622,000 Shares in Rocket Lab Corporation $RKLB Purchased by Clear Street Group Inc.

Clear Street Group Inc. purchased a new stake in shares of Rocket Lab Corporation (NASDAQ:RKLB) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 622,000 shares of the rocket manufacturer’s stock, valued at approximately $29,800,000. Clear Street Group Inc. owned about 0.13% of Rocket Lab as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rocket Lab during the third quarter worth approximately $25,000. Hara Capital LLC acquired a new position in shares of Rocket Lab in the 3rd quarter worth approximately $25,000. UMB Bank n.a. boosted its holdings in shares of Rocket Lab by 352.5% in the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock worth $26,000 after acquiring an additional 423 shares in the last quarter. Sound Income Strategies LLC bought a new stake in Rocket Lab during the 3rd quarter worth approximately $27,000. Finally, Financial Consulate Inc. bought a new stake in Rocket Lab during the 3rd quarter worth approximately $35,000. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Rocket Lab Stock Performance

RKLB stock opened at $68.41 on Friday. The company has a 50 day moving average price of $77.46 and a 200 day moving average price of $62.97. Rocket Lab Corporation has a fifty-two week low of $14.71 and a fifty-two week 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 market capitalization of $36.54 billion, a PE ratio of -184.89 and a beta of 2.20.

Insider Buying and Selling

In other news, CFO Adam C. Spice sold 62,744 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total transaction of $4,366,354.96. Following the completion of the sale, the chief financial officer owned 1,296,824 shares in the company, valued at $90,245,982.16. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Arjun Kampani sold 23,711 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total value of $1,706,006.45. Following the transaction, the senior vice president directly owned 397,988 shares in the company, valued at $28,635,236.60. This trade represents a 5.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 4,347,428 shares of company stock worth $280,080,579. 11.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RKLB shares. Needham & Company LLC cut their price objective on Rocket Lab from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Zacks Research cut Rocket Lab from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 target price on shares of Rocket Lab in a research note on Friday. Bank of America lifted their price target on Rocket Lab from $60.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Finally, KeyCorp downgraded shares of Rocket Lab from an “overweight” rating to a “sector weight” rating in a research report on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. 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 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.