COFG Advisors LLC Buys Shares of 14,500 Rocket Lab Corporation $RKLB

COFG Advisors LLC bought a new stake in shares of Rocket Lab Corporation (NASDAQ:RKLB) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 14,500 shares of the rocket manufacturer’s stock, valued at approximately $1,012,000.

A number of other institutional investors and hedge funds have also bought and sold shares of RKLB. Aventura Private Wealth LLC purchased a new position in shares of Rocket Lab in the 4th quarter valued at $25,000. V Square Quantitative Management LLC purchased a new position in shares of Rocket Lab in the 4th quarter valued at $32,000. DecisionPoint Financial LLC increased its holdings in shares of Rocket Lab by 91.1% in the 4th quarter. DecisionPoint Financial LLC now owns 472 shares of the rocket manufacturer’s stock valued at $33,000 after acquiring an additional 225 shares during the period. Asset Dedication LLC purchased a new position in shares of Rocket Lab in the 4th quarter valued at $33,000. Finally, Eagle Bay Advisors LLC purchased a new position in shares of Rocket Lab in the 4th quarter valued at $35,000. 71.78% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Rocket Lab news, insider Frank Klein sold 44,390 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $142.57, for a total transaction of $6,328,682.30. Following the transaction, the insider owned 1,043,847 shares in the company, valued at approximately $148,821,266.79. This represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Adam C. Spice sold 62,744 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $142.57, for a total value of $8,945,412.08. Following the transaction, the chief financial officer directly owned 983,049 shares of the company’s stock, valued at $140,153,295.93. The trade was a 6.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 524,120 shares of company stock worth $67,677,521. Company insiders own 8.40% of the company’s stock.

Rocket Lab Stock Down 14.7%

Shares of RKLB stock opened at $122.39 on Tuesday. The stock’s 50-day simple moving average is $93.14 and its 200-day simple moving average is $76.94. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.02 and a current ratio of 4.47. The firm has a market capitalization of $70.83 billion, a PE ratio of -382.47 and a beta of 2.48. Rocket Lab Corporation has a fifty-two week low of $25.24 and a fifty-two week high of $151.00.

Rocket Lab (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, hitting analysts’ consensus estimates of ($0.07). The business had revenue of $200.35 million for the quarter, compared to analysts’ expectations of $189.65 million. Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The business’s revenue was up 63.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.12) EPS. Equities analysts expect that Rocket Lab Corporation will post -0.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RKLB has been the topic of a number of analyst reports. Citizens Jmp lifted their price target on Rocket Lab from $85.00 to $95.00 and gave the company a “market outperform” rating in a report on Friday, May 8th. Craig Hallum upgraded Rocket Lab from a “hold” rating to a “buy” rating and set a $98.00 price target on the stock in a report on Friday, May 8th. Zacks Research downgraded Rocket Lab from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. TD Cowen lifted their price target on Rocket Lab from $90.00 to $120.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, Citigroup reiterated an “outperform” rating on shares of Rocket Lab in a report on Friday, May 8th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $97.19.

Key Stories Impacting Rocket Lab

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

• Negative Sentiment: Rocket Lab shares are being hit by broad weakness across the space sector, as investors reassess stretched valuations and worry that the SpaceX IPO could draw money away from pure-play space names. Rocket Lab Stock Is Tumbling Today: What’s Happening?
• Negative Sentiment: Multiple insiders sold shares, including SVP Arjun Kampani, Frank Klein, Marvin Bradford Clevenger, and Director Alexander R. Slusky, which can weigh on investor confidence in the near term despite the sales being disclosed under trading plans.
• Neutral Sentiment: Recent commentary also notes that Rocket Lab remains a major name in the commercial space industry, with its Neutron rocket still a key long-term catalyst and the company’s backlog and revenue growth supporting the bullish long-term case. Should You Buy Rocket Lab Stock Ahead of the SpaceX IPO?

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.