Swiss National Bank Buys 17,500 Shares of Rocket Lab Corporation (NASDAQ:RKLB)

Swiss National Bank raised its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 2.8% in the 1st quarter, Holdings Channel reports. The firm owned 652,400 shares of the rocket manufacturer’s stock after acquiring an additional 17,500 shares during the period. Swiss National Bank’s holdings in Rocket Lab were worth $11,665,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Rocket Lab by 10.6% in the first quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer’s stock worth $715,728,000 after buying an additional 3,833,969 shares in the last quarter. Northern Trust Corp increased its stake in Rocket Lab by 9.5% in the 4th quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer’s stock worth $82,207,000 after acquiring an additional 281,339 shares during the last quarter. Two Sigma Advisers LP purchased a new stake in shares of Rocket Lab during the 4th quarter worth approximately $72,623,000. Westfield Capital Management Co. LP boosted its position in shares of Rocket Lab by 2.6% during the 1st quarter. Westfield Capital Management Co. LP now owns 2,586,532 shares of the rocket manufacturer’s stock valued at $46,247,000 after acquiring an additional 65,255 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of Rocket Lab during the 4th quarter valued at approximately $56,977,000. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab Price Performance

RKLB opened at $42.81 on Friday. The business has a fifty day moving average of $38.90 and a 200 day moving average of $28.21. The stock has a market cap of $19.75 billion, a P/E ratio of -95.13 and a beta of 2.17. The company has a quick ratio of 1.72, a current ratio of 2.67 and a debt-to-equity ratio of 0.60. Rocket Lab Corporation has a 52-week low of $5.25 and a 52-week high of $53.44.

Rocket Lab (NASDAQ:RKLB) last issued its earnings results on Thursday, August 7th. The rocket manufacturer reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.06). The company had revenue of $144.50 million for the quarter, compared to analysts’ expectations of $135.42 million. Rocket Lab had a negative net margin of 45.87% and a negative return on equity of 48.14%. The firm’s revenue for the quarter was up 35.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.08) earnings per share. As a group, sell-side analysts anticipate that Rocket Lab Corporation will post -0.38 EPS for the current year.

Analyst Upgrades and Downgrades

RKLB has been the topic of several research reports. KeyCorp boosted their price target on shares of Rocket Lab from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Citigroup restated a “buy” rating and issued a $50.00 target price (up from $33.00) on shares of Rocket Lab in a report on Monday, July 14th. Bank of America increased their price target on shares of Rocket Lab from $30.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, July 16th. Craig Hallum started coverage on Rocket Lab in a research note on Monday, July 28th. They set a “hold” rating and a $51.00 price objective on the stock. Finally, Stifel Nicolaus raised their price objective on Rocket Lab from $34.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, August 5th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.27.

Insider Transactions at Rocket Lab

In other news, 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 transaction of $21,328,200.00. Following the transaction, the director owned 1,083,053 shares of the company’s stock, valued at approximately $28,170,208.53. This represents a 43.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Frank Klein sold 2,546 shares of the firm’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $30.00, for a total value of $76,380.00. Following the transaction, the insider owned 1,365,826 shares in the company, valued at approximately $40,974,780. This represents a 0.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,130,995 shares of company stock worth $29,686,039 over the last three months. Company insiders own 11.90% of the company’s stock.

Rocket Lab Profile

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.