Bank of New York Mellon Corp Sells 102,676 Shares of Rocket Lab Corporation (NASDAQ:RKLB)

Bank of New York Mellon Corp cut its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 9.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,018,348 shares of the rocket manufacturer’s stock after selling 102,676 shares during the quarter. Bank of New York Mellon Corp’s holdings in Rocket Lab were worth $18,208,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Rocket Lab by 25.0% during the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 47,146 shares of the rocket manufacturer’s stock valued at $843,000 after acquiring an additional 9,418 shares during the period. GF Fund Management CO. LTD. bought a new position in shares of Rocket Lab during the 1st quarter valued at approximately $3,236,000. Principal Financial Group Inc. boosted its stake in Rocket Lab by 475.7% in the 1st quarter. Principal Financial Group Inc. now owns 171,337 shares of the rocket manufacturer’s stock worth $3,064,000 after purchasing an additional 141,577 shares during the period. Teacher Retirement System of Texas bought a new position in Rocket Lab in the 1st quarter worth approximately $878,000. Finally, Vontobel Holding Ltd. boosted its stake in Rocket Lab by 54.1% in the 1st quarter. Vontobel Holding Ltd. now owns 23,364 shares of the rocket manufacturer’s stock worth $418,000 after purchasing an additional 8,200 shares during the period. 71.78% of the stock is currently owned by institutional investors.

Rocket Lab Stock Performance

NASDAQ:RKLB opened at $51.39 on Friday. The stock’s fifty day moving average is $31.48 and its 200 day moving average is $25.83. Rocket Lab Corporation has a fifty-two week low of $4.20 and a fifty-two week high of $53.44. The firm has a market capitalization of $23.31 billion, a PE ratio of -128.48 and a beta of 2.15. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.72 and a current ratio of 2.08.

Rocket Lab (NASDAQ:RKLB) last released its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Rocket Lab had a negative net margin of 44.32% and a negative return on equity of 48.92%. The company had revenue of $122.57 million for the quarter, compared to analysts’ expectations of $120.74 million. During the same quarter in the previous year, the company posted ($0.09) EPS. The business’s quarterly revenue was up 32.1% on a year-over-year basis. On average, sell-side analysts anticipate that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other Rocket Lab news, insider Arjun Kampani sold 5,194 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $30.00, for a total value of $155,820.00. Following the sale, the insider owned 530,230 shares in the company, valued at $15,906,900. This trade represents a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Ocko sold 820,000 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $26.01, for a total value of $21,328,200.00. Following the completion of the sale, the director owned 1,083,053 shares in the company, valued at approximately $28,170,208.53. The trade was a 43.09% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,130,995 shares of company stock worth $29,686,039. 13.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

RKLB has been the subject of several recent analyst reports. Roth Capital upped their price target on Rocket Lab from $25.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, May 28th. Bank of America upped their price target on Rocket Lab from $30.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday. Stifel Nicolaus upped their price objective on Rocket Lab from $29.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, May 28th. Needham & Company LLC upped their price objective on Rocket Lab from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, May 28th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $35.00 price objective on shares of Rocket Lab in a report on Monday. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Rocket Lab currently has an average rating of “Moderate Buy” and a consensus target price of $34.10.

About Rocket Lab

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.