Rocket Lab Corporation $RKLB Stock Holdings Lifted by Firsthand Capital Management Inc.

Firsthand Capital Management Inc. boosted its position in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 40.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 70,000 shares of the rocket manufacturer’s stock after buying an additional 20,000 shares during the quarter. Rocket Lab makes up about 5.6% of Firsthand Capital Management Inc.’s holdings, making the stock its 5th biggest holding. Firsthand Capital Management Inc.’s holdings in Rocket Lab were worth $3,354,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. raised its stake in shares of Rocket Lab by 176.1% during the third quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer’s stock valued at $580,952,000 after acquiring an additional 7,734,788 shares during the last quarter. Norges Bank purchased a new stake in shares of Rocket Lab during the second quarter worth about $164,751,000. Invesco Ltd. grew its stake in shares of Rocket Lab by 67.0% in the second quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer’s stock worth $223,287,000 after purchasing an additional 2,504,054 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Rocket Lab by 5.4% in the third quarter. Vanguard Group Inc. now owns 41,809,723 shares of the rocket manufacturer’s stock worth $2,003,104,000 after purchasing an additional 2,127,565 shares during the last quarter. Finally, Marex Group plc purchased a new position in Rocket Lab during the 2nd quarter valued at about $74,359,000. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Citizens Jmp reiterated a “market perform” rating on shares of Rocket Lab in a report on Friday, February 27th. Stifel Nicolaus boosted their target price on Rocket Lab from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 22nd. Zacks Research downgraded Rocket Lab from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Morgan Stanley raised Rocket Lab from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $67.00 to $105.00 in a research note on Friday, January 16th. Finally, The Goldman Sachs Group lifted their price target on shares of Rocket Lab from $47.00 to $69.00 and gave the company a “neutral” rating in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $75.92.

Insider Buying and Selling

In other Rocket Lab news, CFO Adam C. Spice sold 62,744 shares of Rocket Lab stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total transaction of $4,366,354.96. Following the completion of the transaction, the chief financial officer owned 1,296,824 shares in the company, valued at approximately $90,245,982.16. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Frank Klein sold 36,768 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was 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 $78,298,652.15. This trade represents a 3.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,787,174 shares of company stock worth $190,412,782 over the last three months. Corporate insiders own 11.90% of the company’s stock.

Rocket Lab Price Performance

Shares of NASDAQ RKLB opened at $68.41 on Monday. The company has a 50 day simple moving average of $77.46 and a two-hundred day simple moving average of $63.09. Rocket Lab Corporation has a fifty-two week low of $14.71 and a fifty-two week high of $99.58. The company has a market capitalization of $36.54 billion, a price-to-earnings ratio of -184.89 and a beta of 2.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.61 and a current ratio of 4.08.

Rocket Lab Company 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.