Edgestream Partners L.P. Takes $2.75 Million Position in Rocket Lab Corporation $RKLB

Edgestream Partners L.P. acquired a new stake in Rocket Lab Corporation (NASDAQ:RKLB) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 76,913 shares of the rocket manufacturer’s stock, valued at approximately $2,751,000.

Several other hedge funds have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new position in Rocket Lab in the 2nd quarter valued at about $36,000. ORG Partners LLC boosted its stake in shares of Rocket Lab by 491.9% in the second quarter. ORG Partners LLC now owns 1,095 shares of the rocket manufacturer’s stock valued at $38,000 after purchasing an additional 910 shares during the period. Golden State Wealth Management LLC grew its holdings in shares of Rocket Lab by 3,250.0% in the second quarter. Golden State Wealth Management LLC now owns 1,340 shares of the rocket manufacturer’s stock valued at $48,000 after purchasing an additional 1,300 shares in the last quarter. GAMMA Investing LLC increased its stake in Rocket Lab by 36.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,518 shares of the rocket manufacturer’s stock worth $54,000 after buying an additional 405 shares during the period. Finally, National Bank of Canada FI increased its stake in Rocket Lab by 39.8% during the 1st quarter. National Bank of Canada FI now owns 3,118 shares of the rocket manufacturer’s stock worth $56,000 after buying an additional 887 shares during the period. Institutional investors and hedge funds own 71.78% of the company’s stock.

Rocket Lab Stock Up 10.4%

Shares of NASDAQ RKLB opened at $49.37 on Friday. The company has a market capitalization of $26.37 billion, a price-to-earnings ratio of -129.92 and a beta of 2.20. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.18 and a quick ratio of 2.83. The business has a 50-day moving average of $54.14 and a two-hundred day moving average of $44.68. Rocket Lab Corporation has a 1 year low of $14.71 and a 1 year high of $73.97.

Rocket Lab (NASDAQ:RKLB) last released its quarterly earnings data on Monday, November 10th. The rocket manufacturer reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rocket Lab had a negative return on equity of 27.26% and a negative net margin of 35.64%.The business had revenue of $155.08 million for the quarter, compared to the consensus estimate of $152.45 million. During the same quarter in the prior year, the business posted ($0.10) EPS. The business’s revenue for the quarter was up 48.0% on a year-over-year basis. On average, analysts forecast that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Insider Activity at Rocket Lab

In related news, insider Frank Klein sold 4,736 shares of the stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $42.08, for a total value of $199,290.88. Following the transaction, the insider directly owned 1,269,487 shares of the company’s stock, valued at $53,420,012.96. This trade represents a 0.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Arjun Kampani sold 10,554 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $42.08, for a total transaction of $444,112.32. Following the completion of the sale, the senior vice president directly owned 450,460 shares of the company’s stock, valued at approximately $18,955,356.80. This trade represents a 2.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 5,573,532 shares of company stock worth $274,301,358 in the last ninety days. Company insiders own 11.90% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on RKLB. Citigroup restated a “market perform” rating on shares of Rocket Lab in a research note on Wednesday, November 12th. Bank of America lifted their target price on Rocket Lab from $50.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, November 19th. Roth Capital restated a “buy” rating and set a $75.00 price target on shares of Rocket Lab in a report on Tuesday, November 11th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Rocket Lab in a research report on Wednesday. Finally, Robert W. Baird initiated coverage on Rocket Lab in a research report on Wednesday, October 15th. They set an “outperform” rating and a $83.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.17.

Rocket Lab 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.