Connor Clark & Lunn Investment Management Ltd. Acquires 208,985 Shares of Rocket Lab Corporation $RKLB

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 21.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,201,762 shares of the rocket manufacturer’s stock after purchasing an additional 208,985 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Rocket Lab were worth $57,576,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Capital Investment Advisory Services LLC boosted its stake in shares of Rocket Lab by 2.1% in the third quarter. Capital Investment Advisory Services LLC now owns 10,432 shares of the rocket manufacturer’s stock valued at $500,000 after buying an additional 212 shares during the period. ORG Partners LLC raised its holdings in Rocket Lab by 22.1% in the 3rd quarter. ORG Partners LLC now owns 1,337 shares of the rocket manufacturer’s stock valued at $64,000 after acquiring an additional 242 shares in the last quarter. Parvin Asset Management LLC lifted its position in shares of Rocket Lab by 7.2% during the 2nd quarter. Parvin Asset Management LLC now owns 3,725 shares of the rocket manufacturer’s stock valued at $133,000 after acquiring an additional 250 shares during the period. Independent Advisor Alliance grew its holdings in shares of Rocket Lab by 6.0% during the 3rd quarter. Independent Advisor Alliance now owns 6,478 shares of the rocket manufacturer’s stock worth $310,000 after purchasing an additional 368 shares in the last quarter. Finally, Wealthfront Advisers LLC grew its holdings in shares of Rocket Lab by 0.4% during the 3rd quarter. Wealthfront Advisers LLC now owns 100,677 shares of the rocket manufacturer’s stock worth $4,823,000 after purchasing an additional 376 shares in the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RKLB shares. KeyCorp downgraded Rocket Lab from an “overweight” rating to a “sector weight” rating in a research note on Thursday, January 15th. Citizens Jmp reissued a “market perform” rating on shares of Rocket Lab in a report on Friday, February 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Rocket Lab in a research report on Thursday, January 22nd. Cantor Fitzgerald upped their price target 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. Finally, Morgan Stanley upgraded shares of Rocket Lab from an “equal weight” rating to an “overweight” rating and increased their price target 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 assigned a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.92.

Rocket Lab Stock Performance

NASDAQ:RKLB opened at $71.96 on Thursday. Rocket Lab Corporation has a twelve month low of $14.71 and a twelve month high of $99.58. The company has a quick ratio of 3.61, a current ratio of 4.08 and a debt-to-equity ratio of 0.10. The stock’s 50-day simple moving average is $77.64 and its 200 day simple moving average is $62.68. The firm has a market capitalization of $38.44 billion, a PE ratio of -194.48 and a beta of 2.20.

Insider Buying and Selling

In other news, SVP Arjun Kampani sold 23,711 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total value of $1,706,006.45. Following the sale, the senior vice president directly owned 397,988 shares in the company, valued at approximately $28,635,236.60. This trade represents a 5.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 sale, 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,362,428 shares of company stock worth $281,055,579 in the last quarter. Corporate insiders own 11.90% of the company’s stock.

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.