Rocket Lab USA, Inc. (NASDAQ:RKLB) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) by 5.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,341,833 shares of the rocket manufacturer’s stock after selling 75,218 shares during the period. Bank of New York Mellon Corp owned about 0.27% of Rocket Lab USA worth $6,441,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in RKLB. New York State Common Retirement Fund boosted its holdings in Rocket Lab USA by 2.5% during the fourth quarter. New York State Common Retirement Fund now owns 114,781 shares of the rocket manufacturer’s stock worth $635,000 after buying an additional 2,845 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Rocket Lab USA by 30.9% during the fourth quarter. Victory Capital Management Inc. now owns 39,631 shares of the rocket manufacturer’s stock worth $219,000 after buying an additional 9,357 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Rocket Lab USA by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,081,839 shares of the rocket manufacturer’s stock worth $11,513,000 after buying an additional 24,232 shares in the last quarter. Foundations Investment Advisors LLC bought a new stake in Rocket Lab USA during the fourth quarter worth approximately $116,000. Finally, Brown Advisory Inc. bought a new stake in Rocket Lab USA during the fourth quarter worth approximately $61,000. 71.78% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Rocket Lab USA in a research note on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 price objective for the company. Morgan Stanley lowered shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $8.00 to $6.00 in a research note on Monday, July 15th. Citigroup raised their price objective on shares of Rocket Lab USA from $5.45 to $7.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $7.00 price objective on shares of Rocket Lab USA in a research note on Monday. Finally, BTIG Research assumed coverage on shares of Rocket Lab USA in a research note on Wednesday, June 26th. They issued a “neutral” rating for the company. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Rocket Lab USA presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.86.

Insider Activity

In other news, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael D. Griffin sold 39,446 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the transaction, the director now owns 42,353 shares in the company, valued at approximately $292,235.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 130,521 shares of company stock worth $906,059. 13.70% of the stock is owned by corporate insiders.

Rocket Lab USA Trading Up 8.6 %

Shares of NASDAQ:RKLB opened at $6.68 on Thursday. The firm has a fifty day moving average of $5.66 and a two-hundred day moving average of $4.72. The firm has a market capitalization of $3.29 billion, a P/E ratio of -18.05 and a beta of 1.27. Rocket Lab USA, Inc. has a 12-month low of $3.47 and a 12-month high of $7.36. The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90.

Rocket Lab USA (NASDAQ:RKLB) last issued its earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. The company had revenue of $106.25 million during the quarter, compared to analyst estimates of $105.47 million. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The company’s revenue for the quarter was up 71.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.10) EPS. On average, equities analysts expect that Rocket Lab USA, Inc. will post -0.4 EPS for the current fiscal year.

Rocket Lab USA Profile

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.