AGF Management Ltd. Makes New Investment in Rocket Lab Corporation $RKLB

AGF Management Ltd. bought a new stake in Rocket Lab Corporation (NASDAQ:RKLB) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 217,235 shares of the rocket manufacturer’s stock, valued at approximately $10,408,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Jones Financial Companies Lllp grew its holdings in Rocket Lab by 122.2% during the 3rd quarter. Jones Financial Companies Lllp now owns 47,690 shares of the rocket manufacturer’s stock worth $2,206,000 after acquiring an additional 26,225 shares during the period. Mutual Advisors LLC increased its holdings in Rocket Lab by 904.4% in the third quarter. Mutual Advisors LLC now owns 43,580 shares of the rocket manufacturer’s stock valued at $2,088,000 after purchasing an additional 39,241 shares during the last quarter. UMB Bank n.a. lifted its stake in Rocket Lab by 352.5% in the third quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock valued at $26,000 after buying an additional 423 shares during the period. Independent Advisor Alliance boosted its holdings in Rocket Lab by 6.0% during the third quarter. Independent Advisor Alliance now owns 6,478 shares of the rocket manufacturer’s stock worth $310,000 after buying an additional 368 shares during the last quarter. Finally, Lisanti Capital Growth LLC acquired a new position in shares of Rocket Lab during the 3rd quarter worth about $1,288,000. 71.78% of the stock is owned by institutional investors.

Insider Transactions at Rocket Lab

In related news, insider Frank Klein sold 100,000 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $72.95, for a total value of $7,295,000.00. Following the sale, the insider owned 1,169,487 shares in the company, valued at approximately $85,314,076.65. This represents a 7.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Adam C. Spice sold 1,365,665 shares of the firm’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $75.50, for a total value of $103,107,707.50. Following the sale, the chief financial officer directly owned 1,359,568 shares of the company’s stock, valued at $102,647,384. This represents a 50.11% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 4,306,150 shares of company stock valued at $271,865,732. Company insiders own 11.90% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on RKLB. Stifel Nicolaus lifted their price objective on shares of Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 22nd. Citigroup reissued a “market perform” rating on shares of Rocket Lab in a research report on Wednesday, November 12th. Morgan Stanley upgraded shares of Rocket Lab from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $67.00 to $105.00 in a research report on Friday, January 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rocket Lab in a report on Thursday, January 22nd. Finally, KeyCorp cut Rocket Lab from an “overweight” rating to a “sector weight” rating in a research note on Thursday, January 15th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $72.92.

Rocket Lab Trading Down 7.4%

Shares of Rocket Lab stock opened at $74.15 on Tuesday. The stock has a market cap of $39.61 billion, a P/E ratio of -195.13 and a beta of 2.16. The company has a quick ratio of 2.83, a current ratio of 3.18 and a debt-to-equity ratio of 0.32. Rocket Lab Corporation has a 12-month low of $14.71 and a 12-month high of $99.58. The business’s 50 day moving average is $70.54 and its 200-day moving average is $57.83.

Rocket Lab (NASDAQ:RKLB) last issued its earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Rocket Lab had a negative net margin of 35.64% and a negative return on equity of 27.26%. The business had revenue of $155.08 million for the quarter, compared to the consensus estimate of $152.45 million. During the same period in the previous year, the company earned ($0.10) earnings per share. The firm’s revenue for the quarter was up 48.0% on a year-over-year basis. Equities research analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal year.

Rocket Lab Profile

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.