Assetmark Inc. Raises Holdings in Rocket Lab Corporation $RKLB

Assetmark Inc. lifted its position in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 673.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 101,562 shares of the rocket manufacturer’s stock after buying an additional 88,435 shares during the quarter. Assetmark Inc.’s holdings in Rocket Lab were worth $6,522,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in RKLB. Baillie Gifford & Co. raised its holdings in shares of Rocket Lab by 47.2% in the 4th quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer’s stock valued at $1,245,317,000 after purchasing an additional 5,725,536 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Rocket Lab by 13.4% during the fourth quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock valued at $3,308,033,000 after purchasing an additional 5,610,469 shares in the last quarter. Norges Bank bought a new position in shares of Rocket Lab during the fourth quarter valued at approximately $341,036,000. Alliancebernstein L.P. increased its holdings in Rocket Lab by 818.8% during the third quarter. Alliancebernstein L.P. now owns 2,190,132 shares of the rocket manufacturer’s stock valued at $104,929,000 after buying an additional 1,951,755 shares during the period. Finally, Capital World Investors increased its holdings in Rocket Lab by 12.0% during the fourth quarter. Capital World Investors now owns 16,200,726 shares of the rocket manufacturer’s stock valued at $1,130,172,000 after buying an additional 1,738,623 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab Stock Up 5.1%

Rocket Lab stock opened at $69.12 on Wednesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.02 and a current ratio of 4.47. The business’s 50-day simple moving average is $105.97 and its two-hundred day simple moving average is $87.24. The company has a market cap of $40.00 billion, a PE ratio of -216.00 and a beta of 2.54. Rocket Lab Corporation has a fifty-two week low of $37.57 and a fifty-two week high of $151.00.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings results 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 company had revenue of $200.35 million for the quarter, compared to the consensus estimate of $189.65 million. During the same quarter in the prior year, the company earned ($0.12) EPS. Rocket Lab’s quarterly revenue was up 63.4% on a year-over-year basis. Equities analysts anticipate that Rocket Lab Corporation will post -0.26 EPS for the current year.

Trending Headlines about Rocket Lab

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

• Positive Sentiment: Rocket Lab won a $266 million defense contract for suborbital launch work, a sizable win that could strengthen revenue visibility and support the stock. Rocket Lab Stock Rises After the Bell: Here’s Why
• Positive Sentiment: Space stocks, including Rocket Lab, rallied as investors rotated back into the sector on a more risk-on trading day. AST SpaceMobile Catapults 12%, SpaceX Rises 7%, Virgin Galactic and Rocket Lab Rally as Space Stock Trade Takes a Risk-on Turn
• Neutral Sentiment: Some investor attention remains focused on Rocket Lab’s Neutron rocket timeline, with commentary suggesting the stock could face longer-term pressure if development slips further. Rocket Lab CEO Peter Beck Says Watch the Test Stands. Here’s Why the Neutron Timeline Means Everything for Investors.
• Negative Sentiment: The stock had been under pressure recently, with recent articles noting a sharp pullback and investor debate over whether the decline is a buying opportunity or a warning sign. Rocket Lab Corporation (RKLB) Declines More Than Market: Some Information for Investors

Wall Street Analyst Weigh In

RKLB has been the subject of a number of analyst reports. BTIG Research restated a “hold” rating on shares of Rocket Lab in a report on Tuesday, May 12th. KGI Securities started coverage on Rocket Lab in a report on Thursday, June 11th. They issued a “neutral” rating and a $105.00 price target on the stock. Citizens Jmp boosted their price target on Rocket Lab from $95.00 to $130.00 and gave the stock a “market outperform” rating in a research report on Tuesday, June 30th. Craig Hallum upped their price objective on Rocket Lab from $98.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Finally, New Street Research initiated coverage on Rocket Lab in a research note on Wednesday, May 13th. They issued a “buy” rating and a $150.00 target price on the stock. Three investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $110.18.

Insider Transactions at Rocket Lab

In other news, SVP Arjun Kampani sold 88,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $107.98, for a total transaction of $9,502,240.00. Following the sale, the senior vice president directly owned 264,705 shares in the company, valued at $28,582,845.90. This trade represents a 24.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Peter Beck sold 990,960 shares of the company’s stock in a transaction dated 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 directly owned 1,724,221 shares of the company’s stock, valued at $142,868,952.06. The trade was a 36.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 3,849,294 shares of company stock valued at $362,816,208. 8.40% of the stock is owned by insiders.

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.