Rocket Lab Corporation $RKLB Shares Sold by DNB Asset Management AS

DNB Asset Management AS lessened its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 16.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 191,804 shares of the rocket manufacturer’s stock after selling 37,151 shares during the quarter. DNB Asset Management AS’s holdings in Rocket Lab were worth $13,380,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in RKLB. Arizona State Retirement System boosted its position in Rocket Lab by 13.6% during the third quarter. Arizona State Retirement System now owns 127,794 shares of the rocket manufacturer’s stock valued at $6,123,000 after purchasing an additional 15,307 shares during the last quarter. Firsthand Capital Management Inc. boosted its position in Rocket Lab by 40.0% during the third quarter. Firsthand Capital Management Inc. now owns 70,000 shares of the rocket manufacturer’s stock valued at $3,354,000 after purchasing an additional 20,000 shares during the last quarter. Swiss National Bank boosted its position in Rocket Lab by 67.7% during the third quarter. Swiss National Bank now owns 1,243,630 shares of the rocket manufacturer’s stock valued at $59,582,000 after purchasing an additional 501,830 shares during the last quarter. Vanguard Group Inc. boosted its position in Rocket Lab by 13.4% during the fourth 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. Finally, State of New Jersey Common Pension Fund D boosted its position in Rocket Lab by 14.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 153,106 shares of the rocket manufacturer’s stock valued at $7,335,000 after purchasing an additional 19,304 shares during the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on RKLB shares. Wells Fargo & Company started coverage on Rocket Lab in a research report on Wednesday, April 1st. They set an “equal weight” rating and a $60.00 price target for the company. Wall Street Zen upgraded Rocket Lab from a “sell” rating to a “hold” rating in a research note on Sunday, February 8th. Zacks Research lowered Rocket Lab from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Bank of America upped their price objective on Rocket Lab from $60.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Finally, BTIG Research restated a “hold” rating on shares of Rocket Lab in a research note on Tuesday, May 12th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Rocket Lab presently has an average rating of “Moderate Buy” and a consensus price target of $97.19.

Rocket Lab Price Performance

NASDAQ:RKLB opened at $124.77 on Monday. The company has a quick ratio of 4.02, a current ratio of 4.47 and a debt-to-equity ratio of 0.02. The stock’s 50 day moving average price is $78.81 and its two-hundred day moving average price is $70.85. The firm has a market capitalization of $72.21 billion, a price-to-earnings ratio of -389.91 and a beta of 2.30. Rocket Lab Corporation has a 12-month low of $23.92 and a 12-month high of $133.18.

Rocket Lab (NASDAQ:RKLB) last released its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.07). The firm had revenue of $200.35 million for the quarter, compared to analyst estimates of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The business’s revenue for the quarter was up 63.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.12) earnings per share. On average, analysts anticipate that Rocket Lab Corporation will post -0.22 earnings per share for the current year.

Insider Activity at Rocket Lab

In other news, Director Alexander R. Slusky sold 100,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $118.08, for a total transaction of $11,808,000.00. Following the transaction, the director owned 434,675 shares in the company, valued at approximately $51,326,424. This trade represents a 18.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Adam C. Spice sold 62,744 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total value of $4,366,354.96. Following the transaction, the chief financial officer owned 1,296,824 shares in the company, valued at approximately $90,245,982.16. This trade represents a 4.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 333,449 shares of company stock valued at $28,295,233 in the last 90 days. Corporate insiders own 8.40% of the company’s stock.

More Rocket Lab News

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

• Positive Sentiment: Investors are still reacting to Rocket Lab’s Q1 earnings beat, with revenue up 63% year over year to about $200.4 million and a backlog of $2.2 billion, reinforcing confidence in the company’s growth trajectory. Why Rocket Lab Stock Is Rocketing Higher This Week
• Positive Sentiment: Analyst sentiment has improved after the report, including a higher price target from Deutsche Bank and additional bullish commentary that suggests Wall Street sees more upside if execution stays strong. Why Rocket Lab Stock Is Rocketing Higher This Week
• Positive Sentiment: Momentum is also being fueled by optimism around Rocket Lab’s Neutron rocket program, which investors see as a potential catalyst for expansion into a larger launch market later this year. Rocket Lab Stock Is Getting a Major Lift. Investors Are Betting on Its Neutron Launch Later This Year.
• Positive Sentiment: New contract wins and defense-related expansion, including work tied to missile defense and hypersonics, are helping investors view Rocket Lab as more than just a small-satellite launch company. Rocket Lab Targets Missile Defense and Golden Dome as Its Next Growth Market
• Neutral Sentiment: Some investors are also watching the recent insider selling by director Alexander Slusky, which may weigh on sentiment at these elevated levels but does not change the company’s operating story. Director Alexander R. Slusky transaction filing

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.