Pier 88 Investment Partners LLC Invests $1.57 Million in Rocket Lab USA, Inc. (NASDAQ:RKLB)

Pier 88 Investment Partners LLC bought a new stake in Rocket Lab USA, Inc. (NASDAQ:RKLB - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 161,550 shares of the rocket manufacturer's stock, valued at approximately $1,572,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. increased its holdings in Rocket Lab USA by 4.4% during the 3rd quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer's stock worth $395,000 after purchasing an additional 1,709 shares in the last quarter. Verus Capital Partners LLC increased its holdings in Rocket Lab USA by 42.7% during the 3rd quarter. Verus Capital Partners LLC now owns 47,310 shares of the rocket manufacturer's stock worth $460,000 after purchasing an additional 14,150 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Rocket Lab USA during the 3rd quarter worth approximately $139,000. Concurrent Investment Advisors LLC bought a new stake in Rocket Lab USA during the 3rd quarter worth approximately $132,000. Finally, AlphaCentric Advisors LLC bought a new stake in Rocket Lab USA during the 3rd quarter worth approximately $146,000. 71.78% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Adam C. Spice sold 62,512 shares of the firm's stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $435,083.52. Following the transaction, the chief financial officer now directly owns 1,321,165 shares of the company's stock, valued at approximately $9,195,308.40. This trade represents a 4.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Arjun Kampani sold 28,563 shares of the firm's stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $198,798.48. Following the transaction, the general counsel now directly owns 637,558 shares in the company, valued at $4,437,403.68. This trade represents a 4.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 130,521 shares of company stock worth $906,059 over the last 90 days. Corporate insiders own 13.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RKLB. JMP Securities began coverage on Rocket Lab USA in a report on Thursday, September 12th. They set a "market perform" rating for the company. Cantor Fitzgerald boosted their target price on Rocket Lab USA from $7.00 to $24.00 and gave the stock an "overweight" rating in a research note on Thursday. Bank of America boosted their target price on Rocket Lab USA from $10.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday. KeyCorp boosted their target price on Rocket Lab USA from $11.00 to $12.00 and gave the stock an "overweight" rating in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group boosted their target price on Rocket Lab USA from $4.50 to $5.00 and gave the stock a "neutral" rating in a research note on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $14.72.

Rocket Lab USA Stock Performance

Rocket Lab USA stock traded down $1.47 during trading on Thursday, hitting $17.36. The stock had a trading volume of 45,129,240 shares, compared to its average volume of 10,801,572. Rocket Lab USA, Inc. has a 1 year low of $3.47 and a 1 year high of $22.55. The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90. The stock's 50 day moving average is $9.89 and its two-hundred day moving average is $6.70. The stock has a market cap of $8.62 billion, a price-to-earnings ratio of -48.86 and a beta of 1.29.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last posted its earnings results on Tuesday, November 12th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.01. The firm had revenue of $104.81 million for the quarter, compared to the consensus estimate of $102.74 million. Rocket Lab USA had a negative return on equity of 37.95% and a negative net margin of 51.76%. As a group, analysts predict that Rocket Lab USA, Inc. will post -0.39 EPS 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.