161,550 Shares in Rocket Lab USA, Inc. (NASDAQ:RKLB) Purchased by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC bought a new stake in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 161,550 shares of the rocket manufacturer’s stock, valued at approximately $1,572,000.

Several other hedge funds and other institutional investors have also made changes to their positions in RKLB. Vanguard Group Inc. lifted its holdings in Rocket Lab USA by 9.2% in the 1st quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock valued at $119,192,000 after purchasing an additional 2,448,789 shares in the last quarter. International Assets Investment Management LLC boosted its position in Rocket Lab USA by 934.5% during the third quarter. International Assets Investment Management LLC now owns 98,176 shares of the rocket manufacturer’s stock worth $10,090,000 after acquiring an additional 88,686 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in Rocket Lab USA by 40.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 91,619 shares of the rocket manufacturer’s stock valued at $440,000 after acquiring an additional 26,605 shares in the last quarter. Venture Visionary Partners LLC acquired a new stake in Rocket Lab USA in the 3rd quarter valued at about $886,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Rocket Lab USA by 2.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 294,054 shares of the rocket manufacturer’s stock worth $1,209,000 after purchasing an additional 6,534 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Price Performance

RKLB opened at $18.83 on Thursday. The stock’s 50-day moving average price is $9.64 and its 200 day moving average price is $6.61. Rocket Lab USA, Inc. has a 12-month low of $3.47 and a 12-month high of $22.55. The firm has a market cap of $9.35 billion, a price-to-earnings ratio of -56.08 and a beta of 1.29. The company has a current ratio of 2.82, a quick ratio of 2.43 and a debt-to-equity ratio of 0.90.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings data on Tuesday, November 12th. The rocket manufacturer reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 37.95%. The firm had revenue of $104.81 million during the quarter, compared to analysts’ expectations of $102.74 million. As a group, sell-side analysts expect that Rocket Lab USA, Inc. will post -0.39 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Stifel Nicolaus increased their price target on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday. KeyCorp upped their price objective on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. JMP Securities began coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating for the company. Wells Fargo & Company lifted their price target on shares of Rocket Lab USA from $5.25 to $13.50 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Citigroup raised their target price on Rocket Lab USA from $7.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Rocket Lab USA presently has an average rating of “Moderate Buy” and a consensus price target of $10.69.

Insiders Place Their Bets

In other news, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the sale, the chief financial officer now directly owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael D. Griffin sold 39,446 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the transaction, the director now directly owns 42,353 shares of the company’s stock, valued at approximately $292,235.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 130,521 shares of company stock worth $906,059 in the last quarter. 13.70% of the stock is owned by company insiders.

Rocket Lab USA Company 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.