Rocket Lab Corporation $RKLB Position Decreased by Teacher Retirement System of Texas

Teacher Retirement System of Texas lowered its holdings in Rocket Lab Corporation (NASDAQ:RKLB) by 19.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 65,991 shares of the rocket manufacturer’s stock after selling 15,786 shares during the quarter. Teacher Retirement System of Texas’ holdings in Rocket Lab were worth $3,162,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RKLB. Invesco Ltd. grew its position in Rocket Lab by 67.0% in the second quarter. Invesco Ltd. now owns 6,242,304 shares of the rocket manufacturer’s stock worth $223,287,000 after buying an additional 2,504,054 shares during the last quarter. Norges Bank bought a new stake in shares of Rocket Lab during the 2nd quarter worth $164,751,000. American Century Companies Inc. grew its holdings in shares of Rocket Lab by 6.2% in the 2nd quarter. American Century Companies Inc. now owns 2,251,130 shares of the rocket manufacturer’s stock worth $80,523,000 after acquiring an additional 131,996 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Rocket Lab by 22.5% during the second quarter. BNP Paribas Financial Markets now owns 2,112,255 shares of the rocket manufacturer’s stock worth $75,555,000 after purchasing an additional 387,536 shares during the period. Finally, Marex Group plc purchased a new stake in shares of Rocket Lab during the second quarter valued at $74,359,000. 71.78% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Citigroup reissued a “market perform” rating on shares of Rocket Lab in a research note on Wednesday, November 12th. KeyCorp lowered shares of Rocket Lab from an “overweight” rating to a “sector weight” rating in a report on Thursday, January 15th. Stifel Nicolaus raised their price objective on shares of Rocket Lab from $75.00 to $85.00 and gave the stock a “buy” rating in a research note 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, The Goldman Sachs Group increased their target price on Rocket Lab from $47.00 to $69.00 and gave the company a “neutral” rating in a report on Tuesday, January 20th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Rocket Lab presently has an average rating of “Moderate Buy” and a consensus target price of $72.92.

Insider Buying and Selling

In related news, Director Merline Saintil sold 12,500 shares of the company’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $90.00, for a total value of $1,125,000.00. Following the completion of the sale, the director directly owned 280,029 shares in the company, valued at approximately $25,202,610. This represents a 4.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Adam C. Spice sold 1,365,665 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $75.50, for a total transaction of $103,107,707.50. Following the transaction, the chief financial officer directly owned 1,359,568 shares in the company, valued at $102,647,384. The trade was a 50.11% 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 valued at $271,865,732. 11.90% of the stock is owned by company insiders.

Rocket Lab Price Performance

Shares of NASDAQ:RKLB opened at $88.57 on Thursday. The firm has a market cap of $47.31 billion, a price-to-earnings ratio of -233.08 and a beta of 2.16. Rocket Lab Corporation has a 1 year low of $14.71 and a 1 year high of $99.58. The company has a current ratio of 3.18, a quick ratio of 2.83 and a debt-to-equity ratio of 0.32. The business has a fifty day simple moving average of $68.19 and a 200 day simple moving average of $57.06.

Rocket Lab (NASDAQ:RKLB) last posted its quarterly earnings results on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $155.08 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 48.0% on a year-over-year basis. During the same period last year, the business earned ($0.10) EPS. As a group, sell-side analysts predict that Rocket Lab Corporation will post -0.38 earnings per share for the current fiscal 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.