Rocket Lab Corporation (NASDAQ:RKLB) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its position in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 8.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,496 shares of the rocket manufacturer’s stock after buying an additional 1,749 shares during the period. Envestnet Asset Management Inc.’s holdings in Rocket Lab were worth $420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc increased its position in shares of Rocket Lab by 118.1% during the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer’s stock worth $28,000 after purchasing an additional 860 shares during the last quarter. MassMutual Private Wealth & Trust FSB acquired a new stake in shares of Rocket Lab in the first quarter valued at $29,000. Farther Finance Advisors LLC raised its holdings in shares of Rocket Lab by 181.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer’s stock valued at $35,000 after buying an additional 1,226 shares during the period. Quarry LP acquired a new position in Rocket Lab during the 4th quarter worth about $48,000. Finally, NewEdge Advisors LLC boosted its holdings in Rocket Lab by 1,000.0% during the 4th quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer’s stock valued at $49,000 after acquiring an additional 1,750 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on RKLB shares. Stifel Nicolaus boosted their price target on shares of Rocket Lab from $34.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday. Needham & Company LLC increased their target price on shares of Rocket Lab from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, May 28th. Cantor Fitzgerald reissued an “overweight” rating and issued a $35.00 price target on shares of Rocket Lab in a research report on Monday, July 14th. KeyCorp upped their price objective on Rocket Lab from $29.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 2nd. Finally, Roth Capital lifted their target price on Rocket Lab from $25.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, May 28th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Rocket Lab has an average rating of “Moderate Buy” and a consensus price target of $37.55.

Insider Transactions at Rocket Lab

In other Rocket Lab news, Director Matthew Ocko sold 820,000 shares of Rocket Lab stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $26.01, for a total transaction of $21,328,200.00. Following the transaction, the director owned 1,083,053 shares of the company’s stock, valued at $28,170,208.53. The trade was a 43.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Arjun Kampani sold 28,988 shares of the business’s stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $26.66, for a total value of $772,820.08. Following the completion of the sale, the insider owned 540,618 shares of the company’s stock, valued at approximately $14,412,875.88. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,130,995 shares of company stock worth $29,686,039. 11.90% of the stock is owned by company insiders.

Rocket Lab Stock Down 1.5%

RKLB stock opened at $44.10 on Thursday. The stock has a market cap of $20.35 billion, a P/E ratio of -110.25 and a beta of 2.17. The company has a current ratio of 2.08, a quick ratio of 1.72 and a debt-to-equity ratio of 0.97. Rocket Lab Corporation has a twelve month low of $4.55 and a twelve month high of $53.44. The company’s 50 day moving average is $36.55 and its two-hundred day moving average is $27.50.

Rocket Lab (NASDAQ:RKLB) last announced its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing the consensus estimate 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 company had revenue of $122.57 million for the quarter, compared to analyst estimates of $120.74 million. During the same quarter in the prior year, the business earned ($0.09) earnings per share. Rocket Lab’s revenue was up 32.1% compared to the same quarter last year. Research analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Rocket Lab Company Profile

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.