Truist Financial Corp Takes Position in Rocket Lab USA, Inc. (NASDAQ:RKLB)

Truist Financial Corp purchased a new position in Rocket Lab USA, Inc. (NASDAQ:RKLB) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 13,819 shares of the rocket manufacturer’s stock, valued at approximately $352,000.

Other hedge funds have also bought and sold shares of the company. CIBC Asset Management Inc raised its position in shares of Rocket Lab USA by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 15,078 shares of the rocket manufacturer’s stock valued at $384,000 after acquiring an additional 746 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Rocket Lab USA by 200.0% during the fourth quarter. Sanctuary Advisors LLC now owns 63,679 shares of the rocket manufacturer’s stock worth $1,622,000 after purchasing an additional 42,453 shares during the period. AlphaCentric Advisors LLC lifted its position in shares of Rocket Lab USA by 66.7% in the 4th quarter. AlphaCentric Advisors LLC now owns 25,000 shares of the rocket manufacturer’s stock worth $637,000 after buying an additional 10,000 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in shares of Rocket Lab USA in the 4th quarter valued at about $3,224,000. Finally, Allworth Financial LP grew its position in shares of Rocket Lab USA by 20.5% during the 4th quarter. Allworth Financial LP now owns 11,430 shares of the rocket manufacturer’s stock valued at $291,000 after buying an additional 1,946 shares during the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Rocket Lab USA Stock Performance

Shares of RKLB stock opened at $19.00 on Wednesday. The stock’s fifty day simple moving average is $26.42 and its 200-day simple moving average is $18.17. The company has a market capitalization of $9.50 billion, a price-to-earnings ratio of -51.35 and a beta of 1.99. 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, Inc. has a 1-year low of $3.47 and a 1-year high of $33.34.

Rocket Lab USA (NASDAQ:RKLB) last issued its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $132.39 million for the quarter, compared to analyst estimates of $130.58 million. On average, sell-side analysts predict that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RKLB has been the subject of a number of research reports. Citigroup decreased their target price on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Wells Fargo & Company reduced their price objective on Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating for the company in a research report on Monday. Bank of America increased their target price on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. The Goldman Sachs Group boosted their price target on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. Finally, KeyCorp dropped their price objective on shares of Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

Insiders Place Their Bets

In other Rocket Lab USA news, Director Nina Armagno sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total transaction of $236,300.00. Following the completion of the sale, the director now owns 132,294 shares of the company’s stock, valued at $3,126,107.22. This represents a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 13.70% of the company’s stock.

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.