Connor Clark & Lunn Investment Management Ltd. Invests $21.90 Million in Rocket Lab USA, Inc. (NASDAQ:RKLB)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) during the 4th quarter, Holdings Channel reports. The firm acquired 859,683 shares of the rocket manufacturer’s stock, valued at approximately $21,896,000.

Other institutional investors also recently modified their holdings of the company. Citigroup Inc. boosted its holdings in shares of Rocket Lab USA by 46.8% during the 3rd quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after buying an additional 220,432 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rocket Lab USA by 22.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after buying an additional 532,207 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Rocket Lab USA by 12.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after buying an additional 898,223 shares during the period. FORA Capital LLC bought a new stake in shares of Rocket Lab USA during the 3rd quarter worth about $449,000. Finally, National Bank of Canada FI boosted its holdings in shares of Rocket Lab USA by 149.2% during the 3rd quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock worth $490,000 after buying an additional 30,178 shares during the period. 71.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RKLB has been the subject of several research analyst reports. Morgan Stanley lifted their target price on shares of Rocket Lab USA from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Monday. Wells Fargo & Company reduced their target price on shares of Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating for the company in a report on Monday, March 3rd. The Goldman Sachs Group lifted their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Citigroup cut their price objective on shares of Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a report on Friday, February 28th. Finally, TD Cowen raised shares of Rocket Lab USA to a “strong-buy” rating in a report on Monday, February 24th. Five 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.06.

Rocket Lab USA Price Performance

Shares of NASDAQ:RKLB opened at $17.57 on Friday. The firm has a 50 day moving average of $25.30 and a 200-day moving average of $18.58. The stock has a market capitalization of $7.97 billion, a PE ratio of -47.49 and a beta of 2.06. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. Rocket Lab USA, Inc. has a 12 month low of $3.47 and a 12 month high of $33.34.

Rocket Lab USA (NASDAQ:RKLB) last issued its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The firm had revenue of $132.39 million during the quarter, compared to analyst estimates of $130.58 million. Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. On average, equities research analysts predict that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

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.