Bank of New York Mellon Corp Sells 102,676 Shares of Rocket Lab Corporation (NASDAQ:RKLB)

Bank of New York Mellon Corp decreased its position in Rocket Lab Corporation (NASDAQ:RKLB) by 9.2% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,018,348 shares of the rocket manufacturer’s stock after selling 102,676 shares during the period. Bank of New York Mellon Corp owned about 0.22% of Rocket Lab worth $18,208,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in RKLB. Proficio Capital Partners LLC bought a new stake in Rocket Lab in the fourth quarter valued at $1,564,000. Raymond James Financial Inc. bought a new stake in Rocket Lab in the fourth quarter valued at $5,748,000. PNC Financial Services Group Inc. boosted its holdings in Rocket Lab by 1,602.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 16,971 shares of the rocket manufacturer’s stock valued at $432,000 after acquiring an additional 15,974 shares in the last quarter. AlphaQuest LLC bought a new stake in Rocket Lab in the fourth quarter valued at $52,000. Finally, Avantax Advisory Services Inc. bought a new stake in Rocket Lab in the fourth quarter valued at $283,000. Institutional investors own 71.78% of the company’s stock.

Insider Buying and Selling at Rocket Lab

In other news, insider Frank Klein sold 2,546 shares of the company’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $30.00, for a total transaction of $76,380.00. Following the completion of the sale, the insider owned 1,365,826 shares of the company’s stock, valued at $40,974,780. This represents a 0.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Merline Saintil sold 6,353 shares of the company’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total transaction of $212,063.14. Following the sale, the director directly owned 419,569 shares of the company’s stock, valued at $14,005,213.22. The trade was a 1.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,130,995 shares of company stock worth $29,686,039 over the last 90 days. 13.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

RKLB has been the topic of a number of research reports. The Goldman Sachs Group initiated coverage on shares of Rocket Lab in a report on Monday, June 30th. They set a “neutral” rating and a $27.00 target price on the stock. Citigroup restated a “buy” rating and set a $50.00 target price (up previously from $33.00) on shares of Rocket Lab in a report on Monday. Wells Fargo & Company dropped their target price on shares of Rocket Lab from $21.00 to $18.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Needham & Company LLC boosted their target price on shares of Rocket Lab from $28.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, May 28th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Rocket Lab in a research report on Monday. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.10.

Rocket Lab Price Performance

Shares of NASDAQ:RKLB opened at $51.39 on Friday. Rocket Lab Corporation has a fifty-two week low of $4.20 and a fifty-two week high of $53.44. The business has a 50-day simple moving average of $31.48 and a two-hundred day simple moving average of $25.83. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.72 and a current ratio of 2.08. The firm has a market cap of $23.31 billion, a price-to-earnings ratio of -128.48 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB) last issued its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. The business had revenue of $122.57 million during the quarter, compared to analysts’ expectations of $120.74 million. During the same period last year, the firm posted ($0.09) EPS. Rocket Lab’s quarterly revenue was up 32.1% compared to the same quarter last year. On average, analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current 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.