Foundations Investment Advisors LLC has significantly increased its investment in Rocket Lab Corporation, raising its position by 31.1% in the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm now owns 71,385 shares of the aerospace manufacturer, having acquired an additional 16,948 shares during the quarter. At the close of this period, the total value of Foundations’ holdings in Rocket Lab was approximately $2,553,000.
Other institutional investors have also made adjustments to their positions in Rocket Lab. Envestnet Asset Management Inc. increased its stake by 8.0% during the first quarter, bringing its total holdings to 23,496 shares, valued at $420,000. Similarly, the New York State Common Retirement Fund raised its investment by 23.6%, now holding 133,371 shares worth about $2,385,000 after purchasing 25,483 shares in the same quarter. CWM LLC and Victory Capital Management Inc. also enhanced their stakes, with the latter increasing its position by an impressive 661.5% to own 345,740 shares, valued at $6,182,000. Currently, institutional investors and hedge funds hold approximately 71.78% of Rocket Lab’s stock.
Analyst Ratings and Price Performance
Rocket Lab has recently garnered attention from analysts, leading to several rating changes. Wall Street Zen upgraded the stock from a “strong sell” to a “hold” rating. Roth Capital reaffirmed a “buy” rating, setting a target price of $75.00 on November 11. Similarly, Robert W. Baird initiated coverage with an “outperform” rating and a target price of $83.00. Other firms, including Stifel Nicolaus and Needham & Company LLC, have also set ambitious price targets, with the latter raising its estimate from $55.00 to $63.00.
The consensus rating for Rocket Lab is currently categorized as a “Moderate Buy,” with an average price target of $57.33. As of November 10, Rocket Lab’s stock opened at $45.54, reflecting its volatility with a one-year low of $14.71 and a high of $73.97. The company’s financial metrics indicate a debt-to-equity ratio of 0.32, a quick ratio of 2.83, and a current ratio of 3.18.
Recent Earnings Report and Insider Transactions
On November 10, Rocket Lab announced its quarterly earnings, reporting a loss of $0.03 per share, which surpassed analysts’ expectations of $0.05. The company also reported revenues of $155.08 million, exceeding the consensus estimate of $152.45 million. Compared to the same quarter last year, Rocket Lab’s revenue increased by 48.0%.
Recent insider transactions revealed significant activity within the company. Director Matthew Ocko sold 1,873,097 shares on September 16 at an average price of $48.20, totaling over $90 million. Following this sale, Ocko retained 541,526 shares valued at approximately $26.1 million. Another insider, Frank Klein, sold 45,535 shares on the same day for around $2.23 million. Over the past ninety days, insiders have sold a total of 5,406,361 shares valued at nearly $267.5 million, with insiders currently owning 11.90% of the company’s stock.
Rocket Lab USA, Inc. specializes in providing launch services and space systems solutions for both the space and defense sectors. The company designs and manufactures small and medium-class rockets, as well as offering spacecraft design, components, and management solutions. As the space industry continues to grow, Rocket Lab positions itself as a significant player in the market.
