ARK Investment Management LLC Sells 697,259 Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB)

ARK Investment Management LLC reduced its stake in Rocket Lab USA, Inc. (NASDAQ:RKLB) by 11.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 5,599,814 shares of the rocket manufacturer’s stock after selling 697,259 shares during the quarter. ARK Investment Management LLC’s holdings in Rocket Lab USA were worth $54,486,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. lifted its stake 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 buying an additional 4,032 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Rocket Lab USA during the 2nd quarter worth $46,000. Baxter Bros Inc. acquired a new position in Rocket Lab USA during the 2nd quarter worth $48,000. Amalgamated Bank boosted 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 acquiring an additional 2,538 shares during the period. Finally, CIBC Asset Management Inc acquired a new stake in shares of Rocket Lab USA in the second quarter valued at about $67,000. Institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Stock Up 3.1 %

NASDAQ RKLB opened at $13.46 on Friday. Rocket Lab USA, Inc. has a 1-year low of $3.47 and a 1-year high of $13.89. The stock’s 50 day moving average is $9.15 and its two-hundred day moving average is $6.35. The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. Rocket Lab USA had a negative return on equity of 34.12% and a negative net margin of 54.17%. The firm had revenue of $106.25 million for the quarter, compared to analysts’ expectations of $105.47 million. During the same period in the prior year, the business posted ($0.10) earnings per share. The business’s revenue was up 71.2% compared to the same quarter last year. As a group, equities analysts expect that Rocket Lab USA, Inc. will post -0.39 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. KeyCorp boosted their price objective on Rocket Lab USA from $11.00 to $12.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. JMP Securities began coverage on Rocket Lab USA in a report on Thursday, September 12th. They set a “market perform” rating for the company. The Goldman Sachs Group raised their price objective on shares of Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Morgan Stanley cut shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $8.00 to $6.00 in a research note on Monday, July 15th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $7.00 price target on shares of Rocket Lab USA in a research report on Monday, September 30th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Rocket Lab USA presently has a consensus rating of “Hold” and an average price target of $7.75.

Insider Activity

In related news, Director Michael D. Griffin sold 39,446 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the sale, the director now owns 42,353 shares in the company, valued at $292,235.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Michael D. Griffin sold 39,446 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the transaction, the director now directly owns 42,353 shares of the company’s stock, valued at $292,235.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the sale, the chief financial officer now directly owns 1,321,165 shares of the company’s stock, valued at $9,195,308.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 130,521 shares of company stock worth $906,059. Corporate insiders own 13.70% of the company’s stock.

Rocket Lab USA Company 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.