Harbor Capital Advisors Inc. Grows Holdings in Rocket Lab USA, Inc. (NASDAQ:RKLB)

Harbor Capital Advisors Inc. raised its position in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) by 25.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 118,237 shares of the rocket manufacturer’s stock after purchasing an additional 24,213 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Rocket Lab USA were worth $2,114,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP bought a new stake in shares of Rocket Lab USA during the 4th quarter valued at $17,261,000. Van ECK Associates Corp boosted its holdings in Rocket Lab USA by 26.9% in the 4th quarter. Van ECK Associates Corp now owns 166,369 shares of the rocket manufacturer’s stock worth $4,237,000 after buying an additional 35,293 shares during the period. AlphaCentric Advisors LLC increased its stake in 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 in the last quarter. Empowered Funds LLC purchased a new stake in Rocket Lab USA in the 4th quarter worth $288,000. Finally, Raymond James Financial Inc. bought a new stake in Rocket Lab USA during the fourth quarter valued at about $5,748,000. 71.78% of the stock is currently owned by institutional investors.

Rocket Lab USA Stock Up 0.7%

Shares of NASDAQ:RKLB opened at $27.36 on Thursday. The company has a market cap of $12.41 billion, a price-to-earnings ratio of -73.94 and a beta of 2.08. Rocket Lab USA, Inc. has a 12 month low of $4.20 and a 12 month high of $33.34. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The company has a 50-day moving average price of $23.20 and a 200 day moving average price of $23.77.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). The company had revenue of $122.57 million for the quarter, compared to analysts’ expectations of $120.74 million. Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The company’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.09) earnings per share. As a group, equities research analysts predict that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at Rocket Lab USA

In other news, insider Arjun Kampani sold 28,988 shares of the firm’s stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $26.66, for a total value of $772,820.08. Following the completion of the sale, the insider now owns 540,618 shares in the company, valued at approximately $14,412,875.88. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frank Klein sold 1,835 shares of Rocket Lab USA stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.93, for a total transaction of $36,571.55. Following the transaction, the insider now directly owns 1,417,644 shares of the company’s stock, valued at approximately $28,253,644.92. This represents a 0.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 144,677 shares of company stock worth $3,517,479. Company insiders own 13.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald upped their price objective on Rocket Lab USA from $29.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday. Citigroup dropped their price target 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. Morgan Stanley increased their price objective on shares of Rocket Lab USA from $18.00 to $20.00 and gave the company an “equal weight” rating in a report on Monday, March 10th. Needham & Company LLC boosted their target price on shares of Rocket Lab USA from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, May 28th. Finally, Wells Fargo & Company cut their target price on shares of Rocket Lab USA from $21.00 to $18.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $26.18.

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.