Sept. 22, ARK Invest bought 359,612 Rocket Lab shares worth $25.13 million; the stock was near $70, 53% below its $151 high. Its slump reflects Neutron delays, disappointing margin guidance and financing risks from the planned $8 billion Iridium acquisition.
ARK Innovation bought 277,573 of the shares, ARKQ bought 59,746 and ARKX bought 22,293. The funds had also bought 705,102 Rocket Lab shares worth $44.4 million in two early-September sessions, followed by another smaller purchase.
Rocket Lab's second-quarter sales rose 62% to a record $234 million, its backlog reached $2.36 billion and its Electron rocket completed its 96th launch in September. The Iridium deal would add an operating satellite network, global spectrum and more than 2.5 million subscribers. Rocket Lab secured a $3.6 billion bridge facility and completed a nearly $2 billion equity raise.
