Sterling Capital Management LLC Has $1.20 Million Stock Position in Rocket Lab Corporation $RKLB

Sterling Capital Management LLC decreased its holdings in Rocket Lab Corporation (NASDAQ:RKLB) by 30.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,718 shares of the rocket manufacturer’s stock after selling 8,313 shares during the quarter. Sterling Capital Management LLC’s holdings in Rocket Lab were worth $1,202,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of RKLB. Sara Bay Financial lifted its holdings in Rocket Lab by 0.7% during the 4th quarter. Sara Bay Financial now owns 15,905 shares of the rocket manufacturer’s stock worth $1,121,000 after buying an additional 117 shares in the last quarter. ORG Partners LLC boosted its position in shares of Rocket Lab by 9.1% in the 4th quarter. ORG Partners LLC now owns 1,458 shares of the rocket manufacturer’s stock worth $102,000 after purchasing an additional 121 shares during the last quarter. Sovereign Financial Group Inc. grew its position in shares of Rocket Lab by 3.9% during the 1st quarter. Sovereign Financial Group Inc. now owns 3,320 shares of the rocket manufacturer’s stock worth $213,000 after buying an additional 125 shares during the period. Traynor Capital Management Inc. grew its holdings in Rocket Lab by 1.9% during the fourth quarter. Traynor Capital Management Inc. now owns 7,191 shares of the rocket manufacturer’s stock valued at $502,000 after purchasing an additional 133 shares during the period. Finally, Capital Advisors Wealth Management LLC grew its holdings in shares of Rocket Lab by 1.0% in the 4th quarter. Capital Advisors Wealth Management LLC now owns 13,466 shares of the rocket manufacturer’s stock valued at $939,000 after buying an additional 136 shares during the period. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Rocket Lab news, SVP Arjun Kampani sold 88,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $107.98, for a total value of $9,502,240.00. Following the sale, the senior vice president owned 264,705 shares in the company, valued at $28,582,845.90. This represents a 24.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Alexander R. Slusky sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $118.08, for a total value of $11,808,000.00. Following the completion of the sale, the director directly owned 434,675 shares of the company’s stock, valued at approximately $51,326,424. The trade was a 18.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 573,515 shares of company stock worth $76,412,122. Company insiders own 8.40% of the company’s stock.

Key Stories Impacting Rocket Lab

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

• Positive Sentiment: The Iridium acquisition gives Rocket Lab a more predictable revenue stream and could improve its financial profile by adding higher-margin subscription-like cash flow. Reuters article
• Positive Sentiment: The deal strengthens Rocket Lab’s position as a possible challenger to SpaceX by combining launch services with satellite communications and spectrum assets. WSJ article
• Positive Sentiment: Iridium shareholders are receiving a premium, and the market appears to be rewarding both companies for the strategic logic of the combination. Yahoo Finance article
• Neutral Sentiment: The transaction is large and could create execution risk, including integration challenges, dilution from the stock component, and the need to continue funding Rocket Lab’s heavy development spending. Motley Fool article
• Negative Sentiment: Some investors may worry that the deal increases complexity and valuation pressure at a time when Rocket Lab still has a history of losses and a long path to profitability. Motley Fool article

Rocket Lab Stock Performance

Shares of RKLB stock opened at $97.95 on Tuesday. The stock has a market cap of $56.69 billion, a P/E ratio of -306.09 and a beta of 2.48. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.47 and a quick ratio of 4.02. The company has a fifty day moving average price of $107.78 and a two-hundred day moving average price of $85.40. Rocket Lab Corporation has a one year low of $33.73 and a one year high of $151.00.

Rocket Lab (NASDAQ:RKLB) last announced its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, meeting analysts’ consensus estimates of ($0.07). The company had revenue of $200.35 million during the quarter, compared to the consensus estimate of $189.65 million. Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The company’s quarterly revenue was up 63.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.12) EPS. As a group, equities analysts predict that Rocket Lab Corporation will post -0.29 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RKLB shares. New Street Research assumed coverage on Rocket Lab in a research note on Wednesday, May 13th. They issued a “buy” rating and a $150.00 target price for the company. KeyCorp raised shares of Rocket Lab from a “sector weight” rating to an “overweight” rating and set a $135.00 price target on the stock in a research note on Monday, June 15th. Clear Str upgraded shares of Rocket Lab to a “strong-buy” rating in a report on Wednesday, March 18th. Stifel Nicolaus set a $132.00 price objective on Rocket Lab in a report on Thursday, June 4th. Finally, BTIG Research reaffirmed a “hold” rating on shares of Rocket Lab in a research report on Tuesday, May 12th. Three research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $105.82.

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.