rating and set a $98.00 price objective for the company in a research report on Friday, May 8th. Finally, Citigroup restated an “outperform” rating on shares of Rocket Lab in a research report on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Rocket Lab presently has a consensus rating of “Moderate Buy” and an average target price of $99.24.

Key Stories Impacting Rocket Lab

Here are the key news stories impacting Rocket Lab this week:

• Positive Sentiment: Rocket Lab announced that it will join the Nasdaq-100 Index, effective June 22. That inclusion is a bullish technical and sentiment driver because it can increase visibility, attract index-tracking funds, and broaden institutional demand. Rocket Lab To Join The Nasdaq-100 Index
• Positive Sentiment: Several reports note that RKLB is benefiting from a “halo trade” in space stocks tied to SpaceX’s historic public debut, with traders rotating into space-related names as the industry gets more attention. Why Rocket Lab (RKLB) Stock Is Up Today
• Positive Sentiment: Rocket Lab’s recent business momentum also supports the stock, with Q1 revenue up 63.4% year over year to $200.35 million and results beating revenue estimates, reinforcing the growth story behind the company. Rocket Lab To Join The Nasdaq-100 Index
• Neutral Sentiment: Commentary from analysts and media has turned more upbeat on the stock, but much of the move appears to be driven by index inclusion and sector momentum rather than a new operating update. Space Stock Rocket Lab and 4 Others Are Joining the Nasdaq 100
• Negative Sentiment: Near-term volatility could stay elevated because the stock has also been caught in broader space-stock swings around SpaceX’s debut, and some traders are treating the group as a relative-value trade rather than a pure Rocket Lab fundamental story. Virgin Galactic Craters 24%, Rocket Lab Drops 8%, AST SpaceMobile Falls 10% as SpaceX Hype Triggers a Space-Stock Shakeout

Rocket Lab Company Profile

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.