Hsbc Holdings PLC Boosts Position in Rocket Lab Corporation $RKLB

Hsbc Holdings PLC raised its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLBFree Report) by 613.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,570,608 shares of the rocket manufacturer’s stock after acquiring an additional 1,350,602 shares during the quarter. Hsbc Holdings PLC’s holdings in Rocket Lab were worth $110,666,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Aventura Private Wealth LLC purchased a new position in shares of Rocket Lab in the 4th quarter valued at $25,000. Mcguire Capital Advisors Inc. purchased a new stake in Rocket Lab during the 4th quarter worth $27,000. Zions Bancorporation National Association UT acquired a new stake in Rocket Lab in the 4th quarter valued at $28,000. EverSource Wealth Advisors LLC raised its position in Rocket Lab by 109.5% in the second quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock valued at $28,000 after purchasing an additional 416 shares during the period. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Rocket Lab during the 4th quarter valued at about $29,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Key Headlines Impacting Rocket Lab

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price target on shares of Rocket Lab in a research note on Tuesday, June 30th. TD Cowen increased their target price on Rocket Lab from $90.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Craig Hallum raised their price target on shares of Rocket Lab from $98.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. Stifel Nicolaus set a $132.00 price target on shares of Rocket Lab in a research note on Thursday, June 4th. Finally, Citizens Jmp upped their price target on shares of Rocket Lab from $95.00 to $130.00 and gave the company a “market outperform” rating in a report on Tuesday, June 30th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $108.24.

Get Our Latest Research Report on RKLB

Rocket Lab Stock Performance

NASDAQ RKLB opened at $100.46 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.02 and a current ratio of 4.47. Rocket Lab Corporation has a one year low of $35.25 and a one year high of $151.00. The company has a 50-day simple moving average of $108.81 and a 200-day simple moving average of $86.34. The firm has a market capitalization of $58.14 billion, a PE ratio of -313.94 and a beta of 2.54.

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

Insider Buying and Selling at Rocket Lab

In related news, insider Marvin Bradford Clevenger sold 3,500 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $146.67, for a total transaction of $513,345.00. Following the completion of the transaction, the insider owned 473,975 shares in the company, valued at $69,517,913.25. The trade was a 0.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Alexander R. Slusky sold 40,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $123.60, for a total value of $4,944,000.00. Following the transaction, the director owned 334,675 shares of the company’s stock, valued at approximately $41,365,830. The trade was a 10.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 573,515 shares of company stock worth $76,412,122. Corporate insiders own 8.40% of the company’s stock.

Rocket Lab Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Rocket Lab (NASDAQ:RKLB)

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