Bank of New York Mellon Corp Increases Stock Holdings in Rocket Lab Corporation $RKLB

Bank of New York Mellon Corp increased its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 14.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 1,789,183 shares of the rocket manufacturer’s stock after purchasing an additional 224,320 shares during the period. Bank of New York Mellon Corp’s holdings in Rocket Lab were worth $114,901,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sara Bay Financial raised its stake in shares of Rocket Lab by 0.7% during the fourth quarter. Sara Bay Financial now owns 15,905 shares of the rocket manufacturer’s stock valued at $1,121,000 after purchasing an additional 117 shares during the period. ORG Partners LLC grew its holdings in Rocket Lab by 9.1% during the 4th quarter. ORG Partners LLC now owns 1,458 shares of the rocket manufacturer’s stock valued at $102,000 after purchasing an additional 121 shares in the last quarter. Sovereign Financial Group Inc. grew its holdings in Rocket Lab by 3.9% during the 1st quarter. Sovereign Financial Group Inc. now owns 3,320 shares of the rocket manufacturer’s stock valued at $213,000 after purchasing an additional 125 shares in the last quarter. Traynor Capital Management Inc. increased its stake in Rocket Lab by 1.9% during the 4th quarter. Traynor Capital Management Inc. now owns 7,191 shares of the rocket manufacturer’s stock worth $502,000 after buying an additional 133 shares during the period. Finally, Capital Advisors Wealth Management LLC increased its stake in Rocket Lab by 1.0% during the 4th quarter. Capital Advisors Wealth Management LLC now owns 13,466 shares of the rocket manufacturer’s stock worth $939,000 after buying an additional 136 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Stifel Nicolaus set a $132.00 price objective on shares of Rocket Lab in a report on Thursday, June 4th. Citigroup reaffirmed an “outperform” rating on shares of Rocket Lab in a research report on Tuesday, June 30th. Craig Hallum boosted their price target on Rocket Lab from $98.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 price target on shares of Rocket Lab in a research note on Tuesday, June 30th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Rocket Lab in a research note on Tuesday, April 21st. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $110.18.

More Rocket Lab News

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

• Neutral Sentiment: Recent articles highlight that RKLB has been falling quickly, with traders and retail investors debating whether the stock is now oversold or still has further downside. Should You Buy Rocket Lab Stock Below $70?
• Neutral Sentiment: Despite the selloff, some retail investors remain bullish on Rocket Lab, arguing that a future catalyst could help the stock recover if execution improves. Reddit Still Believes in Rocket Lab Even as Shares Slide: Inside the Retail Sentiment
• Neutral Sentiment: One article noted Rocket Lab’s shares have declined more than the broader market in the latest session, underscoring the recent weak momentum in the name. Rocket Lab Corporation (RKLB) Declines More Than Market: Some Information for Investors
• Neutral Sentiment: Coverage also points to Rocket Lab’s growing competition with SpaceX, with investors watching whether RKLB can establish itself as a stronger direct rival in the space launch market. Rocket Lab’s Latest Deal Puts It on a Collision Course With SpaceX
• Negative Sentiment: Sentiment in one piece suggested that SpaceX-related market enthusiasm may be fading, which is spilling over into Rocket Lab and weighing on the stock. SpaceX’s IPO Shine Fades, Taking ASTS And RKLB With It — But There Are 2 Surprise Winners This Month

Rocket Lab Stock Performance

Shares of Rocket Lab stock opened at $65.74 on Tuesday. The firm has a market cap of $38.05 billion, a PE ratio of -205.44 and a beta of 2.54. The firm’s 50-day simple moving average is $106.94 and its 200-day simple moving average is $87.24. 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 1 year low of $37.57 and a 1 year high of $151.00.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, hitting the consensus estimate of ($0.07). The business had revenue of $200.35 million for the quarter, compared to analysts’ expectations 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 quarter last year, the company posted ($0.12) earnings per share. Equities analysts forecast that Rocket Lab Corporation will post -0.26 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Peter Beck sold 990,960 shares of Rocket Lab stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $82.86, for a total value of $82,110,945.60. Following the completion of the transaction, the chief executive officer owned 1,724,221 shares in the company, valued at approximately $142,868,952.06. This trade represents a 36.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alexander R. Slusky sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $123.60, for a total value of $4,944,000.00. Following the completion of the sale, the director owned 334,675 shares of the company’s stock, valued at $41,365,830. This trade represents a 10.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,849,294 shares of company stock valued at $362,816,208 over the last three months. Company insiders own 8.40% of the company’s stock.

About Rocket Lab

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.