Rocket Lab Corporation $RKLB Shares Bought by GPS Wealth Strategies Group LLC

GPS Wealth Strategies Group LLC raised its position in Rocket Lab Corporation (NASDAQ:RKLB) by 361.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,170 shares of the rocket manufacturer’s stock after buying an additional 1,700 shares during the quarter. GPS Wealth Strategies Group LLC’s holdings in Rocket Lab were worth $78,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Truist Financial Corp increased 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 valued at $442,000 after acquiring an additional 234 shares during the period. GAMMA Investing LLC grew its position 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 purchasing an additional 405 shares during the last quarter. Allworth Financial LP increased its stake in Rocket Lab by 4.0% in the first quarter. Allworth Financial LP now owns 11,888 shares of the rocket manufacturer’s stock valued at $213,000 after purchasing an additional 458 shares during the period. Atria Wealth Solutions Inc. raised its holdings in shares of Rocket Lab by 1.4% in the first quarter. Atria Wealth Solutions Inc. now owns 35,085 shares of the rocket manufacturer’s stock valued at $627,000 after buying an additional 500 shares during the last quarter. Finally, CWM LLC boosted its stake 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 buying an additional 556 shares during the period. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RKLB. Cantor Fitzgerald boosted their price target on Rocket Lab from $35.00 to $54.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Stifel Nicolaus boosted their target price on Rocket Lab from $34.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, August 5th. Roth Capital reaffirmed a “buy” rating on shares of Rocket Lab in a report on Friday, August 29th. Needham & Company LLC restated a “buy” rating and set a $55.00 price objective on shares of Rocket Lab in a research report on Wednesday, September 3rd. Finally, Bank of America lifted their target price on shares of Rocket Lab from $30.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Rocket Lab presently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Rocket Lab Price Performance

Rocket Lab stock opened at $49.61 on Friday. The company has a market cap of $24.01 billion, a P/E ratio of -110.24 and a beta of 2.16. Rocket Lab Corporation has a one year low of $12.90 and a one year high of $73.97. The business has a fifty day moving average of $55.57 and a two-hundred day moving average of $41.56. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.33 and a current ratio of 2.67.

Rocket Lab (NASDAQ:RKLB) last announced its quarterly earnings results on Thursday, August 7th. The rocket manufacturer reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). Rocket Lab had a negative net margin of 45.87% and a negative return on equity of 48.14%. The company had revenue of $144.50 million during the quarter, compared to analysts’ expectations of $135.42 million. During the same quarter in the prior year, the business earned ($0.08) EPS. The business’s revenue for the quarter was up 35.9% compared to the same quarter last year. As a group, analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Insider Activity at Rocket Lab

In related news, SVP Arjun Kampani sold 31,185 shares of the company’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $48.97, for a total value of $1,527,129.45. Following the sale, the senior vice president owned 499,045 shares in the company, valued at $24,438,233.65. This represents a 5.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Frank Klein sold 45,535 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $48.97, for a total value of $2,229,848.95. Following the completion of the transaction, the insider directly owned 1,320,291 shares of the company’s stock, valued at $64,654,650.27. The trade was a 3.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,406,361 shares of company stock valued at $267,483,973 in the last ninety days. Company insiders own 11.90% of the company’s stock.

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.