Norges Bank Buys New Holdings in Rocket Lab Corporation $RKLB

Norges Bank bought a new stake in shares of Rocket Lab Corporation (NASDAQ:RKLB) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,888,706 shares of the rocket manufacturer’s stock, valued at approximately $341,036,000. Norges Bank owned 0.92% of Rocket Lab at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Baillie Gifford & Co. raised its position in Rocket Lab by 47.2% during the 4th quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer’s stock valued at $1,245,317,000 after purchasing an additional 5,725,536 shares during the last quarter. Vanguard Group Inc. raised its position in Rocket Lab by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock valued at $3,308,033,000 after purchasing an additional 5,610,469 shares during the last quarter. Alliancebernstein L.P. raised its position in Rocket Lab by 818.8% during the 3rd quarter. Alliancebernstein L.P. now owns 2,190,132 shares of the rocket manufacturer’s stock valued at $104,929,000 after purchasing an additional 1,951,755 shares during the last quarter. Amundi raised its position in Rocket Lab by 308.4% during the 3rd quarter. Amundi now owns 2,301,568 shares of the rocket manufacturer’s stock valued at $110,268,000 after purchasing an additional 1,738,038 shares during the last quarter. Finally, State Street Corp raised its position in Rocket Lab by 13.6% during the 3rd quarter. State Street Corp now owns 12,399,571 shares of the rocket manufacturer’s stock valued at $594,063,000 after purchasing an additional 1,487,237 shares during the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab News Summary

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?

Rocket Lab Stock Performance

Rocket Lab stock opened at $122.39 on Tuesday. The company has a quick ratio of 4.02, a current ratio of 4.47 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $70.83 billion, a P/E ratio of -382.47 and a beta of 2.48. The stock’s 50 day moving average is $93.14 and its 200 day moving average is $76.94. Rocket Lab Corporation has a twelve month low of $25.24 and a twelve month high of $151.00.

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

Insider Buying and Selling at Rocket Lab

In other Rocket Lab news, Director Alexander R. Slusky sold 60,000 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $149.40, for a total transaction of $8,964,000.00. Following the sale, the director directly owned 374,675 shares in the company, valued at approximately $55,976,445. This trade represents a 13.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Marvin Bradford Clevenger sold 3,500 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $146.67, for a total value of $513,345.00. Following the sale, the insider owned 473,975 shares in the company, valued at approximately $69,517,913.25. This represents a 0.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 524,120 shares of company stock worth $67,677,521. Insiders own 8.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Stifel Nicolaus reaffirmed a “buy” rating and set a $105.00 price target (up from $90.00) on shares of Rocket Lab in a research report on Monday, April 20th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Rocket Lab in a research report on Wednesday, May 27th. TD Cowen upped their price target on Rocket Lab from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rocket Lab in a research report on Tuesday, April 21st. Finally, Citizens Jmp increased their target price on Rocket Lab from $85.00 to $95.00 and gave the stock a “market outperform” rating in a research report on Friday, May 8th. Three investment 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’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $97.19.

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.