Capital World Investors Increases Stock Holdings in Rocket Lab Corporation $RKLB

Capital World Investors raised its position in Rocket Lab Corporation (NASDAQ:RKLB) by 9.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,462,103 shares of the rocket manufacturer’s stock after acquiring an additional 1,242,547 shares during the quarter. Capital World Investors owned approximately 2.99% of Rocket Lab worth $692,879,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in RKLB. Legal & General Group Plc increased its stake in Rocket Lab by 85.8% during the 3rd quarter. Legal & General Group Plc now owns 867,315 shares of the rocket manufacturer’s stock worth $41,553,000 after buying an additional 400,506 shares during the period. Pinkerton Wealth LLC purchased a new stake in Rocket Lab during the 3rd quarter worth about $1,059,000. Vestcor Inc acquired a new stake in Rocket Lab in the 3rd quarter valued at about $410,000. Swiss National Bank boosted its stake in shares of Rocket Lab by 67.7% in the 3rd quarter. Swiss National Bank now owns 1,243,630 shares of the rocket manufacturer’s stock valued at $59,582,000 after buying an additional 501,830 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in shares of Rocket Lab by 777.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 132,197 shares of the rocket manufacturer’s stock valued at $6,334,000 after buying an additional 117,132 shares during the period. Institutional investors and hedge funds own 71.78% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on RKLB shares. Roth Mkm reaffirmed a “buy” rating and issued a $75.00 target price on shares of Rocket Lab in a report on Tuesday, November 11th. Citigroup restated a “market perform” rating on shares of Rocket Lab in a research note on Wednesday, November 12th. KeyCorp lowered shares of Rocket Lab from an “overweight” rating to a “sector weight” rating in a research note on Thursday, January 15th. Needham & Company LLC cut their price objective on shares of Rocket Lab from $110.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Finally, Morgan Stanley upgraded shares of Rocket Lab from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $67.00 to $105.00 in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.92.

Insider Activity at Rocket Lab

In other news, CFO Adam C. Spice sold 1,365,665 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $75.50, for a total value of $103,107,707.50. Following the sale, the chief financial officer directly owned 1,359,568 shares in the company, valued at $102,647,384. This represents a 50.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Frank Klein sold 100,000 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $72.95, for a total value of $7,295,000.00. Following the transaction, the insider directly owned 1,169,487 shares in the company, valued at approximately $85,314,076.65. This represents a 7.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,362,428 shares of company stock valued at $281,055,579 in the last ninety days. 11.90% of the stock is owned by insiders.

Rocket Lab Stock Down 3.6%

RKLB stock opened at $68.93 on Wednesday. The company has a market cap of $36.82 billion, a P/E ratio of -186.29 and a beta of 2.20. The company has a current ratio of 4.08, a quick ratio of 3.61 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average price is $77.60 and its 200 day moving average price is $62.62. Rocket Lab Corporation has a 52 week low of $14.71 and a 52 week high of $99.58.

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.