The Vanguard Group, Inc. recently announced the acquisition of new stake in Rocket Lab USA Inc (NASDAQ:RKLB). The institutional investor has increased its shareholding in the Industrials company by 4.32% to 25.29 million shares with purchase of 1.05 million shares. This fresh investment now brings its stake to 5.21% valued currently at $110.77 million. In addition, BlackRock Fund Advisors raised its holdings by 1.14 million to 20.83 million shares. And SSgA Funds Management, Inc. has lifted its position by 24.57% or 3.28 million shares – to 16.63 million shares.
With over 51.31 million Rocket Lab USA Inc (RKLB) shares trading Friday and a closing price of $5.44 on the day, the dollar volume was approximately $279.15 million. The shares have shown a positive half year performance of 1.30% and its price on 12/22/23 gained nearly 22.80%. Currently, there are 475.36M common shares owned by the public and among those 294.03M shares have been available to trade.
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Insiders at the company have transacted a total of 23 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 10 of these insider trades were purchases, accounting for 435,297 shares. Insider sales of the common stock occurred on 13 occasions, with total insider shares sold totaling 4,136,719 shares.
The top 3 mutual fund holders in Rocket Lab USA Inc are SPDR S&P Aerospace & Defense ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. SPDR S&P Aerospace & Defense ETF owns 11.17 million shares of the company’s stock, all valued at over $48.93 million. The company bought an additional 58188.0 shares recently to bring their total holdings to about 2.30% of the shares outstanding. Vanguard Total Stock Market ETF bought 18300.0 shares to see its total holdings expand to 8.32 million shares valued at over $36.46 million and representing 1.71% of the shares outstanding. Vanguard Small Cap Index Fund bought 21104.0 shares to bring its total holdings to over 6.88 million shares at a value of $30.16 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.42% of the shares outstanding.
Shares of Rocket Lab USA Inc (NASDAQ: RKLB) opened at $5.09, up $0.66 from a prior closing price of $4.43. However, the script later moved the day high at 5.76, up 22.80%. The company’s stock has a 5-day price change of 18.00% and 25.06% over the past three months. RKLB shares are trading 44.30% year to date (YTD), with the 12-month market performance up to 45.45% higher. It has a 12-month low price of $3.48 and touched a high of $8.05 over the same period. RKLB has an average intraday trading volume of 4.07 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 19.22%, 23.51%, and 9.81% respectively.
Institutional ownership of Rocket Lab USA Inc (NASDAQ: RKLB) shares accounts for 30.42% of the company’s 475.36M shares outstanding. Mutual fund holders own 16.75%, while other institutional holders and individual stakeholders account for 27.80% and 13.73% respectively.
It has a market capitalization of $2.64B and a beta (3y monthly) value of 1.17. The earnings-per-share (ttm) stands at -$0.35. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.72% over the week and 6.02% over the month.
Analysts forecast that Rocket Lab USA Inc (RKLB) will achieve an EPS of -$0.1 for the current quarter, -$0.09 for the next quarter and -$0.29 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.1 while analysts give the company a high EPS estimate of -$0.09. Comparatively, EPS for the current quarter was -$0.08 a year ago. Earnings per share for the fiscal year are expected to increase by 17.36%, and -3.20% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Rocket Lab USA Inc (RKLB) as a “Strong Buy” at a consensus score of 1.50. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 2 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RKLB, a number of firms have released research notes about the stock. Cantor Fitzgerald stated their Overweight rating for the stock in a research note on October 26, 2023, with the firm’s price target at $6.
