First Trust Advisors LP Increases Position in Rocket Lab Corporation $RKLB

First Trust Advisors LP increased its position in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 125.6% during the third quarter, Holdings Channel reports. The fund owned 1,014,397 shares of the rocket manufacturer’s stock after acquiring an additional 564,828 shares during the quarter. First Trust Advisors LP’s holdings in Rocket Lab were worth $48,600,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RKLB. Vanguard Group Inc. raised its holdings in Rocket Lab by 5.4% in the 3rd quarter. Vanguard Group Inc. now owns 41,809,723 shares of the rocket manufacturer’s stock valued at $2,003,104,000 after acquiring an additional 2,127,565 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of Rocket Lab by 176.1% during the third quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer’s stock worth $580,952,000 after purchasing an additional 7,734,788 shares during the last quarter. Invesco Ltd. grew its position in shares of Rocket Lab by 67.0% in the second quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer’s stock valued at $223,287,000 after purchasing an additional 2,504,054 shares during the period. Norges Bank acquired a new position in Rocket Lab in the second quarter valued at $164,751,000. Finally, ARK Investment Management LLC increased its stake in 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 hedge funds and other institutional investors.

Rocket Lab Trading Up 4.4%

Shares of RKLB opened at $71.96 on Thursday. Rocket Lab Corporation has a 12 month low of $14.71 and a 12 month high of $99.58. The stock’s 50-day moving average is $77.64 and its two-hundred day moving average is $62.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.08 and a quick ratio of 3.61. The stock has a market cap of $38.44 billion, a PE ratio of -194.48 and a beta of 2.20.

Insider Transactions at Rocket Lab

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

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Morgan Stanley upgraded Rocket Lab from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $67.00 to $105.00 in a report on Friday, January 16th. Citizens Jmp reissued a “market perform” rating on shares of Rocket Lab in a research report on Friday, February 27th. Cantor Fitzgerald boosted their target price on shares of Rocket Lab from $72.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, February 27th. Bank of America upped their price target on shares of Rocket Lab from $60.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Finally, Wall Street Zen raised shares of Rocket Lab from a “sell” rating to a “hold” rating in a research note on Sunday, February 8th. One 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently 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.