Pictet Asset Management Holding SA Sells 76,002 Shares of Rocket Lab Corporation $RKLB

Pictet Asset Management Holding SA cut its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 28.2% in the first quarter, Holdings Channel.com reports. The institutional investor owned 193,205 shares of the rocket manufacturer’s stock after selling 76,002 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Rocket Lab were worth $12,408,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Aventura Private Wealth LLC bought a new stake in shares of Rocket Lab in the fourth quarter worth $25,000. Mcguire Capital Advisors Inc. purchased a new stake in Rocket Lab during the fourth quarter valued at $27,000. Zions Bancorporation National Association UT bought a new position in Rocket Lab in the fourth quarter valued at about $28,000. Gordian Capital Singapore Pte Ltd bought a new position in Rocket Lab in the fourth quarter valued at about $29,000. Finally, Reflection Asset Management purchased a new position in Rocket Lab in the fourth quarter worth about $30,000. 71.78% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Rocket Lab news, insider Marvin Bradford Clevenger sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $146.67, for a total transaction of $513,345.00. Following the sale, the insider owned 473,975 shares in the company, valued at approximately $69,517,913.25. This trade represents a 0.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Frank Klein sold 36,860 shares of Rocket Lab stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $147.42, for a total transaction of $5,433,901.20. Following the transaction, the insider directly owned 1,006,987 shares in the company, valued at $148,450,023.54. This represents a 3.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 573,515 shares of company stock worth $76,412,122 in the last ninety days. Corporate insiders own 8.40% of the company’s stock.

Rocket Lab Stock Performance

Shares of RKLB opened at $100.46 on Friday. 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 business has a 50-day simple moving average of $108.60 and a two-hundred day simple moving average of $86.24. The stock has a market cap of $58.14 billion, a price-to-earnings ratio of -313.94 and a beta of 2.54. Rocket Lab Corporation has a 52 week low of $35.25 and a 52 week high of $151.00.

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

Analysts Set New Price Targets

A number of research firms have issued reports on RKLB. Wells Fargo & Company initiated coverage on Rocket Lab in a research note on Wednesday, April 1st. They set an “equal weight” rating and a $60.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $120.00 price objective on shares of Rocket Lab in a report on Tuesday. TD Cowen boosted their target price on shares of Rocket Lab from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Citizens Jmp upped their target price on shares of Rocket Lab from $95.00 to $130.00 and gave the company a “market outperform” rating in a report on Tuesday. Finally, Bank of America increased their price target on shares of Rocket Lab from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday. Three investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Rocket Lab currently has a consensus rating of “Moderate Buy” and an average price target of $108.24.

Key Headlines Impacting Rocket Lab

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

• Positive Sentiment: The $8 billion Iridium acquisition is being seen as a transformative deal that could expand Rocket Lab into satellite communications, add recurring revenue, and support a more durable long-term business model. Rocket Lab’s CEO Just Bet $8 Billion on Taking Down SpaceX. Here’s the ‘1+1=3’ Logic
• Positive Sentiment: Investor enthusiasm has also been supported by Rocket Lab’s recent operating momentum, including strong revenue growth, a record backlog, and the view that the company is increasingly positioned as a full-stack space operator. Rocket Lab Surges on Big SpaceX Rivalry Bet and Strong Stock Momentum
• Neutral Sentiment: Several articles argue that the market is now re-rating RKLB quickly, with some commentators saying much of the near-term upside may already be priced in after the sharp run-up. Rocket Lab Stock up 24% in a Week — Here’s What Happened
• Neutral Sentiment: Analysts and writers remain focused on Rocket Lab’s long-term growth story, but some note the stock has already made a big move and may need execution on the Iridium deal to justify further gains. Rocket Lab Just Made an $8 Billion Bet to Rival SpaceX. Is the Stock a Buy?
• Negative Sentiment: Rocket Lab also faces execution and integration risk from the large acquisition, and one update noted a recent launch stand-down, reminding investors that the business still depends on reliable operational performance. RKLB Stock Slips Overnight: Rocket Lab Stands Down From 92nd Satellite Launch For Japan’s QPS

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.