Foundations Investment Advisors LLC has significantly increased its stake in Rocket Lab Corporation, raising its holdings by **31.1%** during 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 space technology company, valued at approximately **$2,553,000**.
Other institutional investors are also adjusting their positions in Rocket Lab. Envestnet Asset Management Inc. boosted its stake by **8.0%** in the first quarter, now holding **23,496 shares** worth about **$420,000** after acquiring an additional **1,749 shares**. The **New York State Common Retirement Fund** increased its stake by **23.6%**, owning **133,371 shares** valued at **$2,385,000** after purchasing **25,483 shares** in the same period.
CWM LLC raised its holdings by **50.9%**, now owning **7,935 shares** valued at **$142,000**. Victory Capital Management Inc. made a substantial move, lifting its position by an impressive **661.5%**, resulting in ownership of **345,740 shares** worth **$6,182,000**. Additionally, **Miller Financial Services LLC** acquired a new stake valued at **$179,000**. Notably, **71.78%** of Rocket Lab’s stock is currently held by institutional investors and hedge funds.
Analyst Ratings and Stock Performance
Rocket Lab has recently been the subject of various analyst reports reflecting mixed sentiments. On **November 11**, Wall Street Zen upgraded the stock from a “strong sell” to a “hold” rating. **Roth Capital** reaffirmed a “buy” rating with a target price of **$75.00** on the same day. **Robert W. Baird** initiated coverage with an “outperform” rating and a target price of **$83.00** on **October 15**.
**Stifel Nicolaus** reiterated a “buy” rating and raised its price target from **$65.00** to **$75.00**. Meanwhile, **Needham & Company LLC** increased its price objective from **$55.00** to **$63.00**, maintaining a “buy” rating. Presently, two analysts rate the stock as a Strong Buy, seven as a Buy, five as a Hold, and one as a Sell, resulting in a consensus rating of “Moderate Buy” with an average price target of **$57.33**.
As of **November 10**, Rocket Lab stock opened at **$45.54**, with a 52-week range between **$14.71** and **$73.97**. The company has a market capitalization of **$22.04 billion**, a debt-to-equity ratio of **0.32**, and a current ratio of **3.18**.
Recent Financial Results and Insider Transactions
Rocket Lab reported its quarterly earnings on **November 10**, revealing earnings per share of **($0.03)**, surpassing analysts’ expectations of **($0.05)** by **$0.02**. The company’s revenue for the quarter amounted to **$155.08 million**, exceeding the consensus estimate of **$152.45 million**. Year-over-year, revenue increased by **48.0%**. The company’s net margin stood at **-35.64%**, with a negative return on equity of **-27.26%**.
In notable insider transactions, Director **Matthew Ocko** sold **1,873,097 shares** of Rocket Lab on **September 16**, fetching an average price of **$48.20**, amounting to a total of **$90,283,275.40**. This sale represented a **77.57%** reduction in his ownership. Following this transaction, Ocko retained **541,526 shares** valued at approximately **$26,101,553.20**.
Another insider, **Frank Klein**, sold **45,535 shares** on the same day at an average price of **$48.97**, totaling **$2,229,848.95**. Klein now owns **1,320,291 shares** valued at around **$64,654,650.27**. Over the past ninety days, insiders have sold **5,406,361 shares** valued at approximately **$267,483,973**.
Rocket Lab USA, Inc. specializes in providing launch services and space systems solutions to the space and defense industries. The company designs and manufactures small and medium-class rockets, alongside offering spacecraft design, components, manufacturing, and on-orbit management solutions.
