Van ECK Associates Corp Boosts Position in Rocket Lab Corporation $RKLB

Van ECK Associates Corp grew its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 35.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 625,827 shares of the rocket manufacturer’s stock after buying an additional 164,092 shares during the period. Van ECK Associates Corp owned 0.13% of Rocket Lab worth $29,983,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Investment Advisory Services LLC increased its holdings in Rocket Lab by 2.1% during the 3rd quarter. Capital Investment Advisory Services LLC now owns 10,432 shares of the rocket manufacturer’s stock worth $500,000 after acquiring an additional 212 shares during the period. ORG Partners LLC boosted 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 purchasing an additional 242 shares during the period. Parvin Asset Management LLC grew 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 purchasing an additional 250 shares in the last quarter. Independent Advisor Alliance increased its holdings in shares of Rocket Lab by 6.0% in the third quarter. Independent Advisor Alliance now owns 6,478 shares of the rocket manufacturer’s stock worth $310,000 after purchasing an additional 368 shares during the period. Finally, Wealthfront Advisers LLC increased its holdings in shares of Rocket Lab by 0.4% in the third 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 during the period. 71.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group lifted their price objective on Rocket Lab from $47.00 to $69.00 and gave the company a “neutral” rating in a research note on Tuesday, January 20th. Morgan Stanley raised Rocket Lab from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $67.00 to $105.00 in a report on Friday, January 16th. Bank of America boosted their price objective on Rocket Lab from $60.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. TD Cowen restated a “buy” rating on shares of Rocket Lab in a research report on Thursday, January 22nd. Finally, Needham & Company LLC lowered their target price on shares of Rocket Lab from $110.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Rocket Lab presently has a consensus rating of “Moderate Buy” and an average target price of $75.92.

Insider Buying and Selling

In other news, insider Frank Klein sold 100,000 shares of the firm’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $72.95, for a total transaction of $7,295,000.00. Following the transaction, the insider directly owned 1,169,487 shares of the company’s stock, valued at approximately $85,314,076.65. This trade represents a 7.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Arjun Kampani sold 28,761 shares of the business’s stock in a transaction dated 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 directly owned 421,699 shares of the company’s stock, valued at approximately $29,346,033.41. This trade represents a 6.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,362,428 shares of company stock worth $281,055,579 over the last 90 days. Insiders own 11.90% of the company’s stock.

Rocket Lab Stock Up 4.4%

Shares of RKLB opened at $71.96 on Thursday. Rocket Lab Corporation has a 1 year low of $14.71 and a 1 year high of $99.58. 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 50 day simple moving average of $77.64 and a two-hundred day simple moving average of $62.68. The firm has a market cap of $38.44 billion, a P/E 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.