Accel Wealth Management Purchases New Position in Rocket Lab Corporation $RKLB

Accel Wealth Management acquired a new position in shares of Rocket Lab Corporation (NASDAQ:RKLB) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,341 shares of the rocket manufacturer’s stock, valued at approximately $448,000.

Other hedge funds also recently modified their holdings of the company. Truist Financial Corp boosted its holdings in shares of Rocket Lab by 1.9% in the 2nd quarter. Truist Financial Corp now owns 12,352 shares of the rocket manufacturer’s stock worth $442,000 after acquiring an additional 234 shares in the last quarter. Parvin Asset Management LLC raised its position in Rocket Lab by 7.2% in the 2nd quarter. Parvin Asset Management LLC now owns 3,725 shares of the rocket manufacturer’s stock valued at $133,000 after purchasing an additional 250 shares during the last quarter. GAMMA Investing LLC boosted its stake in Rocket Lab by 36.4% in the second quarter. GAMMA Investing LLC now owns 1,518 shares of the rocket manufacturer’s stock worth $54,000 after purchasing an additional 405 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Rocket Lab by 109.5% in the second quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock worth $28,000 after purchasing an additional 416 shares in the last quarter. Finally, CWM LLC grew its holdings in shares of Rocket Lab by 7.0% during the second quarter. CWM LLC now owns 8,491 shares of the rocket manufacturer’s stock worth $304,000 after purchasing an additional 556 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company’s stock.

Insider Activity at Rocket Lab

In other news, CEO Peter Beck sold 939,746 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $54.73, for a total value of $51,432,298.58. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Arjun Kampani sold 10,554 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president 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. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 2,697,171 shares of company stock worth $149,644,782. 11.90% of the stock is owned by corporate insiders.

Rocket Lab Stock Up 11.0%

NASDAQ:RKLB opened at $59.92 on Friday. The company has a quick ratio of 2.83, a current ratio of 3.18 and a debt-to-equity ratio of 0.32. Rocket Lab Corporation has a 12-month low of $14.71 and a 12-month high of $73.97. The stock’s fifty day simple moving average is $54.38 and its 200-day simple moving average is $46.74. The firm has a market capitalization of $32.01 billion, a P/E ratio of -157.68 and a beta of 2.20.

Rocket Lab (NASDAQ:RKLB) last posted its earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share (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 firm had revenue of $155.08 million during the quarter, compared to analysts’ expectations of $152.45 million. During the same period in the previous year, the firm earned ($0.10) earnings per share. The company’s revenue was up 48.0% on a year-over-year basis. Equities research analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Morgan Stanley cut their price target on Rocket Lab from $68.00 to $67.00 and set an “equal weight” rating for the company in a report on Wednesday, November 12th. Roth Capital restated a “buy” rating and issued a $75.00 price objective on shares of Rocket Lab in a research report on Tuesday, November 11th. Baird R W raised shares of Rocket Lab to a “strong-buy” rating in a research note on Thursday, October 16th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Rocket Lab in a research report on Wednesday, December 3rd. Finally, Stifel Nicolaus reissued a “buy” rating and set a $75.00 price target (up from $65.00) on shares of Rocket Lab in a research note on Tuesday, November 11th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.

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.