Envestnet Asset Management Inc. Purchases 11,809 Shares of Rocket Lab Corporation $RKLB

Envestnet Asset Management Inc. raised its position in Rocket Lab Corporation (NASDAQ:RKLBFree Report) by 21.2% during the third quarter, according to its most recent filing with the SEC. The firm owned 67,563 shares of the rocket manufacturer’s stock after purchasing an additional 11,809 shares during the period. Envestnet Asset Management Inc.’s holdings in Rocket Lab were worth $3,237,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of RKLB. Wilmington Savings Fund Society FSB acquired a new position in Rocket Lab in the third quarter valued at $25,000. Hara Capital LLC acquired a new stake in Rocket Lab during the 3rd quarter worth about $25,000. UMB Bank n.a. raised its position in shares of Rocket Lab by 352.5% in the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock worth $26,000 after acquiring an additional 423 shares in the last quarter. Sound Income Strategies LLC bought a new position in shares of Rocket Lab in the 3rd quarter worth about $27,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Rocket Lab by 109.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock valued at $28,000 after purchasing an additional 416 shares during the period. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RKLB. Morgan Stanley raised Rocket Lab from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $67.00 to $105.00 in a research note on Friday, January 16th. Roth Mkm restated a “buy” rating and set a $75.00 price target on shares of Rocket Lab in a report on Tuesday, November 11th. Stifel Nicolaus raised their price objective on shares of Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Wall Street Zen upgraded shares of Rocket Lab from a “sell” rating to a “hold” rating in a research note on Sunday, February 8th. Finally, Zacks Research lowered shares of Rocket Lab from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.92.

Read Our Latest Stock Analysis on Rocket Lab

Rocket Lab Stock Performance

NASDAQ RKLB opened at $69.97 on Wednesday. The company has a market cap of $37.38 billion, a P/E ratio of -184.13 and a beta of 2.16. The company has a fifty day simple moving average of $77.56 and a 200 day simple moving average of $60.68. The company has a current ratio of 3.18, a quick ratio of 2.83 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 $99.58.

Insider Activity

In related news, Director Merline Saintil sold 96,000 shares of the firm’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $86.58, for a total value of $8,311,680.00. Following the transaction, the director owned 292,529 shares of the company’s stock, valued at approximately $25,327,160.82. This trade represents a 24.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frank Klein sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $72.95, for a total value of $7,295,000.00. Following the sale, the insider directly owned 1,169,487 shares of the company’s stock, valued at $85,314,076.65. This represents a 7.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 4,138,979 shares of company stock valued at $265,048,346. 11.90% of the stock is currently owned by insiders.

Key Stories Impacting Rocket Lab

Here are the key news stories impacting Rocket Lab this week:

Rocket Lab Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Rocket Lab (NASDAQ:RKLB)

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