Meridian Wealth Management LLC Buys New Position in Rocket Lab USA, Inc. (NASDAQ:RKLB)

Meridian Wealth Management LLC bought a new stake in shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 21,161 shares of the rocket manufacturer’s stock, valued at approximately $539,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RKLB. Van ECK Associates Corp raised its holdings in shares of Rocket Lab USA by 33.1% during the third quarter. Van ECK Associates Corp now owns 131,076 shares of the rocket manufacturer’s stock valued at $1,275,000 after acquiring an additional 32,618 shares in the last quarter. Concurrent Investment Advisors LLC bought a new position in Rocket Lab USA in the third quarter worth $132,000. GSA Capital Partners LLP bought a new position in Rocket Lab USA in the third quarter worth $139,000. Verus Capital Partners LLC lifted its position in Rocket Lab USA by 42.7% during the third quarter. Verus Capital Partners LLC now owns 47,310 shares of the rocket manufacturer’s stock valued at $460,000 after buying an additional 14,150 shares during the period. Finally, Victory Capital Management Inc. lifted its position in Rocket Lab USA by 4.4% during the third quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock valued at $395,000 after buying an additional 1,709 shares during the period. Institutional investors own 71.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. KeyCorp lowered their price objective on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Bank of America raised their price objective on Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Stifel Nicolaus raised their price objective on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. The Goldman Sachs Group raised their price objective on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Finally, Wells Fargo & Company lowered their price objective on Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating for the company in a research report on Monday. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.50.

Insider Buying and Selling

In related news, Director Nina Armagno sold 10,000 shares of Rocket Lab USA stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total value of $236,300.00. Following the completion of the sale, the director now directly owns 132,294 shares in the company, valued at approximately $3,126,107.22. This trade represents a 7.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.70% of the stock is owned by corporate insiders.

Rocket Lab USA Price Performance

NASDAQ RKLB opened at $20.40 on Thursday. Rocket Lab USA, Inc. has a one year low of $3.47 and a one year high of $33.34. The stock has a 50-day moving average of $26.29 and a 200 day moving average of $18.19. The company has a market capitalization of $10.20 billion, a price-to-earnings ratio of -55.13 and a beta of 1.99. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

Rocket Lab USA (NASDAQ:RKLB) last released its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing the consensus estimate 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 business had revenue of $132.39 million during the quarter, compared to the consensus estimate of $130.58 million. On average, sell-side analysts forecast that Rocket Lab USA, Inc. will post -0.38 EPS for the current year.

About Rocket Lab USA

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.