Empire Life Investments Inc. Has $7.23 Million Position in Rocket Lab Corporation $RKLB

Empire Life Investments Inc. grew its position in Rocket Lab Corporation (NASDAQ:RKLB) by 19.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 103,676 shares of the rocket manufacturer’s stock after buying an additional 16,964 shares during the period. Empire Life Investments Inc.’s holdings in Rocket Lab were worth $7,232,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Rocket Lab by 13.4% in 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 purchasing an additional 5,610,469 shares during the last quarter. Baillie Gifford & Co. increased its holdings in shares of Rocket Lab by 47.2% during 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 during the last quarter. Capital World Investors raised its stake in Rocket Lab by 9.4% in the 3rd quarter. Capital World Investors now owns 14,462,103 shares of the rocket manufacturer’s stock valued at $692,879,000 after acquiring an additional 1,242,547 shares during the period. State Street Corp lifted its holdings in Rocket Lab by 13.6% during the 3rd quarter. State Street Corp now owns 12,399,571 shares of the rocket manufacturer’s stock valued at $594,063,000 after purchasing an additional 1,487,237 shares during the last quarter. Finally, ARK Investment Management LLC increased its holdings in shares of Rocket Lab by 0.7% in the third quarter. ARK Investment Management LLC now owns 2,486,795 shares of the rocket manufacturer’s stock valued at $119,142,000 after purchasing an additional 16,329 shares during the last quarter. 71.78% of the stock is owned by institutional investors.

Rocket Lab Stock Up 0.2%

Shares of NASDAQ RKLB opened at $117.56 on Wednesday. The stock has a market capitalization of $66.94 billion, a P/E ratio of -367.38 and a beta of 2.30. The stock’s fifty day moving average is $75.44 and its 200 day moving average is $69.53. Rocket Lab Corporation has a 52 week low of $21.44 and a 52 week high of $123.94. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.02 and a current ratio of 4.47.

Rocket Lab (NASDAQ:RKLB) last posted its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The business had revenue of $200.35 million during the quarter, compared to analysts’ expectations of $189.65 million. During the same quarter in the prior year, the business posted ($0.12) earnings per share. Rocket Lab’s revenue was up 63.4% compared to the same quarter last year. Sell-side analysts forecast that Rocket Lab Corporation will post -0.22 earnings per share for the current fiscal year.

Insider Activity at Rocket Lab

In related news, insider Frank Klein sold 36,768 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total transaction of $2,645,457.60. Following the sale, the insider owned 1,088,237 shares in the company, valued at approximately $78,298,652.15. This trade represents a 3.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Merline Saintil sold 18,126 shares of Rocket Lab stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $75.04, for a total transaction of $1,360,175.04. Following the completion of the transaction, the director directly owned 261,903 shares in the company, valued at $19,653,201.12. This trade represents a 6.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 233,449 shares of company stock worth $16,487,233 in the last 90 days. Corporate insiders own 8.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on RKLB shares. Citizens Jmp raised their target price on shares of Rocket Lab from $85.00 to $95.00 and gave the stock a “market outperform” rating in a research note on Friday, May 8th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $120.00 price objective on shares of Rocket Lab in a research report on Tuesday. Clear Str raised Rocket Lab to a “strong-buy” rating in a research report on Wednesday, March 18th. Wells Fargo & Company began coverage on Rocket Lab in a research note on Wednesday, April 1st. They set an “equal weight” rating and a $60.00 target price on the stock. Finally, Morgan Stanley upgraded Rocket Lab from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $67.00 to $105.00 in a research note on Friday, January 16th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $93.67.

Rocket Lab News Summary

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

• Positive Sentiment: Rocket Lab’s latest quarter showed record revenue of about $200 million, a 63%+ year-over-year increase, alongside a record backlog of $2.2 billion and stronger-than-expected Q2 guidance, reinforcing confidence in future growth.
• Positive Sentiment: Analysts have been raising price targets after the earnings beat, with Needham boosting its target to $120 and maintaining a Buy rating, which has added momentum to the stock. Article Title
• Positive Sentiment: New contract wins, including Rocket Lab’s largest launch contract ever and a $30 million Anduril deal, are supporting the view that the company is converting its space platform into real, contracted revenue.
• Positive Sentiment: SpaceX IPO speculation is also helping sentiment toward publicly traded space stocks, and Rocket Lab is seen as the closest listed pure-play rival, making it a likely beneficiary of investor interest.
• Neutral Sentiment: Some recent commentary warns that after a huge run-up, RKLB may be extended in the short term and could pause or consolidate before its next move higher.
• Negative Sentiment: One article notes that Rocket Lab’s Neutron development risk and supply-chain constraints could delay backlog conversion and revenue timing, which could temper enthusiasm after the sharp rally.

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.