Fifth Third Bancorp Increases Stock Position in Rocket Lab Corporation $RKLB

Fifth Third Bancorp raised its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 3,918.5% in the 1st quarter, HoldingsChannel reports. The firm owned 55,214 shares of the rocket manufacturer’s stock after purchasing an additional 53,840 shares during the period. Fifth Third Bancorp’s holdings in Rocket Lab were worth $3,546,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in RKLB. Aventura Private Wealth LLC purchased a new stake in shares of Rocket Lab during the 4th quarter valued at $25,000. Mcguire Capital Advisors Inc. purchased a new position in Rocket Lab in the fourth quarter worth $27,000. Zions Bancorporation National Association UT purchased a new stake in Rocket Lab during the fourth quarter valued at about $28,000. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Rocket Lab in the 4th quarter worth about $29,000. Finally, Reflection Asset Management bought a new position in shares of Rocket Lab during the 4th quarter valued at about $30,000. Institutional investors own 71.78% of the company’s stock.

Rocket Lab News Summary

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

• Negative Sentiment: Piper Sandler initiated coverage with a Neutral/Hold view, signaling limited near-term upside and adding to investor caution after the stock had already been sliding. Rocket Lab Stock Plunges After Piper Sandler Starts Coverage at Neutral
• Negative Sentiment: Investors are also worried about Rocket Lab’s pending $8 billion Iridium acquisition, including possible share dilution and the need for $3.6 billion in bridge financing, which could weigh on the stock. Why Is Rocket Lab Stock Falling on Thursday?
• Negative Sentiment: Recent reports point to a broader selloff across space stocks, with fear around debt, volatility, and sector sentiment spilling over into RKLB. AST SpaceMobile Stock Sinks as SpaceX Fallout Rattles Space Sector
• Negative Sentiment: Technical traders say RKLB broke an important support level, raising the risk of further downside if buyers do not step in soon. Stock of the Day: Where Is the Bottom for Rocket Lab?

Insider Activity

In related news, insider Frank Klein sold 44,390 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $142.57, for a total transaction of $6,328,682.30. Following the completion of the transaction, the insider owned 1,043,847 shares in the company, valued at $148,821,266.79. This represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alexander R. Slusky sold 100,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $118.08, for a total value of $11,808,000.00. Following the completion of the sale, the director directly owned 434,675 shares of the company’s stock, valued at $51,326,424. The trade was a 18.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 3,849,294 shares of company stock valued at $362,816,208. 8.40% of the stock is owned by insiders.

Rocket Lab Price Performance

Shares of Rocket Lab stock opened at $67.62 on Monday. The company’s fifty day simple moving average is $107.97 and its two-hundred day simple moving average is $87.27. Rocket Lab Corporation has a 12-month low of $37.57 and a 12-month high of $151.00. The firm has a market cap of $39.14 billion, a PE ratio of -211.31 and a beta of 2.54. The company has a quick ratio of 4.02, a current ratio of 4.47 and a debt-to-equity ratio of 0.02.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, meeting the consensus estimate of ($0.07). The firm had revenue of $200.35 million during the quarter, compared to the consensus estimate of $189.65 million. Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The company’s quarterly revenue was up 63.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.12) earnings per share. As a group, equities analysts expect that Rocket Lab Corporation will post -0.26 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Stifel Nicolaus set a $132.00 price objective on Rocket Lab in a report on Thursday, June 4th. KGI Securities started coverage on shares of Rocket Lab in a research note on Thursday, June 11th. They set a “neutral” rating and a $105.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $120.00 price objective on shares of Rocket Lab in a report on Tuesday, June 30th. Roth Capital upped their price objective on shares of Rocket Lab from $100.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Finally, TD Cowen lifted their target price on shares of Rocket Lab from $90.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $110.18.

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.