Truist Financial Corp Increases Holdings in Rocket Lab Corporation $RKLB

Truist Financial Corp boosted its holdings in Rocket Lab Corporation (NASDAQ:RKLB) by 35.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 18,185 shares of the rocket manufacturer’s stock after buying an additional 4,758 shares during the quarter. Truist Financial Corp’s holdings in Rocket Lab were worth $1,269,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Hara Capital LLC purchased a new position in shares of Rocket Lab in the 3rd quarter worth about $25,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Rocket Lab in the 3rd quarter worth about $25,000. Aventura Private Wealth LLC purchased a new position in shares of Rocket Lab in the 4th quarter worth about $25,000. UMB Bank n.a. boosted its holdings in shares of Rocket Lab by 352.5% in the 3rd quarter. UMB Bank n.a. now owns 543 shares of the rocket manufacturer’s stock worth $26,000 after purchasing an additional 423 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Rocket Lab by 109.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock worth $28,000 after purchasing an additional 416 shares in the last quarter. 71.78% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Rocket Lab

In other Rocket Lab news, CFO Adam C. Spice sold 62,744 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total transaction of $4,366,354.96. Following the completion of the transaction, the chief financial officer owned 1,296,824 shares of the company’s stock, valued at approximately $90,245,982.16. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Peter Beck sold 18,857 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total value of $1,312,258.63. Following the transaction, the chief executive officer directly owned 884,085 shares of the company’s stock, valued at $61,523,475.15. This represents a 2.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 333,449 shares of company stock valued at $28,295,233. Company insiders own 8.40% of the company’s stock.

Rocket Lab Trading Down 5.9%

NASDAQ RKLB opened at $124.77 on Friday. The stock’s 50 day moving average is $78.81 and its 200 day moving average is $70.82. The company has a quick ratio of 4.02, a current ratio of 4.47 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $71.05 billion, a PE ratio of -389.91 and a beta of 2.30. Rocket Lab Corporation has a twelve month low of $23.92 and a twelve month high of $133.18.

Rocket Lab (NASDAQ:RKLB) last announced its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, meeting the consensus estimate of ($0.07). The business had revenue of $200.35 million during the quarter, compared to analyst estimates of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The company’s revenue for the quarter was up 63.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.12) earnings per share. Research analysts forecast that Rocket Lab Corporation will post -0.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RKLB has been the subject of a number of research reports. Citizens Jmp upped their price objective on Rocket Lab from $85.00 to $95.00 and gave the stock a “market outperform” rating in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft upped their price target on Rocket Lab from $73.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday. TD Cowen upped their price target on Rocket Lab from $90.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Morgan Stanley raised Rocket Lab from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $67.00 to $105.00 in a research report on Friday, January 16th. Finally, The Goldman Sachs Group upped their price target on Rocket Lab from $47.00 to $69.00 and gave the company a “neutral” rating in a research report on Tuesday, January 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $97.19.

Trending Headlines about Rocket Lab

Here are the key news stories impacting Rocket Lab this week:

• Positive Sentiment: Investors are still reacting to Rocket Lab’s Q1 earnings beat, with revenue up 63% year over year to about $200.4 million and a backlog of $2.2 billion, reinforcing confidence in the company’s growth trajectory. Why Rocket Lab Stock Is Rocketing Higher This Week
• Positive Sentiment: Analyst sentiment has improved after the report, including a higher price target from Deutsche Bank and additional bullish commentary that suggests Wall Street sees more upside if execution stays strong. Why Rocket Lab Stock Is Rocketing Higher This Week
• Positive Sentiment: Momentum is also being fueled by optimism around Rocket Lab’s Neutron rocket program, which investors see as a potential catalyst for expansion into a larger launch market later this year. Rocket Lab Stock Is Getting a Major Lift. Investors Are Betting on Its Neutron Launch Later This Year.
• Positive Sentiment: New contract wins and defense-related expansion, including work tied to missile defense and hypersonics, are helping investors view Rocket Lab as more than just a small-satellite launch company. Rocket Lab Targets Missile Defense and Golden Dome as Its Next Growth Market
• Neutral Sentiment: Some investors are also watching the recent insider selling by director Alexander Slusky, which may weigh on sentiment at these elevated levels but does not change the company’s operating story. Director Alexander R. Slusky transaction filing

Rocket Lab Company 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.