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

Connor Clark & Lunn Investment Management Ltd. grew its position in Rocket Lab Corporation (NASDAQ:RKLB) by 21.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,201,762 shares of the rocket manufacturer’s stock after acquiring an additional 208,985 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.25% of Rocket Lab worth $57,576,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC raised its holdings in shares of Rocket Lab by 114.0% in the 1st quarter. AQR Capital Management LLC now owns 174,308 shares of the rocket manufacturer’s stock valued at $3,117,000 after purchasing an additional 92,849 shares during the period. NewEdge Advisors LLC lifted its stake in Rocket Lab by 1,812.1% in the 1st quarter. NewEdge Advisors LLC now owns 36,807 shares of the rocket manufacturer’s stock valued at $658,000 after purchasing an additional 34,882 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Rocket Lab by 53.8% during the first quarter. Jones Financial Companies Lllp now owns 15,745 shares of the rocket manufacturer’s stock worth $282,000 after purchasing an additional 5,507 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Rocket Lab by 13.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 773,548 shares of the rocket manufacturer’s stock worth $13,831,000 after buying an additional 90,758 shares during the last quarter. Finally, Focus Partners Wealth increased its position in Rocket Lab by 1.0% during the first quarter. Focus Partners Wealth now owns 67,584 shares of the rocket manufacturer’s stock worth $1,206,000 after buying an additional 681 shares during the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Merline Saintil sold 18,126 shares of Rocket Lab stock in a transaction on Friday, March 6th. The stock was sold at an average price of $75.04, for a total transaction of $1,360,175.04. Following the completion of the sale, the director owned 261,903 shares of the company’s stock, valued at approximately $19,653,201.12. This trade represents a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Arjun Kampani sold 23,711 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total transaction of $1,706,006.45. Following the completion of the sale, the senior vice president directly owned 397,988 shares of the company’s stock, valued at approximately $28,635,236.60. The trade was a 5.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 4,362,428 shares of company stock worth $281,055,579 over the last three months. 11.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Zacks Research cut Rocket Lab from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Bank of America boosted their target price on Rocket Lab from $60.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Morgan Stanley upgraded Rocket Lab from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $67.00 to $105.00 in a research note on Friday, January 16th. Wall Street Zen raised shares of Rocket Lab from a “sell” rating to a “hold” rating in a research report on Sunday, February 8th. Finally, TD Cowen reiterated a “buy” rating on shares of Rocket Lab in a report on Thursday, January 22nd. One equities research 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $75.92.

Rocket Lab Price Performance

Rocket Lab stock 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 200-day moving average is $62.68. 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 has a market capitalization of $38.44 billion, a price-to-earnings ratio of -194.48 and a beta of 2.20.

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.