AGF Management Ltd. Makes New $10.41 Million 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 (SEC). The institutional investor bought 217,235 shares of the rocket manufacturer’s stock, valued at approximately $10,408,000.

Several other hedge funds have also added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new position in Rocket Lab in the 3rd quarter valued at $25,000. Hara Capital LLC bought a new stake in shares of Rocket Lab in the third quarter valued at about $25,000. UMB Bank n.a. grew its stake in shares of 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 acquiring an additional 423 shares in the last quarter. Sound Income Strategies LLC bought a new position in Rocket Lab during the third quarter worth about $27,000. Finally, EverSource Wealth Advisors LLC increased its position in Rocket Lab by 109.5% during the second quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock worth $28,000 after acquiring an additional 416 shares during the period. 71.78% of the stock is owned by institutional investors and hedge funds.

Rocket Lab Stock Performance

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

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

Insider Activity at Rocket Lab

In other news, SVP Arjun Kampani sold 28,615 shares of the stock in a transaction on Monday, November 24th. The stock was sold at an average price of $40.65, for a total value of $1,163,199.75. Following the completion of the transaction, the senior vice president directly owned 461,014 shares in the company, valued at approximately $18,740,219.10. This represents a 5.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Merline Saintil sold 96,000 shares of the business’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $86.58, for a total value of $8,311,680.00. Following the sale, the director owned 292,529 shares in the company, valued at $25,327,160.82. This represents a 24.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 4,306,150 shares of company stock valued at $271,865,732. 11.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Stifel Nicolaus increased their target price on shares of Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 22nd. Robert W. Baird raised Rocket Lab to a “strong-buy” rating in a report on Thursday, October 16th. Roth Mkm reiterated a “buy” rating and set a $75.00 target price on shares of Rocket Lab in a research report on Tuesday, November 11th. Citigroup restated a “market perform” rating on shares of Rocket Lab in a research report on Wednesday, November 12th. Finally, Morgan Stanley upgraded shares of Rocket Lab from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $67.00 to $105.00 in a research note on Friday, January 16th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $72.92.

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.