Traynor Capital Management Inc. Invests $338,000 in Rocket Lab Corporation $RKLB

Traynor Capital Management Inc. acquired a new stake in Rocket Lab Corporation (NASDAQ:RKLB) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 7,058 shares of the rocket manufacturer’s stock, valued at approximately $338,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AustralianSuper Pty Ltd purchased a new stake in Rocket Lab during the third quarter worth $1,162,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Rocket Lab during the 3rd quarter worth $322,000. Ballentine Partners LLC purchased a new stake in shares of Rocket Lab in the 3rd quarter worth about $296,000. Federated Hermes Inc. boosted its position in shares of Rocket Lab by 283.4% in the 3rd quarter. Federated Hermes Inc. now owns 735,203 shares of the rocket manufacturer’s stock worth $35,224,000 after buying an additional 543,429 shares in the last quarter. Finally, Truist Financial Corp grew its stake in Rocket Lab by 8.7% in the 3rd quarter. Truist Financial Corp now owns 13,427 shares of the rocket manufacturer’s stock valued at $643,000 after acquiring an additional 1,075 shares during the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on RKLB shares. Weiss Ratings restated a “sell (d-)” rating on shares of Rocket Lab in a research report on Thursday, January 22nd. Stifel Nicolaus lifted their price objective on Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Bank of America increased their target price on Rocket Lab from $60.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Zacks Research raised Rocket Lab from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Finally, KeyCorp downgraded Rocket Lab from an “overweight” rating to a “sector weight” rating in a research report on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.92.

Rocket Lab Stock Down 3.3%

RKLB stock opened at $85.68 on Friday. The company has a 50 day moving average price of $69.11 and a two-hundred day moving average price of $57.26. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.83 and a current ratio of 3.18. The stock has a market capitalization of $45.77 billion, a P/E ratio of -225.47 and a beta of 2.16. Rocket Lab Corporation has a one year low of $14.71 and a one year high of $99.58.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $155.08 million for the quarter, compared to analyst estimates 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 company posted ($0.10) EPS. As a group, sell-side analysts expect that Rocket Lab Corporation will post -0.38 EPS for the current year.

Insider Transactions at Rocket Lab

In related news, Director Edward H. Frank sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $77.39, for a total value of $193,475.00. Following the sale, the director directly owned 142,504 shares of the company’s stock, valued at approximately $11,028,384.56. This trade represents a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Nina Armagno sold 27,314 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $68.21, for a total transaction of $1,863,087.94. Following the completion of the sale, the director owned 108,940 shares of the company’s stock, valued at approximately $7,430,797.40. The trade was a 20.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,306,150 shares of company stock worth $271,865,732 in the last quarter. 11.90% of the stock is currently owned by corporate insiders.

About Rocket Lab

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.