Van ECK Associates Corp Raises Stock Holdings in Rocket Lab Corporation $RKLB

Van ECK Associates Corp boosted its position in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 35.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 625,827 shares of the rocket manufacturer’s stock after acquiring an additional 164,092 shares during the quarter. Van ECK Associates Corp’s holdings in Rocket Lab were worth $29,983,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB purchased a new position in shares of Rocket Lab in the third quarter valued at about $25,000. Hara Capital LLC purchased a new stake in shares of Rocket Lab during the third quarter worth about $25,000. UMB Bank n.a. grew its stake in shares of Rocket Lab by 352.5% in the third quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock worth $26,000 after purchasing an additional 423 shares during the last quarter. Sound Income Strategies LLC bought a new stake in shares of Rocket Lab in the third quarter worth about $27,000. Finally, EverSource Wealth Advisors LLC increased its holdings in Rocket Lab by 109.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock valued at $28,000 after purchasing an additional 416 shares during the period. Institutional investors own 71.78% of the company’s stock.

Rocket Lab Stock Up 4.4%

Shares of NASDAQ:RKLB opened at $71.96 on Thursday. The firm has a market capitalization of $38.44 billion, a P/E ratio of -194.48 and a beta of 2.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.61 and a current ratio of 4.08. The stock has a 50 day moving average price of $77.64 and a 200-day moving average price of $62.68. Rocket Lab Corporation has a 52-week low of $14.71 and a 52-week high of $99.58.

Insiders Place Their Bets

In related news, Director Merline Saintil sold 96,000 shares of Rocket Lab stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $86.58, for a total transaction of $8,311,680.00. Following the completion of the transaction, the director directly owned 292,529 shares of the company’s stock, valued at $25,327,160.82. This trade represents a 24.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Arjun Kampani sold 28,761 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $69.59, for a total transaction of $2,001,477.99. Following the completion of the sale, the senior vice president owned 421,699 shares in the company, valued at approximately $29,346,033.41. This trade represents a 6.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 4,362,428 shares of company stock valued at $281,055,579 in the last 90 days. Corporate insiders own 11.90% of the company’s stock.

Wall Street Analysts Forecast Growth

RKLB has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rocket Lab in a research report on Thursday, January 22nd. Needham & Company LLC decreased their target price on Rocket Lab from $110.00 to $95.00 and set a “buy” rating for the company in a report on Friday, February 27th. The Goldman Sachs Group lifted their price target on shares of Rocket Lab from $47.00 to $69.00 and gave the company a “neutral” rating in a report on Tuesday, January 20th. TD Cowen reissued a “buy” rating on shares of Rocket Lab in a research report on Thursday, January 22nd. Finally, Cantor Fitzgerald upped their price objective on shares of Rocket Lab from $72.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $75.92.

Rocket Lab 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.