Rocket Lab Corporation $RKLB Shares Sold by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC lessened its stake in Rocket Lab Corporation (NASDAQ:RKLB) by 6.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,370 shares of the rocket manufacturer’s stock after selling 4,660 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Rocket Lab were worth $2,303,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC acquired a new position in shares of Rocket Lab during the second quarter worth $192,918,000. Vanguard Group Inc. increased its stake in Rocket Lab by 10.6% during the 1st quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer’s stock worth $715,728,000 after buying an additional 3,833,969 shares during the period. Invesco Ltd. increased its stake in Rocket Lab by 56.1% during the 1st quarter. Invesco Ltd. now owns 3,738,250 shares of the rocket manufacturer’s stock worth $66,840,000 after buying an additional 1,343,518 shares during the period. Nuveen LLC acquired a new position in Rocket Lab in the 1st quarter worth $23,964,000. Finally, Zevenbergen Capital Investments LLC boosted its position in Rocket Lab by 538.1% in the 2nd quarter. Zevenbergen Capital Investments LLC now owns 1,082,356 shares of the rocket manufacturer’s stock valued at $38,716,000 after buying an additional 912,726 shares during the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RKLB. Cantor Fitzgerald lifted their target price on Rocket Lab from $35.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Craig Hallum assumed coverage on Rocket Lab in a research note on Monday, July 28th. They set a “hold” rating and a $51.00 price objective for the company. Morgan Stanley lifted their price objective on Rocket Lab from $20.00 to $68.00 and gave the stock an “equal weight” rating in a report on Monday, October 13th. Bank of America upped their target price on Rocket Lab from $30.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, July 16th. Finally, Roth Capital reiterated a “buy” rating on shares of Rocket Lab in a research note on Friday, August 29th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, four 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 has an average rating of “Moderate Buy” and an average price target of $51.75.

Insider Activity

In other Rocket Lab news, SVP Arjun Kampani sold 31,185 shares of Rocket Lab stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $48.97, for a total value of $1,527,129.45. Following the completion of the transaction, the senior vice president owned 499,045 shares of the company’s stock, valued at $24,438,233.65. The trade was a 5.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Adam C. Spice sold 874,588 shares of the business’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $48.01, for a total transaction of $41,988,969.88. Following the sale, the chief financial officer owned 2,057,889 shares of the company’s stock, valued at approximately $98,799,250.89. The trade was a 29.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,406,361 shares of company stock valued at $267,483,973 over the last three months. 11.90% of the stock is currently owned by company insiders.

Rocket Lab Stock Up 4.1%

Shares of Rocket Lab stock opened at $51.64 on Friday. The business has a 50-day moving average price of $55.63 and a 200 day moving average price of $41.95. Rocket Lab Corporation has a fifty-two week low of $12.90 and a fifty-two week high of $73.97. The firm has a market cap of $24.99 billion, a P/E ratio of -114.76 and a beta of 2.16. The company has a quick ratio of 2.33, a current ratio of 2.67 and a debt-to-equity ratio of 0.60.

Rocket Lab (NASDAQ:RKLB) last issued its earnings results on Thursday, August 7th. The rocket manufacturer reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.06). Rocket Lab had a negative return on equity of 48.14% and a negative net margin of 45.87%.The firm had revenue of $144.50 million during the quarter, compared to analyst estimates of $135.42 million. During the same quarter in the previous year, the business posted ($0.08) EPS. Rocket Lab’s revenue was up 35.9% compared to the same quarter last year. On average, sell-side analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

About Rocket Lab

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.