Pier 88 Investment Partners LLC Purchases New Holdings in Rocket Lab USA, Inc. (NASDAQ:RKLB)

Pier 88 Investment Partners LLC purchased a new position in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 161,550 shares of the rocket manufacturer’s stock, valued at approximately $1,572,000.

Other large investors also recently bought and sold shares of the company. Advisors Asset Management Inc. grew its holdings in shares of Rocket Lab USA by 59.4% in the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after purchasing an additional 4,032 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Rocket Lab USA in the second quarter worth about $46,000. Baxter Bros Inc. purchased a new stake in shares of Rocket Lab USA in the 2nd quarter worth approximately $48,000. Amalgamated Bank increased its holdings in Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock valued at $58,000 after buying an additional 2,538 shares during the period. Finally, CIBC Asset Management Inc purchased a new stake in Rocket Lab USA during the second quarter worth $67,000. Hedge funds and other institutional investors own 71.78% of the company’s stock.

Insider Buying and Selling at Rocket Lab USA

In related news, General Counsel Arjun Kampani sold 28,563 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $198,798.48. Following the sale, the general counsel now directly owns 637,558 shares of the company’s stock, valued at $4,437,403.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the completion of the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $198,798.48. Following the completion of the transaction, the general counsel now owns 637,558 shares of the company’s stock, valued at approximately $4,437,403.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 130,521 shares of company stock worth $906,059. Insiders own 13.70% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on RKLB. JMP Securities started coverage on Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $7.00 price objective on shares of Rocket Lab USA in a research report on Monday, September 30th. Stifel Nicolaus increased their target price on shares of Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday. KeyCorp lifted their price target on shares of Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, Citigroup increased their price objective on Rocket Lab USA from $7.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $10.69.

Rocket Lab USA Price Performance

Shares of NASDAQ:RKLB opened at $18.83 on Thursday. The company has a current ratio of 2.82, a quick ratio of 2.43 and a debt-to-equity ratio of 0.90. Rocket Lab USA, Inc. has a twelve month low of $3.47 and a twelve month high of $22.55. The company’s 50 day moving average is $9.64 and its 200 day moving average is $6.61. The company has a market cap of $9.35 billion, a PE ratio of -56.08 and a beta of 1.29.

Rocket Lab USA (NASDAQ:RKLB) last issued its earnings results on Tuesday, November 12th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 37.95%. The firm had revenue of $104.81 million during the quarter, compared to analysts’ expectations of $102.74 million. On average, sell-side analysts forecast that Rocket Lab USA, Inc. will post -0.39 EPS for the current year.

About Rocket Lab USA

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.