Fox Run Management L.L.C. Trims Stock Position in Rocket Lab Corporation $RKLB

Fox Run Management L.L.C. trimmed its stake in Rocket Lab Corporation (NASDAQ:RKLB) by 76.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,311 shares of the rocket manufacturer’s stock after selling 23,827 shares during the period. Fox Run Management L.L.C.’s holdings in Rocket Lab were worth $350,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RKLB. Arizona State Retirement System lifted its holdings in shares of Rocket Lab by 13.6% in the 3rd quarter. Arizona State Retirement System now owns 127,794 shares of the rocket manufacturer’s stock valued at $6,123,000 after purchasing an additional 15,307 shares during the last quarter. Cadent Capital Advisors LLC acquired a new position in Rocket Lab during the third quarter worth approximately $668,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Rocket Lab by 44.7% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 992,777 shares of the rocket manufacturer’s stock worth $35,512,000 after buying an additional 306,713 shares during the period. Orion Porfolio Solutions LLC purchased a new stake in Rocket Lab in the second quarter valued at approximately $1,009,000. Finally, Norges Bank acquired a new stake in shares of Rocket Lab in the second quarter valued at approximately $164,751,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

Rocket Lab Stock Up 2.7%

RKLB opened at $70.97 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.18 and a quick ratio of 2.83. Rocket Lab Corporation has a 12 month low of $14.71 and a 12 month high of $99.58. The stock has a market capitalization of $37.91 billion, a P/E ratio of -191.81 and a beta of 2.20. The business has a 50 day simple moving average of $77.98 and a 200-day simple moving average of $61.45.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $75.00 target price on shares of Rocket Lab in a report on Tuesday, November 11th. Wall Street Zen raised shares of Rocket Lab from a “sell” rating to a “hold” rating in a research report on Sunday, February 8th. Citigroup restated a “market perform” rating on shares of Rocket Lab in a research note on Wednesday, November 12th. Cantor Fitzgerald upped their target price on shares of Rocket Lab from $72.00 to $85.00 and gave the company an “overweight” rating in a report on Friday. Finally, Citizens Jmp reissued a “market perform” rating on shares of Rocket Lab in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $75.92.

Insider Activity at Rocket Lab

In other news, Director Merline Saintil sold 12,500 shares of the stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $90.00, for a total value of $1,125,000.00. Following the completion of the transaction, the director owned 280,029 shares in the company, valued at $25,202,610. This trade represents a 4.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Frank Klein sold 100,000 shares of the firm’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $72.95, for a total transaction of $7,295,000.00. Following the completion of the sale, the insider owned 1,169,487 shares of the company’s stock, valued at $85,314,076.65. This trade represents a 7.88% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 4,138,979 shares of company stock worth $265,048,346. 11.90% of the stock is currently owned by insiders.

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.