PNC Financial Services Group Inc. Acquires 15,974 Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB)

PNC Financial Services Group Inc. grew its holdings in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) by 1,602.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,971 shares of the rocket manufacturer’s stock after acquiring an additional 15,974 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Rocket Lab USA were worth $432,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. GSA Capital Partners LLP bought a new position in Rocket Lab USA in the 3rd quarter valued at approximately $139,000. Victory Capital Management Inc. lifted its stake in shares of Rocket Lab USA by 4.4% in the 3rd quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock valued at $395,000 after acquiring an additional 1,709 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Rocket Lab USA by 28.7% during the 3rd quarter. Advisors Asset Management Inc. now owns 14,438 shares of the rocket manufacturer’s stock valued at $140,000 after acquiring an additional 3,220 shares in the last quarter. Intech Investment Management LLC bought a new stake in Rocket Lab USA during the 3rd quarter worth $921,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Rocket Lab USA by 22.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after purchasing an additional 532,207 shares in the last quarter. Institutional investors own 71.78% of the company’s stock.

Insider Activity at Rocket Lab USA

In related news, insider Frank Klein sold 1,835 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.93, for a total value of $36,571.55. Following the transaction, the insider now directly owns 1,417,644 shares of the company’s stock, valued at approximately $28,253,644.92. This represents a 0.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 13.70% of the stock is owned by corporate insiders.

Rocket Lab USA Stock Down 1.3 %

Shares of NASDAQ:RKLB opened at $18.53 on Friday. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. Rocket Lab USA, Inc. has a 12-month low of $3.47 and a 12-month high of $33.34. The stock’s 50-day moving average price is $24.36 and its 200-day moving average price is $19.01. The stock has a market capitalization of $8.40 billion, a P/E ratio of -50.08 and a beta of 2.06.

Rocket Lab USA (NASDAQ:RKLB) last posted its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The company had revenue of $132.39 million during the quarter, compared to analysts’ expectations of $130.58 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. On average, equities analysts anticipate that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on RKLB shares. Morgan Stanley lifted their price target on Rocket Lab USA from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Monday, March 10th. Wells Fargo & Company cut their target price on shares of Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Monday, March 3rd. The Goldman Sachs Group upped their price target on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Citigroup cut their price target on shares of Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Finally, TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a report on Monday, February 24th. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $23.06.

About Rocket Lab USA

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.