Meridian Wealth Management LLC Has $1.02 Million Stock Holdings in Rocket Lab Corporation $RKLB

Meridian Wealth Management LLC lowered its position in Rocket Lab Corporation (NASDAQ:RKLB) by 53.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor 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 quarter.

Other hedge funds have also added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new stake in Rocket Lab during the 3rd quarter worth approximately $25,000. Hara Capital LLC bought a new stake in shares of Rocket Lab in the third quarter worth $25,000. UMB Bank n.a. increased its holdings 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 purchasing an additional 423 shares during the period. Sound Income Strategies LLC acquired a new stake in Rocket Lab in the third quarter valued at $27,000. Finally, Financial Consulate Inc. bought a new position in Rocket Lab during the 3rd quarter worth $35,000. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Rocket Lab Price Performance

Rocket Lab stock opened at $74.15 on Tuesday. The stock has a market capitalization of $39.61 billion, a price-to-earnings ratio of -195.13 and a beta of 2.16. Rocket Lab Corporation has a 52-week low of $14.71 and a 52-week high of $99.58. 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 stock’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 issued its earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) EPS for the quarter, beating 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 company had revenue of $155.08 million during the quarter, compared to the consensus estimate of $152.45 million. During the same period last year, the business posted ($0.10) EPS. The firm’s revenue for the quarter was up 48.0% compared to the same quarter last year. On average, equities analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RKLB has been the topic of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rocket Lab in a research report on Thursday, January 22nd. Citigroup reiterated a “market perform” rating on shares of Rocket Lab in a report on Wednesday, November 12th. Cantor Fitzgerald restated an “overweight” rating on shares of Rocket Lab in a report on Wednesday, December 3rd. Morgan Stanley raised 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 note on Friday, January 16th. Finally, Stifel Nicolaus increased their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $72.92.

Insider Activity

In other news, Director Edward H. Frank sold 2,500 shares of the business’s stock in a transaction dated Tuesday, December 23rd. The shares were sold at an average price of $77.39, for a total transaction of $193,475.00. Following the completion of the sale, the director directly owned 142,504 shares of the company’s stock, valued at $11,028,384.56. The trade was a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Nina Armagno sold 27,314 shares of the company’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $68.21, for a total transaction of $1,863,087.94. Following the completion of the sale, the director owned 108,940 shares of the company’s stock, valued at approximately $7,430,797.40. The trade was a 20.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 4,306,150 shares of company stock valued at $271,865,732. Corporate insiders own 11.90% of the company’s stock.

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.