Firsthand Capital Management Inc. Has $3.35 Million Holdings in Rocket Lab Corporation $RKLB

Firsthand Capital Management Inc. grew its position in Rocket Lab Corporation (NASDAQ:RKLB) by 40.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 70,000 shares of the rocket manufacturer’s stock after buying an additional 20,000 shares during the period. Rocket Lab makes up about 5.6% of Firsthand Capital Management Inc.’s investment portfolio, making the stock its 5th largest 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 hedge funds and other institutional investors have also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rocket Lab during the third quarter valued at approximately $25,000. Hara Capital LLC purchased a new position in Rocket Lab in the 3rd quarter worth approximately $25,000. UMB Bank n.a. raised its holdings in 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 last quarter. Sound Income Strategies LLC bought a new position in Rocket Lab in the 3rd quarter valued at approximately $27,000. Finally, EverSource Wealth Advisors LLC lifted its position in Rocket Lab by 109.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock valued at $28,000 after acquiring an additional 416 shares in the last quarter. Institutional investors own 71.78% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Arjun Kampani sold 28,761 shares of the business’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total transaction of $2,001,477.99. Following the completion of the sale, the senior vice president owned 421,699 shares of the company’s stock, valued at $29,346,033.41. The trade was a 6.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Peter Beck sold 939,746 shares of the company’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $54.73, for a total value of $51,432,298.58. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 2,787,174 shares of company stock valued at $190,412,782. 11.90% of the stock is currently owned by corporate insiders.

Rocket Lab Stock Performance

RKLB opened at $68.41 on Monday. The company’s 50 day moving average is $77.46 and its 200 day moving average is $63.09. The company has a current ratio of 4.08, a quick ratio of 3.61 and a debt-to-equity ratio of 0.10. The company has a market cap of $36.54 billion, a price-to-earnings ratio of -184.89 and a beta of 2.20. Rocket Lab Corporation has a 12-month low of $14.71 and a 12-month high of $99.58.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Zacks Research lowered Rocket Lab from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Stifel Nicolaus upped their price target on Rocket Lab from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 22nd. Needham & Company LLC dropped their price objective on Rocket Lab from $110.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price objective on shares of Rocket Lab in a report on Friday. Finally, Wall Street Zen raised Rocket Lab from a “sell” rating to a “hold” rating in a research report on Sunday, February 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $75.92.

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.