Sumitomo Mitsui Trust Group Inc. Sells 86,897 Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB)

Sumitomo Mitsui Trust Group Inc. cut its holdings in Rocket Lab USA, Inc. (NASDAQ:RKLB - Free Report) by 4.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,036,694 shares of the rocket manufacturer's stock after selling 86,897 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.41% of Rocket Lab USA worth $19,817,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Wellington Shields & Co. LLC grew its position in shares of Rocket Lab USA by 3.8% in the 2nd quarter. Wellington Shields & Co. LLC now owns 69,142 shares of the rocket manufacturer's stock worth $332,000 after buying an additional 2,503 shares during the period. Amalgamated Bank grew its position in Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer's stock valued at $58,000 after purchasing an additional 2,538 shares during the last quarter. 180 Wealth Advisors LLC grew its position in Rocket Lab USA by 7.5% during the 2nd quarter. 180 Wealth Advisors LLC now owns 40,180 shares of the rocket manufacturer's stock valued at $214,000 after purchasing an additional 2,807 shares during the last quarter. Lakeridge Wealth Management LLC grew its position in Rocket Lab USA by 30.0% during the 3rd quarter. Lakeridge Wealth Management LLC now owns 13,000 shares of the rocket manufacturer's stock valued at $126,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Verus Capital Partners LLC grew its position in Rocket Lab USA by 11.9% during the 2nd quarter. Verus Capital Partners LLC now owns 33,160 shares of the rocket manufacturer's stock valued at $159,000 after purchasing an additional 3,525 shares during the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the stock. KeyCorp increased their price objective on shares of Rocket Lab USA from $11.00 to $12.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Stifel Nicolaus increased their price objective on shares of Rocket Lab USA from $15.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Wells Fargo & Company increased their price objective on shares of Rocket Lab USA from $5.25 to $13.50 and gave the company an "equal weight" rating in a research report on Wednesday, November 13th. Bank of America upped their target price on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Cantor Fitzgerald upped their target price on shares of Rocket Lab USA from $7.00 to $24.00 and gave the company an "overweight" rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, Rocket Lab USA presently has a consensus rating of "Moderate Buy" and a consensus price target of $15.72.

Rocket Lab USA Price Performance

NASDAQ:RKLB traded up $0.29 during trading hours on Monday, hitting $19.29. 29,107,033 shares of the stock traded hands, compared to its average volume of 11,026,539. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. Rocket Lab USA, Inc. has a 1 year low of $3.47 and a 1 year high of $22.55. The company has a market cap of $9.58 billion, a price-to-earnings ratio of -51.84 and a beta of 1.29. The stock has a 50 day moving average price of $10.38 and a 200 day moving average price of $6.92.

Insider Buying and Selling at Rocket Lab USA

In other Rocket Lab USA news, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total transaction of $272,177.40. Following the transaction, the director now owns 42,353 shares of the company's stock, valued at $292,235.70. The trade was a 48.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of Rocket Lab USA stock in a transaction that occurred on Thursday, August 22nd. The shares were 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 in the company, valued at $9,195,308.40. This represents a 4.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,130,521 shares of company stock valued at $36,366,059 over the last 90 days. 13.70% of the stock is currently owned by corporate insiders.

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.