Pier 88 Investment Partners LLC Lowers Stock Position in Rocket Lab USA, Inc. (NASDAQ:RKLB)

Pier 88 Investment Partners LLC lowered its stake in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB - Free Report) by 60.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 63,910 shares of the rocket manufacturer's stock after selling 97,640 shares during the quarter. Pier 88 Investment Partners LLC's holdings in Rocket Lab USA were worth $1,628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of RKLB. Spectrum Wealth Counsel LLC purchased a new position in Rocket Lab USA in the 4th quarter worth approximately $25,000. Sandy Spring Bank purchased a new position in shares of Rocket Lab USA in the fourth quarter worth $26,000. Wingate Wealth Advisors Inc. bought a new position in shares of Rocket Lab USA during the fourth quarter valued at $40,000. New Millennium Group LLC boosted its position in shares of Rocket Lab USA by 105.0% during the fourth quarter. New Millennium Group LLC now owns 2,050 shares of the rocket manufacturer's stock valued at $52,000 after buying an additional 1,050 shares during the last quarter. Finally, AlphaQuest LLC bought a new stake in Rocket Lab USA in the 4th quarter worth about $52,000. 71.78% of the stock is owned by institutional investors.

Insider Transactions at Rocket Lab USA

In related news, insider Frank Klein sold 44,553 shares of Rocket Lab USA stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $18.18, for a total transaction of $809,973.54. Following the completion of the sale, the insider now owns 1,419,479 shares of the company's stock, valued at $25,806,128.22. The trade was a 3.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 13.70% of the company's stock.

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Analyst Ratings Changes

A number of brokerages have recently commented on RKLB. KeyCorp reduced their price target 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. Citigroup decreased their target price 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 lifted their price objective on Rocket Lab USA from $18.00 to $20.00 and gave the stock an "equal weight" rating in a report on Monday, March 10th. The Goldman Sachs Group raised their target price on Rocket Lab USA from $12.00 to $13.50 and gave the stock a "neutral" rating in a research report on Thursday, January 16th. Finally, Stifel Nicolaus raised their target price on Rocket Lab USA from $26.00 to $31.00 and gave the stock 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $23.06.

Rocket Lab USA Trading Down 6.3 %

Shares of RKLB traded down $1.22 during midday trading on Thursday, hitting $18.12. The stock had a trading volume of 10,040,902 shares, compared to its average volume of 14,750,014. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.58 and a quick ratio of 2.16. Rocket Lab USA, Inc. has a 1 year low of $3.47 and a 1 year high of $33.34. The firm has a market cap of $8.22 billion, a PE ratio of -48.97 and a beta of 2.06. The stock's 50 day moving average is $23.12 and its 200 day moving average is $19.89.

Rocket Lab USA (NASDAQ:RKLB - Get Free Report) last issued its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.01). Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The company had revenue of $132.39 million for the quarter, compared to analysts' expectations of $130.58 million. As a group, analysts forecast that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal 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.