Hudson Bay Capital Management LP Sells 129,038 Shares of Rocket Lab Corporation $RKLB

Hudson Bay Capital Management LP decreased its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 37.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 213,734 shares of the rocket manufacturer’s stock after selling 129,038 shares during the period. Hudson Bay Capital Management LP’s holdings in Rocket Lab were worth $7,645,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of RKLB. Truist Financial Corp increased its holdings in Rocket Lab by 1.9% during the second quarter. Truist Financial Corp now owns 12,352 shares of the rocket manufacturer’s stock valued at $442,000 after buying an additional 234 shares during the period. Parvin Asset Management LLC boosted its position in 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 in the last quarter. GAMMA Investing LLC increased its holdings in shares of Rocket Lab by 36.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,518 shares of the rocket manufacturer’s stock valued at $54,000 after acquiring an additional 405 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Rocket Lab by 109.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock worth $28,000 after acquiring an additional 416 shares in the last quarter. Finally, CWM LLC lifted its stake in shares of Rocket Lab by 7.0% during the 2nd quarter. CWM LLC now owns 8,491 shares of the rocket manufacturer’s stock worth $304,000 after purchasing an additional 556 shares during the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Wall Street Analysts Forecast Growth

RKLB has been the topic of several analyst reports. Bank of America boosted their target price on shares of Rocket Lab from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, November 19th. Baird R W raised shares of Rocket Lab to a “strong-buy” rating in a research report on Thursday, October 16th. Needham & Company LLC reiterated a “buy” rating and set a $63.00 price objective on shares of Rocket Lab in a research note on Tuesday, November 25th. Morgan Stanley decreased their target price on shares of Rocket Lab from $68.00 to $67.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Rocket Lab in a report on Wednesday, December 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Rocket Lab presently has an average rating of “Moderate Buy” and an average price target of $58.17.

Insider Transactions at Rocket Lab

In related news, insider Frank Klein sold 41,782 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $40.65, for a total value of $1,698,438.30. Following the completion of the transaction, the insider owned 1,274,223 shares in the company, valued at $51,797,164.95. This trade represents a 3.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Peter Beck sold 18,857 shares of Rocket Lab stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $40.65, for a total value of $766,537.05. Following the sale, the chief executive officer directly owned 902,942 shares of the company’s stock, valued at approximately $36,704,592.30. This represents a 2.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,065,461 shares of company stock worth $49,940,027 over the last 90 days. Insiders own 11.90% of the company’s stock.

Rocket Lab Stock Performance

Shares of Rocket Lab stock opened at $55.41 on Tuesday. The company has a 50 day moving average price of $54.86 and a 200 day moving average price of $46.39. The firm has a market capitalization of $29.60 billion, a P/E ratio of -145.82 and a beta of 2.20. The company has a quick ratio of 2.83, a current ratio of 3.18 and a debt-to-equity ratio of 0.32. Rocket Lab Corporation has a 52 week low of $14.71 and a 52 week high of $73.97.

Rocket Lab (NASDAQ:RKLB) last released its earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $155.08 million for the quarter, compared to the consensus estimate of $152.45 million. Rocket Lab had a negative net margin of 35.64% and a negative return on equity of 27.26%. Rocket Lab’s revenue was up 48.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.10) EPS. Sell-side analysts expect that Rocket Lab Corporation will post -0.38 EPS for the current year.

Rocket Lab Profile

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.