Capital World Investors Grows Holdings in Rocket Lab Corporation $RKLB

Capital World Investors increased its position in Rocket Lab Corporation (NASDAQ:RKLB) by 9.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,462,103 shares of the rocket manufacturer’s stock after purchasing an additional 1,242,547 shares during the period. Capital World Investors’ holdings in Rocket Lab were worth $692,879,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Wilmington Savings Fund Society FSB acquired a new stake in Rocket Lab during the third quarter worth about $25,000. Hara Capital LLC acquired a new stake in Rocket Lab in the third quarter worth about $25,000. UMB Bank n.a. lifted its stake 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 during the period. Sound Income Strategies LLC bought a new position in Rocket Lab during the 3rd quarter valued at $27,000. Finally, Financial Consulate Inc. acquired a new position in Rocket Lab during the third quarter worth about $35,000. 71.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Citigroup reaffirmed a “market perform” rating on shares of Rocket Lab in a research report on Wednesday, November 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Rocket Lab in a report on Thursday, January 22nd. Morgan Stanley raised shares of Rocket Lab from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $67.00 to $105.00 in a research report on Friday, January 16th. Bank of America upped their price objective on shares of Rocket Lab from $60.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Finally, KeyCorp lowered shares of Rocket Lab from an “overweight” rating to a “sector weight” rating in a research note on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Rocket Lab presently has an average rating of “Moderate Buy” and a consensus price target of $75.92.

Insiders Place Their Bets

In related news, insider Frank Klein sold 36,768 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $71.95, for a total value of $2,645,457.60. Following the completion of the sale, the insider directly owned 1,088,237 shares in the company, valued at approximately $78,298,652.15. This represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Merline Saintil sold 18,126 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $75.04, for a total transaction of $1,360,175.04. Following the transaction, the director directly owned 261,903 shares in the company, valued at $19,653,201.12. The trade was a 6.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 4,362,428 shares of company stock worth $281,055,579 in the last 90 days. 11.90% of the stock is owned by corporate insiders.

Rocket Lab Price Performance

Shares of RKLB opened at $68.93 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.61 and a current ratio of 4.08. The firm has a market cap of $36.82 billion, a PE ratio of -186.29 and a beta of 2.20. Rocket Lab Corporation has a twelve month low of $14.71 and a twelve month high of $99.58. The firm’s 50 day moving average price is $77.60 and its 200 day moving average price is $62.62.

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.