ARK Investment Management LLC Trims Stake in Rocket Lab USA, Inc. (NASDAQ:RKLB)

ARK Investment Management LLC reduced its stake in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) by 36.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,535,369 shares of the rocket manufacturer’s stock after selling 2,064,445 shares during the quarter. ARK Investment Management LLC’s holdings in Rocket Lab USA were worth $90,046,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of RKLB. Creative Planning raised its position in Rocket Lab USA by 39.1% during the third quarter. Creative Planning now owns 83,547 shares of the rocket manufacturer’s stock valued at $813,000 after acquiring an additional 23,504 shares in the last quarter. International Assets Investment Management LLC raised its position in Rocket Lab USA by 934.5% during the third quarter. International Assets Investment Management LLC now owns 98,176 shares of the rocket manufacturer’s stock valued at $10,090,000 after acquiring an additional 88,686 shares in the last quarter. Allworth Financial LP raised its position in Rocket Lab USA by 1,827.6% during the third quarter. Allworth Financial LP now owns 9,484 shares of the rocket manufacturer’s stock valued at $92,000 after acquiring an additional 8,992 shares in the last quarter. Van ECK Associates Corp raised its position in Rocket Lab USA by 33.1% during the third quarter. Van ECK Associates Corp now owns 131,076 shares of the rocket manufacturer’s stock valued at $1,275,000 after acquiring an additional 32,618 shares in the last quarter. Finally, AlphaCentric Advisors LLC purchased a new position in Rocket Lab USA during the third quarter valued at approximately $146,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab USA Stock Down 9.8 %

Shares of RKLB opened at $20.28 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. Rocket Lab USA, Inc. has a one year low of $3.47 and a one year high of $33.34. The stock has a market capitalization of $10.14 billion, a price-to-earnings ratio of -54.81 and a beta of 1.99. The stock has a 50 day moving average price of $26.90 and a 200 day moving average price of $17.68.

Wall Street Analysts Forecast Growth

RKLB has been the topic of several research analyst reports. Citigroup raised their price objective on Rocket Lab USA from $22.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. The Goldman Sachs Group raised their price objective on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. Wells Fargo & Company raised their price objective on Rocket Lab USA from $13.50 to $22.00 and gave the company an “equal weight” rating in a report on Wednesday, December 11th. KeyCorp raised their price objective on Rocket Lab USA from $27.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Finally, Stifel Nicolaus raised their price objective on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Rocket Lab USA has an average rating of “Moderate Buy” and a consensus price target of $22.28.

Insider Buying and Selling

In other Rocket Lab USA news, Director Alexander R. Slusky sold 50,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total value of $1,150,000.00. Following the completion of the sale, the director now directly owns 534,675 shares in the company, valued at $12,297,525. This represents a 8.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nina Armagno sold 10,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $23.63, for a total value of $236,300.00. Following the completion of the sale, the director now owns 132,294 shares of the company’s stock, valued at approximately $3,126,107.22. The trade was a 7.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 13.70% of the stock is owned by company insiders.

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.