Arete Wealth Advisors LLC Makes New $106,000 Investment in Rocket Lab USA, Inc. (NASDAQ:RKLB)

Arete Wealth Advisors LLC acquired a new position in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) in the third quarter, Holdings Channel.com reports. The fund acquired 11,012 shares of the rocket manufacturer’s stock, valued at approximately $106,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. raised its position in Rocket Lab USA by 25.6% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock valued at $10,193,000 after purchasing an additional 432,501 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in shares of Rocket Lab USA by 40.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 91,619 shares of the rocket manufacturer’s stock valued at $440,000 after buying an additional 26,605 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its position in Rocket Lab USA by 323.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 19,708 shares of the rocket manufacturer’s stock worth $95,000 after buying an additional 15,052 shares during the last quarter. ARK Investment Management LLC boosted its stake in Rocket Lab USA by 6.6% in the second quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock worth $30,226,000 after buying an additional 391,778 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Rocket Lab USA by 54.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 58,690 shares of the rocket manufacturer’s stock worth $282,000 after acquiring an additional 20,636 shares in the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab USA Stock Performance

Shares of RKLB stock opened at $24.42 on Friday. The firm has a market capitalization of $12.21 billion, a price-to-earnings ratio of -66.00 and a beta of 1.96. The stock has a fifty day moving average of $16.57 and a 200 day moving average of $9.55. Rocket Lab USA, Inc. has a 52 week low of $3.47 and a 52 week high of $28.10. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

Analysts Set New Price Targets

Several equities analysts recently commented on RKLB shares. The Goldman Sachs Group increased their target price on shares of Rocket Lab USA from $5.00 to $12.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Wells Fargo & Company lifted their price objective on Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a report on Wednesday. Stifel Nicolaus increased their target price on Rocket Lab USA from $15.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. JMP Securities started coverage on Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating on the stock. Finally, Bank of America increased their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.44.

Insiders Place Their Bets

In related news, Director Matthew Ocko sold 2,000,000 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.73, for a total value of $35,460,000.00. Following the completion of the transaction, the director now directly owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This represents a 45.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Alexander R. Slusky sold 50,000 shares of Rocket Lab USA stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $23.00, for a total value of $1,150,000.00. Following the sale, the director now directly owns 534,675 shares in the company, valued at approximately $12,297,525. The trade was a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,114,530 shares of company stock worth $38,168,400. 13.70% of the stock is currently owned by corporate insiders.

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.