Intech Investment Management LLC Purchases 53,277 Shares of Rocket Lab Corporation $RKLB

Intech Investment Management LLC grew its position in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 691.0% in the fourth quarter, Holdings Channel reports. The fund owned 60,987 shares of the rocket manufacturer’s stock after buying an additional 53,277 shares during the quarter. Intech Investment Management LLC’s holdings in Rocket Lab were worth $4,254,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RKLB. Aventura Private Wealth LLC bought a new position in shares of Rocket Lab during the 4th quarter valued at approximately $25,000. UMB Bank n.a. raised its holdings in Rocket Lab by 352.5% during the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock valued at $26,000 after buying an additional 423 shares during the period. EverSource Wealth Advisors LLC raised 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 buying an additional 416 shares during the period. V Square Quantitative Management LLC purchased a new stake in Rocket Lab during the 4th quarter valued at $32,000. Finally, DecisionPoint Financial LLC raised its holdings in Rocket Lab by 91.1% during the 4th quarter. DecisionPoint Financial LLC now owns 472 shares of the rocket manufacturer’s stock valued at $33,000 after buying an additional 225 shares during the period. 71.78% of the stock is currently owned by institutional investors.

Rocket Lab Price Performance

Shares of RKLB stock opened at $122.39 on Tuesday. Rocket Lab Corporation has a 1-year low of $25.24 and a 1-year high of $151.00. The stock’s 50-day moving average is $93.14 and its 200 day moving average is $76.94. The company has a market cap of $70.83 billion, a P/E ratio of -382.47 and a beta of 2.48. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.47 and a quick ratio of 4.02.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $189.65 million. During the same quarter last year, the company earned ($0.12) earnings per share. The firm’s revenue for the quarter was up 63.4% compared to the same quarter last year. Research analysts predict that Rocket Lab Corporation will post -0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on RKLB shares. Cantor Fitzgerald restated an “overweight” rating on shares of Rocket Lab in a report on Wednesday, May 27th. Craig Hallum upgraded Rocket Lab from a “hold” rating to a “buy” rating and set a $98.00 price target on the stock in a report on Friday, May 8th. Citizens Jmp increased their price target on Rocket Lab from $85.00 to $95.00 and gave the company a “market outperform” rating in a report on Friday, May 8th. New Street Research started coverage on Rocket Lab in a report on Wednesday, May 13th. They set a “buy” rating and a $150.00 price target on the stock. Finally, BTIG Research restated a “hold” rating on shares of Rocket Lab in a report on Tuesday, May 12th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $97.19.

Rocket Lab News Summary

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

• Negative Sentiment: Rocket Lab shares are being hit by broad weakness across the space sector, as investors reassess stretched valuations and worry that the SpaceX IPO could draw money away from pure-play space names. Rocket Lab Stock Is Tumbling Today: What’s Happening?
• Negative Sentiment: Multiple insiders sold shares, including SVP Arjun Kampani, Frank Klein, Marvin Bradford Clevenger, and Director Alexander R. Slusky, which can weigh on investor confidence in the near term despite the sales being disclosed under trading plans.
• Neutral Sentiment: Recent commentary also notes that Rocket Lab remains a major name in the commercial space industry, with its Neutron rocket still a key long-term catalyst and the company’s backlog and revenue growth supporting the bullish long-term case. Should You Buy Rocket Lab Stock Ahead of the SpaceX IPO?

Insider Activity at Rocket Lab

In related news, insider Marvin Bradford Clevenger sold 3,500 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $146.67, for a total transaction of $513,345.00. Following the sale, the insider owned 473,975 shares of the company’s stock, valued at $69,517,913.25. This trade represents a 0.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Frank Klein sold 36,860 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $147.42, for a total value of $5,433,901.20. Following the completion of the sale, the insider directly owned 1,006,987 shares of the company’s stock, valued at approximately $148,450,023.54. This represents a 3.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 524,120 shares of company stock valued at $67,677,521 over the last 90 days. Company insiders own 8.40% of the company’s stock.

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.