ARK Investment Management LLC Decreases Stock Holdings in Rocket Lab USA, Inc. (NASDAQ:RKLB)

ARK Investment Management LLC trimmed its position in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) by 36.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,535,369 shares of the rocket manufacturer’s stock after selling 2,064,445 shares during the period. ARK Investment Management LLC owned approximately 0.71% of Rocket Lab USA worth $90,046,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of RKLB. Wingate Wealth Advisors Inc. purchased a new stake in Rocket Lab USA during the 4th quarter valued at $40,000. New Millennium Group LLC raised its holdings in Rocket Lab USA by 105.0% during the 4th quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer’s stock valued at $52,000 after buying an additional 1,050 shares during the period. Global Retirement Partners LLC purchased a new stake in Rocket Lab USA during the 4th quarter valued at $58,000. Newbridge Financial Services Group Inc. purchased a new stake in Rocket Lab USA during the 4th quarter valued at $76,000. Finally, Allworth Financial LP raised its holdings in Rocket Lab USA by 1,827.6% during the 3rd quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after buying an additional 8,992 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Insiders Place Their Bets

In other news, Director Nina Armagno sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total value of $236,300.00. Following the completion of the transaction, the director now directly owns 132,294 shares in the company, valued at $3,126,107.22. This trade represents a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Alexander R. Slusky sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value of $1,150,000.00. Following the completion of the transaction, the director now owns 534,675 shares of the company’s stock, valued at approximately $12,297,525. The trade was a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 13.70% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on RKLB shares. Cantor Fitzgerald increased their price target on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Wells Fargo & Company increased their target price on Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 11th. Bank of America increased their target price on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. KeyCorp increased their target price on Rocket Lab USA from $27.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, Stifel Nicolaus increased their target price on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.28.

Rocket Lab USA Price Performance

Shares of RKLB stock opened at $20.28 on Wednesday. Rocket Lab USA, Inc. has a 1-year low of $3.47 and a 1-year high of $33.34. The stock’s 50-day moving average is $26.90 and its 200 day moving average is $17.68. The company has a market cap of $10.14 billion, a P/E ratio of -54.81 and a beta of 1.99. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16.

Rocket Lab USA Company 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.