Assenagon Asset Management S.A. Buys Shares of 13,067 Rocket Lab Corporation $RKLB

Assenagon Asset Management S.A. bought a new position in shares of Rocket Lab Corporation (NASDAQ:RKLB) during the third quarter, HoldingsChannel.com reports. The firm bought 13,067 shares of the rocket manufacturer’s stock, valued at approximately $626,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Invesco Ltd. raised its position in shares of Rocket Lab by 67.0% in the 2nd quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer’s stock valued at $223,287,000 after acquiring an additional 2,504,054 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in Rocket Lab during the 2nd quarter worth approximately $192,918,000. Norges Bank acquired a new stake in shares of Rocket Lab during the second quarter worth $164,751,000. American Century Companies Inc. lifted its holdings in shares of Rocket Lab by 6.2% in the second quarter. American Century Companies Inc. now owns 2,251,130 shares of the rocket manufacturer’s stock valued at $80,523,000 after purchasing an additional 131,996 shares in the last quarter. Finally, Royal Bank of Canada lifted its stake in Rocket Lab by 6.4% in the 1st quarter. Royal Bank of Canada now owns 2,128,536 shares of the rocket manufacturer’s stock valued at $38,057,000 after acquiring an additional 128,907 shares in the last quarter. 71.78% of the stock is owned by institutional investors.

Insider Activity at Rocket Lab

In related news, CFO Adam C. Spice sold 46,994 shares of Rocket Lab stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $40.86, for a total transaction of $1,920,174.84. Following the completion of the sale, the chief financial officer directly owned 1,995,373 shares of the company’s stock, valued at approximately $81,530,940.78. This trade represents a 2.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Peter Beck sold 1,560,254 shares of the business’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $57.47, for a total value of $89,667,797.38. Following the completion of the sale, the chief executive officer owned 939,746 shares of the company’s stock, valued at $54,007,202.62. This trade represents a 62.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 2,729,485 shares of company stock valued at $151,832,870 in the last 90 days. Corporate insiders own 11.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on RKLB shares. KeyCorp raised their target price on shares of Rocket Lab from $50.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, October 17th. Citigroup restated a “market perform” rating on shares of Rocket Lab in a research note on Wednesday, November 12th. Cantor Fitzgerald restated an “overweight” rating on shares of Rocket Lab in a report on Wednesday, December 3rd. Stifel Nicolaus upped their target price on Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday. Finally, Robert W. Baird initiated coverage on Rocket Lab in a research report on Wednesday, October 15th. They set an “outperform” rating and a $83.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $61.25.

Rocket Lab Stock Performance

Shares of RKLB stock opened at $76.55 on Friday. Rocket Lab Corporation has a 52 week low of $14.71 and a 52 week high of $79.83. The company has a market capitalization of $40.89 billion, a price-to-earnings ratio of -201.45 and a beta of 2.20. The company has a 50-day simple moving average of $55.27 and a 200 day simple moving average of $48.43. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.83 and a current ratio of 3.18.

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

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.