Principal Financial Group Inc. Sells 2,581 Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB)

Principal Financial Group Inc. cut its holdings in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) by 8.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,760 shares of the rocket manufacturer’s stock after selling 2,581 shares during the quarter. Principal Financial Group Inc.’s holdings in Rocket Lab USA were worth $758,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in RKLB. Van ECK Associates Corp raised its stake in Rocket Lab USA by 33.1% during the 3rd quarter. Van ECK Associates Corp now owns 131,076 shares of the rocket manufacturer’s stock valued at $1,275,000 after purchasing an additional 32,618 shares during the period. Concurrent Investment Advisors LLC purchased a new stake in Rocket Lab USA during the 3rd quarter valued at approximately $132,000. GSA Capital Partners LLP bought a new stake in shares of Rocket Lab USA during the third quarter valued at approximately $139,000. Verus Capital Partners LLC lifted its holdings in shares of Rocket Lab USA by 42.7% in the third quarter. Verus Capital Partners LLC now owns 47,310 shares of the rocket manufacturer’s stock worth $460,000 after buying an additional 14,150 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Rocket Lab USA by 4.4% during the third quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock worth $395,000 after acquiring an additional 1,709 shares during the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on RKLB. The Goldman Sachs Group boosted their price target on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. KeyCorp decreased their target price on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Stifel Nicolaus raised their price target on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research report on Monday, February 24th. Finally, Citigroup lowered their price objective on shares of Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.50.

Rocket Lab USA Price Performance

Rocket Lab USA stock opened at $18.66 on Friday. The firm has a market capitalization of $9.33 billion, a PE ratio of -50.43 and a beta of 1.99. Rocket Lab USA, Inc. has a 12-month low of $3.47 and a 12-month high of $33.34. The firm has a 50-day moving average price of $26.10 and a 200-day moving average price of $18.19. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Rocket Lab USA (NASDAQ:RKLB) last announced its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The business had revenue of $132.39 million for the quarter, compared to analysts’ expectations of $130.58 million. As a group, equities research analysts forecast that Rocket Lab USA, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other news, Director Nina Armagno sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $23.63, for a total transaction of $236,300.00. Following the transaction, the director now directly owns 132,294 shares of the company’s stock, valued at approximately $3,126,107.22. This trade represents a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 13.70% of the company’s stock.

Rocket Lab USA Company 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.