Assenagon Asset Management S.A. Invests $626,000 in Rocket Lab Corporation $RKLB

Assenagon Asset Management S.A. acquired a new stake in Rocket Lab Corporation (NASDAQ:RKLB) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 13,067 shares of the rocket manufacturer’s stock, valued at approximately $626,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its holdings in Rocket Lab by 109.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock worth $28,000 after acquiring an additional 416 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Rocket Lab in the second quarter worth approximately $36,000. Kilter Group LLC acquired a new position in shares of Rocket Lab in the 2nd quarter worth approximately $37,000. ORG Partners LLC increased its holdings 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 buying an additional 910 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its position in shares of Rocket Lab by 3,250.0% during the second quarter. Golden State Wealth Management LLC now owns 1,340 shares of the rocket manufacturer’s stock worth $48,000 after purchasing an additional 1,300 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab Price Performance

Shares of RKLB stock opened at $76.55 on Friday. Rocket Lab Corporation has a 1 year low of $14.71 and a 1 year high of $79.83. The company has a current ratio of 3.18, a quick ratio of 2.83 and a debt-to-equity ratio of 0.32. The firm’s 50 day moving average is $55.27 and its 200-day moving average is $48.43. The firm has a market capitalization of $40.89 billion, a price-to-earnings ratio of -201.45 and a beta of 2.20.

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

Insider Activity at Rocket Lab

In other news, CFO Adam C. Spice sold 46,994 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $40.86, for a total value of $1,920,174.84. Following the transaction, the chief financial officer owned 1,995,373 shares of the company’s stock, valued at approximately $81,530,940.78. This trade represents a 2.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Peter Beck sold 1,560,254 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $57.47, for a total transaction of $89,667,797.38. Following the sale, the chief executive officer directly owned 939,746 shares of the company’s stock, valued at approximately $54,007,202.62. This trade represents a 62.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 2,729,485 shares of company stock worth $151,832,870. Insiders own 11.90% of the company’s stock.

Analysts Set New Price Targets

RKLB has been the topic of several recent analyst reports. Robert W. Baird initiated coverage on shares of Rocket Lab in a research note on Wednesday, October 15th. They set an “outperform” rating and a $83.00 target price on the stock. Roth Capital reissued a “buy” rating and issued a $75.00 price objective on shares of Rocket Lab in a research note on Tuesday, November 11th. KeyCorp raised their target price on Rocket Lab from $50.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, October 17th. Needham & Company LLC boosted their price objective on Rocket Lab from $63.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Morgan Stanley lowered their price objective on Rocket Lab from $68.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 12th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.25.

Rocket Lab Profile

Rocket Lab is an aerospace company that provides launch services, spacecraft, and space systems for commercial and government customers. The company’s primary launch vehicle is Electron, a small-lift orbital rocket designed to deploy small satellites and rideshare payloads to low Earth orbit. Rocket Lab also develops and manufactures the Rutherford engine, noted for its electric-pump-fed design and additive-manufactured components, which powers Electron and supports the company’s propulsion capabilities.