Sumitomo Mitsui Trust Group Inc. Sells 996,703 Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB)

Sumitomo Mitsui Trust Group Inc. cut its stake in Rocket Lab USA, Inc. (NASDAQ:RKLB) by 48.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,039,991 shares of the rocket manufacturer’s stock after selling 996,703 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of Rocket Lab USA worth $26,489,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of RKLB. New Millennium Group LLC raised its holdings in Rocket Lab USA by 105.0% in the 4th quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer’s stock valued at $52,000 after acquiring an additional 1,050 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Rocket Lab USA during the second quarter worth approximately $76,000. Allworth Financial LP increased its stake in shares of 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 worth $92,000 after purchasing an additional 8,992 shares during the period. Arete Wealth Advisors LLC acquired a new stake in Rocket Lab USA during the 3rd quarter worth approximately $106,000. Finally, Schneider Downs Wealth Management Advisors LP bought a new stake in Rocket Lab USA in the 3rd quarter valued at $107,000. Institutional investors and hedge funds own 71.78% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Stifel Nicolaus increased their price objective on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. The Goldman Sachs Group lifted their price objective on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Wells Fargo & Company increased their target price on shares of Rocket Lab USA from $13.50 to $22.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 11th. Bank of America lifted their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald increased their price target on Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rocket Lab USA presently has a consensus rating of “Moderate Buy” and an average target price of $22.28.

Rocket Lab USA Trading Down 7.8 %

Shares of RKLB opened at $28.22 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 52-week low of $3.47 and a 52-week high of $33.34. The firm has a market cap of $14.11 billion, a price-to-earnings ratio of -76.27 and a beta of 1.99. The business’s fifty day moving average is $26.46 and its 200-day moving average is $16.05.

Insider Activity at Rocket Lab USA

In related news, Director Alexander R. Slusky sold 50,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $23.00, for a total transaction of $1,150,000.00. Following the sale, the director now owns 534,675 shares of the company’s stock, valued at $12,297,525. This trade represents a 8.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $17.73, for a total value of $35,460,000.00. Following the sale, the director now owns 2,351,135 shares in the company, valued at $41,685,623.55. This represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,124,530 shares of company stock valued at $38,404,700 over the last ninety days. 13.70% of the stock is owned by corporate insiders.

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.