Eurizon Capital SGR S.p.A. Makes New $3.04 Million Investment in Rocket Lab Corporation $RKLB

Eurizon Capital SGR S.p.A. bought a new position in shares of Rocket Lab Corporation (NASDAQ:RKLB) during the fourth quarter, HoldingsChannel.com reports. The firm bought 43,471 shares of the rocket manufacturer’s stock, valued at approximately $3,035,000.

A number of other institutional investors also recently bought and sold shares of RKLB. Arizona State Retirement System lifted its stake in shares of Rocket Lab by 13.6% during the 3rd quarter. Arizona State Retirement System now owns 127,794 shares of the rocket manufacturer’s stock worth $6,123,000 after purchasing an additional 15,307 shares during the period. Swedbank AB lifted its stake in shares of Rocket Lab by 8.2% during the 4th quarter. Swedbank AB now owns 509,250 shares of the rocket manufacturer’s stock worth $35,525,000 after purchasing an additional 38,770 shares during the period. Firsthand Capital Management Inc. lifted its stake in shares of Rocket Lab by 40.0% during the 3rd quarter. Firsthand Capital Management Inc. now owns 70,000 shares of the rocket manufacturer’s stock worth $3,354,000 after purchasing an additional 20,000 shares during the period. Swiss National Bank lifted its stake in shares of Rocket Lab by 67.7% during the 3rd quarter. Swiss National Bank now owns 1,243,630 shares of the rocket manufacturer’s stock worth $59,582,000 after purchasing an additional 501,830 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Rocket Lab by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock worth $3,308,033,000 after purchasing an additional 5,610,469 shares during the period. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Key Rocket Lab News

Here are the key news stories impacting Rocket Lab this week:

• Negative Sentiment: Rocket Lab shares are being hit by broad weakness across the space sector, as investors reassess stretched valuations and worry that the SpaceX IPO could draw money away from pure-play space names. Rocket Lab Stock Is Tumbling Today: What’s Happening?
• Negative Sentiment: Multiple insiders sold shares, including SVP Arjun Kampani, Frank Klein, Marvin Bradford Clevenger, and Director Alexander R. Slusky, which can weigh on investor confidence in the near term despite the sales being disclosed under trading plans.
• Neutral Sentiment: Recent commentary also notes that Rocket Lab remains a major name in the commercial space industry, with its Neutron rocket still a key long-term catalyst and the company’s backlog and revenue growth supporting the bullish long-term case. Should You Buy Rocket Lab Stock Ahead of the SpaceX IPO?

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RKLB. Clear Str raised Rocket Lab to a “strong-buy” rating in a research note on Wednesday, March 18th. Roth Mkm increased their price target on Rocket Lab from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rocket Lab in a research note on Tuesday, April 21st. Craig Hallum raised Rocket Lab from a “hold” rating to a “buy” rating and set a $98.00 target price on the stock in a research report on Friday, May 8th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $105.00 target price (up from $90.00) on shares of Rocket Lab in a research report on Monday, April 20th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.19.

Rocket Lab Stock Down 14.7%

Shares of Rocket Lab stock opened at $122.39 on Tuesday. The business has a 50-day moving average of $93.14 and a 200-day moving average of $76.94. Rocket Lab Corporation has a 1-year low of $25.24 and a 1-year high of $151.00. The company has a market capitalization of $70.83 billion, a PE ratio of -382.47 and a beta of 2.48. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.47 and a quick ratio of 4.02.

Rocket Lab (NASDAQ:RKLB) last announced its earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The company had revenue of $200.35 million for the quarter, compared to analyst estimates of $189.65 million. During the same period in the prior year, the company posted ($0.12) EPS. Rocket Lab’s quarterly revenue was up 63.4% on a year-over-year basis. As a group, equities analysts forecast that Rocket Lab Corporation will post -0.29 EPS for the current fiscal year.

Insider Transactions at Rocket Lab

In other Rocket Lab news, Director Alexander R. Slusky sold 100,000 shares of Rocket Lab stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $118.08, for a total value of $11,808,000.00. Following the completion of the transaction, the director directly owned 434,675 shares in the company, valued at $51,326,424. The trade was a 18.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Frank Klein sold 44,390 shares of Rocket Lab stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $142.57, for a total value of $6,328,682.30. Following the completion of the transaction, the insider owned 1,043,847 shares of the company’s stock, valued at approximately $148,821,266.79. The trade was a 4.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 524,120 shares of company stock valued at $67,677,521 over the last ninety days. 8.40% of the stock is currently owned by company insiders.

About Rocket Lab

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.