Meridian Wealth Management LLC Sells 24,862 Shares of Rocket Lab Corporation $RKLB

Meridian Wealth Management LLC decreased its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 53.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,358 shares of the rocket manufacturer’s stock after selling 24,862 shares during the quarter. Meridian Wealth Management LLC’s holdings in Rocket Lab were worth $1,023,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Baillie Gifford & Co. boosted its holdings in shares of Rocket Lab by 176.1% during the 3rd quarter. Baillie Gifford & Co. now owns 12,125,910 shares of the rocket manufacturer’s stock worth $580,952,000 after buying an additional 7,734,788 shares during the period. Norges Bank bought a new stake in shares of Rocket Lab during the second quarter worth approximately $164,751,000. Invesco Ltd. grew its position in shares of Rocket Lab by 67.0% in the second quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer’s stock valued at $223,287,000 after purchasing an additional 2,504,054 shares during the last quarter. Marex Group plc bought a new position in shares of Rocket Lab during the second quarter worth approximately $74,359,000. Finally, HRT Financial LP bought a new position in shares of Rocket Lab during the second quarter worth approximately $59,410,000. 71.78% of the stock is owned by institutional investors.

Rocket Lab Trading Down 7.4%

Shares of RKLB stock opened at $74.15 on Tuesday. Rocket Lab Corporation has a fifty-two week low of $14.71 and a fifty-two week high of $99.58. The stock’s fifty day moving average price is $70.54 and its two-hundred day moving average price is $57.83. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.83 and a current ratio of 3.18. The company has a market cap of $39.61 billion, a PE ratio of -195.13 and a beta of 2.16.

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

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Citigroup reaffirmed a “market perform” rating on shares of Rocket Lab in a report on Wednesday, November 12th. Needham & Company LLC lifted their price objective on shares of Rocket Lab from $63.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, December 23rd. Zacks Research upgraded shares of Rocket Lab from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Rocket Lab in a research report on Wednesday, December 3rd. Finally, The Goldman Sachs Group increased their price target on Rocket Lab from $47.00 to $69.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.92.

Insider Buying and Selling

In related news, insider Frank Klein sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $72.95, for a total transaction of $7,295,000.00. Following the completion of the transaction, the insider directly owned 1,169,487 shares in the company, valued at $85,314,076.65. This represents a 7.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Merline Saintil sold 12,500 shares of the stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $90.00, for a total transaction of $1,125,000.00. Following the completion of the transaction, the director directly owned 280,029 shares of the company’s stock, valued at approximately $25,202,610. The trade was a 4.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,306,150 shares of company stock worth $271,865,732 in the last quarter. Corporate insiders own 11.90% of the company’s stock.

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.