Arrowstreet Capital Limited Partnership Makes New $16.04 Million Investment in Rocket Lab USA, Inc. (NASDAQ:RKLB)

Arrowstreet Capital Limited Partnership purchased a new stake in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 629,910 shares of the rocket manufacturer’s stock, valued at approximately $16,044,000.

A number of other hedge funds have also modified their holdings of the stock. Geode Capital Management LLC grew its stake in Rocket Lab USA by 12.2% in the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after purchasing an additional 898,223 shares in the last quarter. National Bank of Canada FI increased its holdings in Rocket Lab USA by 149.2% in the third 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 last quarter. Nomura Asset Management Co. Ltd. raised its position in Rocket Lab USA by 22.4% during the third quarter. Nomura Asset Management Co. Ltd. now owns 227,438 shares of the rocket manufacturer’s stock valued at $2,213,000 after acquiring an additional 41,551 shares in the last quarter. Main Management ETF Advisors LLC acquired a new stake in Rocket Lab USA in the third quarter valued at approximately $1,570,000. Finally, Franklin Resources Inc. bought a new stake in Rocket Lab USA in the third quarter worth approximately $107,000. 71.78% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RKLB. Citigroup reduced 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 research note on Friday, February 28th. Morgan Stanley upped their price target on Rocket Lab USA from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Monday, March 10th. 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 research note on Wednesday, January 8th. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a report on Monday, February 24th. Finally, KeyCorp reduced their price objective on shares of Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and an average target price of $23.06.

Insider Buying and Selling

In other news, insider Frank Klein sold 44,553 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $18.18, for a total value of $809,973.54. Following the completion of the transaction, the insider now owns 1,419,479 shares in the company, valued at approximately $25,806,128.22. This represents a 3.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 13.70% of the stock is owned by company insiders.

Rocket Lab USA Stock Performance

NASDAQ:RKLB opened at $16.37 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The firm’s 50-day moving average is $22.57 and its 200-day moving average is $19.94. Rocket Lab USA, Inc. has a 52-week low of $3.47 and a 52-week high of $33.34. The company has a market cap of $7.42 billion, a price-to-earnings ratio of -44.24 and a beta of 2.06.

Rocket Lab USA (NASDAQ:RKLB) last announced its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The firm had revenue of $132.39 million during the quarter, compared to the consensus estimate of $130.58 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. Equities research analysts anticipate that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current 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.