Rocket Lab Corporation $RKLB Shares Bought by Arizona State Retirement System

Arizona State Retirement System lifted its stake in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 13.6% during the third quarter, HoldingsChannel.com reports. The firm owned 127,794 shares of the rocket manufacturer’s stock after purchasing an additional 15,307 shares during the period. Arizona State Retirement System’s holdings in Rocket Lab were worth $6,123,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new position in Rocket Lab during the third quarter worth about $25,000. Hara Capital LLC purchased a new stake in shares of Rocket Lab during the 3rd quarter worth approximately $25,000. Sound Income Strategies LLC acquired a new stake in shares of Rocket Lab in the 3rd quarter worth approximately $27,000. EverSource Wealth Advisors LLC increased its stake in Rocket Lab by 109.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 796 shares of the rocket manufacturer’s stock valued at $28,000 after purchasing an additional 416 shares in the last quarter. Finally, Financial Consulate Inc. acquired a new position in Rocket Lab during the third quarter worth $35,000. Institutional investors and hedge funds own 71.78% of the company’s stock.

Wall Street Analysts Forecast Growth

RKLB has been the subject of a number of research analyst reports. Bank of America raised their price target on Rocket Lab from $60.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Morgan Stanley upgraded shares of Rocket Lab from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $67.00 to $105.00 in a report on Friday, January 16th. Roth Mkm restated a “buy” rating and set a $75.00 target price on shares of Rocket Lab in a research report on Tuesday, November 11th. Zacks Research upgraded shares of Rocket Lab from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Rocket Lab in a research note on Wednesday, December 3rd. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $72.92.

Insider Activity at Rocket Lab

In other news, Director Nina Armagno sold 27,314 shares of the company’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $68.21, for a total transaction of $1,863,087.94. Following the completion of the sale, the director directly owned 108,940 shares in the company, valued at $7,430,797.40. This represents a 20.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Merline Saintil sold 12,500 shares of the stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $90.00, for a total value of $1,125,000.00. Following the completion of the transaction, the director directly owned 280,029 shares in the company, valued at $25,202,610. This trade represents a 4.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 4,306,150 shares of company stock worth $271,865,732. 11.90% of the stock is owned by corporate insiders.

Rocket Lab Stock Down 6.5%

RKLB stock opened at $80.07 on Monday. The company has a 50 day moving average price of $69.91 and a two-hundred day moving average price of $57.67. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.83 and a current ratio of 3.18. The stock has a market capitalization of $42.77 billion, a P/E ratio of -210.71 and a beta of 2.16. Rocket Lab Corporation has a one year low of $14.71 and a one year high of $99.58.

Rocket Lab (NASDAQ:RKLB) last posted its quarterly earnings data on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The business had revenue of $155.08 million for the quarter, compared to analysts’ expectations of $152.45 million. Rocket Lab had a negative return on equity of 27.26% and a negative net margin of 35.64%.The business’s revenue was up 48.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.10) earnings per share. As a group, sell-side analysts expect that Rocket Lab Corporation will post -0.38 EPS for the current year.

About Rocket Lab

Rocket Lab is an aerospace company that provides launch services, spacecraft, and space systems for commercial and government customers. The company’s primary launch vehicle is Electron, a small-lift orbital rocket designed to deploy small satellites and rideshare payloads to low Earth orbit. Rocket Lab also develops and manufactures the Rutherford engine, noted for its electric-pump-fed design and additive-manufactured components, which powers Electron and supports the company’s propulsion capabilities.