Nan Fung Group Holdings Ltd Purchases Shares of 29,540 Rocket Lab Corporation $RKLB

Nan Fung Group Holdings Ltd purchased a new position in Rocket Lab Corporation (NASDAQ:RKLB) in the 3rd quarter, HoldingsChannel reports. The fund purchased 29,540 shares of the rocket manufacturer’s stock, valued at approximately $1,415,000. Rocket Lab comprises approximately 2.4% of Nan Fung Group Holdings Ltd’s holdings, making the stock its 15th biggest position.

Other large investors have also modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new position in Rocket Lab in the third quarter valued at $25,000. Hara Capital LLC purchased a new stake in Rocket Lab during the 3rd quarter worth about $25,000. UMB Bank n.a. raised its position in Rocket Lab by 352.5% in the 3rd 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 in the last quarter. Sound Income Strategies LLC acquired a new stake in Rocket Lab in the 3rd quarter valued at about $27,000. Finally, EverSource Wealth Advisors LLC boosted its stake 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 valued at $28,000 after buying an additional 416 shares during the period. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Insider Activity

In other Rocket Lab news, CEO Peter Beck sold 18,857 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $69.59, for a total transaction of $1,312,258.63. Following the sale, the chief executive officer owned 884,085 shares of the company’s stock, valued at approximately $61,523,475.15. This trade represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Arjun Kampani sold 23,711 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $71.95, for a total transaction of $1,706,006.45. Following the sale, the senior vice president owned 397,988 shares of the company’s stock, valued at $28,635,236.60. This represents a 5.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 4,347,428 shares of company stock valued at $280,080,579 over the last 90 days. Insiders own 11.90% of the company’s stock.

Rocket Lab Trading Up 0.1%

RKLB opened at $68.41 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.61 and a current ratio of 4.08. Rocket Lab Corporation has a one year low of $14.71 and a one year high of $99.58. The company has a market cap of $36.54 billion, a P/E ratio of -184.89 and a beta of 2.20. The business’s 50-day simple moving average is $77.46 and its 200-day simple moving average is $62.87.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RKLB. KeyCorp downgraded Rocket Lab from an “overweight” rating to a “sector weight” rating in a research report on Thursday, January 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 target price on shares of Rocket Lab in a report on Friday. Morgan Stanley upgraded shares of Rocket Lab from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $67.00 to $105.00 in a research note on Friday, January 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rocket Lab in a report on Thursday, January 22nd. Finally, Needham & Company LLC dropped their price objective on shares of Rocket Lab from $110.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $75.92.

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.