Edgestream Partners L.P. Makes New Investment in Rocket Lab Corporation $RKLB

Edgestream Partners L.P. acquired a new stake in Rocket Lab Corporation (NASDAQ:RKLB) in the second quarter, HoldingsChannel.com reports. The firm acquired 76,913 shares of the rocket manufacturer’s stock, valued at approximately $2,751,000.

Other hedge funds have also modified their holdings of the company. Kingstone Capital Partners Texas LLC acquired a new position in shares of Rocket Lab in the 2nd quarter valued at $192,918,000. Norges Bank purchased a new position in Rocket Lab during the 2nd quarter worth $164,751,000. Vanguard Group Inc. increased its stake in Rocket Lab by 10.6% in the first quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer’s stock valued at $715,728,000 after purchasing an additional 3,833,969 shares during the period. Invesco Ltd. increased its stake in Rocket Lab by 56.1% in the first quarter. Invesco Ltd. now owns 3,738,250 shares of the rocket manufacturer’s stock valued at $66,840,000 after purchasing an additional 1,343,518 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of Rocket Lab in the first quarter valued at about $23,964,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Rocket Lab

In related news, SVP Arjun Kampani sold 10,554 shares of the business’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $42.08, for a total transaction of $444,112.32. Following the sale, the senior vice president owned 450,460 shares of the company’s stock, valued at approximately $18,955,356.80. The trade was a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Frank Klein sold 4,736 shares of the company’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $42.08, for a total transaction of $199,290.88. Following the transaction, the insider owned 1,269,487 shares in the company, valued at $53,420,012.96. The trade was a 0.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 5,573,532 shares of company stock worth $274,301,358 over the last three months. 11.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on RKLB shares. Stifel Nicolaus reissued a “buy” rating and set a $75.00 price target (up previously from $65.00) on shares of Rocket Lab in a report on Tuesday, November 11th. Needham & Company LLC reiterated a “buy” rating and issued a $63.00 target price on shares of Rocket Lab in a research note on Tuesday, November 25th. Bank of America upped their price target on Rocket Lab from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, November 19th. Robert W. Baird started coverage on Rocket Lab in a report on Wednesday, October 15th. They set an “outperform” rating and a $83.00 price target for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Rocket Lab in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Rocket Lab has an average rating of “Moderate Buy” and an average target price of $58.17.

Rocket Lab Stock Up 10.4%

RKLB opened at $49.37 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.18 and a quick ratio of 2.83. Rocket Lab Corporation has a 12 month low of $14.71 and a 12 month high of $73.97. The stock has a market capitalization of $26.37 billion, a P/E ratio of -129.92 and a beta of 2.20. The business has a 50 day simple moving average of $54.14 and a 200-day simple moving average of $44.68.

Rocket Lab (NASDAQ:RKLB) last released its quarterly earnings data on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rocket Lab had a negative return on equity of 27.26% and a negative net margin of 35.64%.The firm had revenue of $155.08 million during the quarter, compared to analysts’ expectations of $152.45 million. During the same quarter in the prior year, the business posted ($0.10) earnings per share. Rocket Lab’s revenue was up 48.0% compared to the same quarter last year. On average, equities analysts anticipate that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

About Rocket Lab

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.