IPG Investment Advisors LLC Trims Stake in Rocket Lab USA, Inc. (NASDAQ:RKLB)

IPG Investment Advisors LLC cut its position in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) by 52.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 10,240 shares of the rocket manufacturer’s stock after selling 11,510 shares during the quarter. IPG Investment Advisors LLC’s holdings in Rocket Lab USA were worth $261,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its stake 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 valued at $395,000 after buying an additional 1,709 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Rocket Lab USA by 28.7% during the third quarter. Advisors Asset Management Inc. now owns 14,438 shares of the rocket manufacturer’s stock worth $140,000 after acquiring an additional 3,220 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Rocket Lab USA by 22.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after acquiring an additional 532,207 shares in the last quarter. Citigroup Inc. boosted its holdings in shares of Rocket Lab USA by 46.8% in the third quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock valued at $6,727,000 after purchasing an additional 220,432 shares during the period. Finally, D.A. Davidson & CO. bought a new position in Rocket Lab USA in the third quarter worth approximately $116,000. 71.78% of the stock is currently owned by institutional investors.

Insider Transactions at Rocket Lab USA

In related news, insider Frank Klein sold 1,835 shares of Rocket Lab USA stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $19.93, for a total value of $36,571.55. Following the completion of the sale, the insider now directly owns 1,417,644 shares in the company, valued at $28,253,644.92. This trade represents a 0.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 13.70% of the company’s stock.

Rocket Lab USA Price Performance

Shares of RKLB opened at $18.62 on Friday. The company has a 50 day moving average of $23.71 and a two-hundred day moving average of $19.65. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. Rocket Lab USA, Inc. has a twelve month low of $3.47 and a twelve month high of $33.34. The company has a market cap of $8.45 billion, a price-to-earnings ratio of -50.32 and a beta of 2.06.

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

Wall Street Analysts Forecast Growth

RKLB has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their target price 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, March 3rd. Morgan Stanley upped their price objective on shares of Rocket Lab USA from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Monday, March 10th. Stifel Nicolaus raised their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Citigroup lowered their price target 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. Finally, KeyCorp cut 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 equities 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.06.

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.