Sumitomo Mitsui Trust Group Inc. Decreases Stake in Rocket Lab USA, Inc. (NASDAQ:RKLB)

Sumitomo Mitsui Trust Group Inc. reduced its stake in Rocket Lab USA, Inc. (NASDAQ:RKLB) by 4.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,036,694 shares of the rocket manufacturer’s stock after selling 86,897 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.41% of Rocket Lab USA worth $19,817,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Advisors Asset Management Inc. grew its position in shares of Rocket Lab USA by 59.4% during the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after buying an additional 4,032 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Rocket Lab USA during the second quarter worth approximately $46,000. Baxter Bros Inc. acquired a new position in Rocket Lab USA during the second quarter worth $48,000. Amalgamated Bank grew its holdings in Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after acquiring an additional 2,538 shares during the period. Finally, CIBC Asset Management Inc acquired a new position in Rocket Lab USA during the second quarter worth $67,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on RKLB. Cantor Fitzgerald increased their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday. The Goldman Sachs Group raised their price target on Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. Bank of America boosted their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday. Citigroup lifted their price target on Rocket Lab USA from $7.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Wells Fargo & Company boosted their price objective on Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.72.

Rocket Lab USA Stock Up 9.4 %

Shares of NASDAQ:RKLB opened at $19.00 on Monday. The business’s 50 day moving average is $10.38 and its 200 day moving average is $6.90. The company has a quick ratio of 2.43, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. Rocket Lab USA, Inc. has a 12-month low of $3.47 and a 12-month high of $22.55. The stock has a market cap of $9.44 billion, a price-to-earnings ratio of -51.35 and a beta of 1.29.

Insider Activity

In other Rocket Lab USA news, General Counsel Arjun Kampani sold 28,563 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was 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 represents a 4.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Adam C. Spice sold 62,512 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at $9,195,308.40. This trade represents a 4.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 130,521 shares of company stock valued at $906,059 in the last 90 days. Insiders own 13.70% of the company’s stock.

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.