The Manufacturers Life Insurance Company Trims Stake in Rocket Lab USA, Inc. (NASDAQ:RKLB)

The Manufacturers Life Insurance Company lessened its position in Rocket Lab USA, Inc. (NASDAQ:RKLB) by 2.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 199,697 shares of the rocket manufacturer’s stock after selling 5,493 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Rocket Lab USA were worth $1,943,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in shares of Rocket Lab USA by 1,827.6% during the third quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after purchasing an additional 8,992 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Rocket Lab USA during the second quarter valued at $46,000. Smith Anglin Financial LLC bought a new stake in Rocket Lab USA in the third quarter worth $104,000. Schneider Downs Wealth Management Advisors LP purchased a new stake in shares of Rocket Lab USA in the third quarter worth $107,000. Finally, Tamar Securities LLC bought a new position in shares of Rocket Lab USA during the third quarter valued at $108,000. 71.78% of the stock is currently owned by institutional investors.

Rocket Lab USA Stock Down 5.8 %

NASDAQ:RKLB opened at $23.24 on Tuesday. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. Rocket Lab USA, Inc. has a twelve month low of $3.47 and a twelve month high of $28.10. The company has a market cap of $11.62 billion, a PE ratio of -62.81 and a beta of 1.94. The company’s 50 day moving average is $15.46 and its two-hundred day moving average is $9.09.

Analyst Ratings Changes

RKLB has been the topic of several recent analyst reports. Bank of America increased their price objective on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. JMP Securities initiated coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They set a “market perform” rating on the stock. Stifel Nicolaus boosted their price objective on shares of Rocket Lab USA from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. KeyCorp increased their target price on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, Wells Fargo & Company boosted their price target on Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.50.

Insider Buying and Selling at Rocket Lab USA

In related news, Director Alexander R. Slusky sold 50,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value of $1,150,000.00. Following the completion of the transaction, the director now directly owns 534,675 shares of the company’s stock, valued at approximately $12,297,525. This represents a 8.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Ocko sold 2,000,000 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $17.73, for a total transaction of $35,460,000.00. Following the transaction, the director now owns 2,351,135 shares in the company, valued at $41,685,623.55. The trade was a 45.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,114,530 shares of company stock valued at $38,168,400. 13.70% of the stock is owned by insiders.

About Rocket Lab USA

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.