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

by · The Markets Daily

Arizona State Retirement System boosted its position in shares of Rocket Lab Corporation (NASDAQ:RKLB – Free Report) by 13.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 127,794 shares of the rocket manufacturer’s stock after acquiring an additional 15,307 shares during the quarter. Arizona State Retirement System’s holdings in Rocket Lab were worth $6,123,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Truist Financial Corp increased its stake in Rocket Lab by 1.9% during the 2nd quarter. Truist Financial Corp now owns 12,352 shares of the rocket manufacturer’s stock worth $442,000 after buying an additional 234 shares during the period. ORG Partners LLC boosted its holdings in Rocket Lab by 22.1% in the third quarter. ORG Partners LLC now owns 1,337 shares of the rocket manufacturer’s stock valued at $64,000 after purchasing an additional 242 shares during the period. Parvin Asset Management LLC grew its stake in Rocket Lab by 7.2% during the 2nd quarter. Parvin Asset Management LLC now owns 3,725 shares of the rocket manufacturer’s stock worth $133,000 after purchasing an additional 250 shares in the last quarter. GAMMA Investing LLC increased its holdings in Rocket Lab by 36.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,518 shares of the rocket manufacturer’s stock worth $54,000 after purchasing an additional 405 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position 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. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Nina Armagno sold 27,314 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $68.21, for a total value of $1,863,087.94. Following the transaction, the director owned 108,940 shares of the company’s stock, valued at approximately $7,430,797.40. The trade was a 20.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Frank Klein sold 100,000 shares of the business’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $72.95, for a total transaction of $7,295,000.00. Following the completion of the transaction, the insider directly owned 1,169,487 shares in the company, valued at $85,314,076.65. This represents a 7.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 4,306,150 shares of company stock worth $271,865,732 over the last 90 days. 11.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RKLB shares. Zacks Research raised Rocket Lab from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 12th. Roth Mkm reiterated a “buy” rating and set a $75.00 price target on shares of Rocket Lab in a report on Tuesday, November 11th. Stifel Nicolaus raised their price objective on shares of Rocket Lab from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, December 22nd. Needham & Company LLC lifted their price objective on shares of Rocket Lab from $63.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, December 23rd. Finally, KeyCorp lowered Rocket Lab from an “overweight” rating to a “sector weight” rating in a report on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Rocket Lab presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.92.

Check Out Our Latest Stock Analysis on RKLB

Rocket Lab Stock Performance

Shares of RKLB stock opened at $80.07 on Monday. Rocket Lab Corporation has a 1 year low of $14.71 and a 1 year high of $99.58. 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 firm has a market cap of $42.77 billion, a price-to-earnings ratio of -210.71 and a beta of 2.16. The stock’s 50-day moving average is $69.91 and its two-hundred day moving average is $57.67.

Rocket Lab (NASDAQ:RKLB – Get Free Report) last announced its earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The firm had revenue of $155.08 million during 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 period in the prior year, the firm earned ($0.10) EPS. Analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

About Rocket Lab

(Free Report)

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.

See Also