Teacher Retirement System of Texas Invests $878,000 in Rocket Lab Corporation (NASDAQ:RKLB)

Teacher Retirement System of Texas bought a new position in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 49,096 shares of the rocket manufacturer's stock, valued at approximately $878,000.

A number of other large investors have also recently made changes to their positions in the company. Sandy Spring Bank acquired a new position in Rocket Lab in the fourth quarter valued at approximately $26,000. Versant Capital Management Inc boosted its holdings in Rocket Lab by 118.1% in the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer's stock valued at $28,000 after purchasing an additional 860 shares in the last quarter. MassMutual Private Wealth & Trust FSB acquired a new position in Rocket Lab in the first quarter valued at approximately $29,000. Quarry LP acquired a new position in Rocket Lab in the fourth quarter valued at approximately $48,000. Finally, Farther Finance Advisors LLC boosted its holdings in Rocket Lab by 181.1% in the first quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer's stock valued at $35,000 after purchasing an additional 1,226 shares in the last quarter. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Rocket Lab news, Director Matthew Ocko sold 820,000 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $26.01, for a total value of $21,328,200.00. Following the completion of the sale, the director owned 1,083,053 shares of the company's stock, valued at approximately $28,170,208.53. This trade represents a 43.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Merline Saintil sold 6,353 shares of the firm's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $33.38, for a total value of $212,063.14. Following the completion of the sale, the director directly owned 419,569 shares of the company's stock, valued at approximately $14,005,213.22. This trade represents a 1.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,130,995 shares of company stock worth $29,686,039 in the last ninety days. 13.70% of the stock is owned by insiders.

Rocket Lab Stock Performance

Shares of NASDAQ RKLB traded up $3.09 during mid-day trading on Wednesday, hitting $47.69. 26,678,868 shares of the company were exchanged, compared to its average volume of 18,596,577. The company has a quick ratio of 1.72, a current ratio of 2.08 and a debt-to-equity ratio of 0.97. The stock has a 50 day simple moving average of $30.29 and a 200-day simple moving average of $25.48. Rocket Lab Corporation has a 1-year low of $4.20 and a 1-year high of $48.05. The firm has a market cap of $21.63 billion, a price-to-earnings ratio of -119.23 and a beta of 2.15.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. The company had revenue of $122.57 million for the quarter, compared to analyst estimates of $120.74 million. During the same period in the prior year, the business earned ($0.09) earnings per share. Rocket Lab's revenue for the quarter was up 32.1% compared to the same quarter last year. On average, sell-side analysts forecast that Rocket Lab Corporation will post -0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Wells Fargo & Company lowered their price target on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. KeyCorp increased their price objective on Rocket Lab from $29.00 to $40.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Cantor Fitzgerald reissued an "overweight" rating and issued a $35.00 price objective on shares of Rocket Lab in a report on Monday. The Goldman Sachs Group initiated coverage on Rocket Lab in a report on Monday, June 30th. They issued a "neutral" rating and a $27.00 price objective for the company. Finally, Citigroup reissued a "buy" rating and issued a $50.00 price objective (up from $33.00) on shares of Rocket Lab in a report on Monday. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $34.10.

Rocket Lab Company Profile

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.