Allstate Corp Buys 16,904 Shares of Rocket Lab Corporation $RKLB

Key Points

• Allstate Corp more than doubled its Rocket Lab position in the fourth quarter, buying an additional 16,904 shares and bringing its total holdings to 32,842 shares worth about $2.29 million.
• Institutional interest in Rocket Lab remains strong, with several other funds adding to positions and 71.78% of the stock now owned by institutional investors.
• Rocket Lab posted quarterly revenue of $200.35 million, up 63.4% year over year, while matching EPS estimates at ($0.07); analysts still see continued upside with multiple buy ratings and a consensus Moderate Buy.

Allstate Corp grew its position in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 106.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,842 shares of the rocket manufacturer's stock after acquiring an additional 16,904 shares during the quarter. Allstate Corp's holdings in Rocket Lab were worth $2,291,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Churchill Financial Advisors LLC bought a new stake in Rocket Lab during the fourth quarter worth $302,000. Legal & General Group Plc grew its position in Rocket Lab by 20.3% in the 4th quarter. Legal & General Group Plc now owns 1,043,737 shares of the rocket manufacturer's stock worth $72,811,000 after purchasing an additional 176,422 shares in the last quarter. Swedbank AB grew its stake in Rocket Lab by 8.2% in the 4th quarter. Swedbank AB now owns 509,250 shares of the rocket manufacturer's stock valued at $35,525,000 after purchasing an additional 38,770 shares during the period. Darden Wealth Group Inc grew its stake in Rocket Lab by 1.8% in the 4th quarter. Darden Wealth Group Inc now owns 107,082 shares of the rocket manufacturer's stock valued at $7,470,000 after purchasing an additional 1,912 shares during the period. Finally, Americana Partners LLC bought a new position in shares of Rocket Lab during the 4th quarter worth $200,000. 71.78% of the stock is owned by institutional investors.

Insider Activity at Rocket Lab

In related news, Director Alexander R. Slusky sold 100,000 shares of the company's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $118.08, for a total value of $11,808,000.00. Following the completion of the transaction, the director directly owned 434,675 shares in the company, valued at approximately $51,326,424. The trade was a 18.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Frank Klein sold 44,482 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $69.59, for a total value of $3,095,502.38. Following the completion of the sale, the insider owned 1,125,005 shares of the company's stock, valued at $78,289,097.95. The trade was a 3.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 554,800 shares of company stock valued at $60,032,445 over the last ninety days. 8.40% of the stock is currently owned by insiders.

Rocket Lab Stock Down 1.5%

Shares of NASDAQ:RKLB opened at $148.03 on Friday. The firm has a fifty day moving average price of $90.65 and a two-hundred day moving average price of $75.80. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.47 and a quick ratio of 4.02. Rocket Lab Corporation has a one year low of $25.24 and a one year high of $151.00. The company has a market cap of $85.67 billion, a price-to-earnings ratio of -462.59 and a beta of 2.30.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) EPS for the quarter, meeting the consensus estimate of ($0.07). The firm had revenue of $200.35 million during the quarter, compared to the consensus estimate of $189.65 million. Rocket Lab had a negative net margin of 26.87% and a negative return on equity of 11.72%. The business's quarterly revenue was up 63.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.12) EPS. Analysts anticipate that Rocket Lab Corporation will post -0.29 EPS for the current fiscal year.

Key Stories Impacting Rocket Lab

Here are the key news stories impacting Rocket Lab this week:

• Positive Sentiment: Rocket Lab announced it passed the System Requirements Review for the Space Development Agency’s Tracking Layer Tranche 3 program, a key step that supports its role in a proposed missile-defense constellation. Rocket Lab Achieves Milestone for Missile Defense Constellation, Passes System Requirements Review for SDA Tracking Layer Tranche 3
• Positive Sentiment: The company recently won a $90 million U.S. Space Force contract to build geostationary satellites, adding to investor confidence that Rocket Lab is expanding its defense footprint and government-contract pipeline.
• Positive Sentiment: Rocket Lab’s defense awards have now surpassed $1.3 billion, a headline that has helped fuel the stock’s recent rerating as investors see more long-term revenue potential from national-security programs.
• Positive Sentiment: Space-sector enthusiasm has broadened after SpaceX’s IPO filing, lifting attention on public peers like Rocket Lab as investors speculate the group could benefit from renewed capital inflows and higher sector valuations.
• Neutral Sentiment: Social-media and analyst commentary remains bullish overall, but some traders are taking profits after the strong run, which may be adding short-term choppiness to the share price.
• Negative Sentiment: Insider trading data shows only sales and no purchases over the past six months, which could weigh on sentiment even though it does not necessarily change the company’s operating outlook.

Analyst Ratings Changes

RKLB has been the subject of several research reports. Needham & Company LLC increased their price target on Rocket Lab from $95.00 to $120.00 and gave the stock a "buy" rating in a research note on Monday, May 11th. New Street Research initiated coverage on shares of Rocket Lab in a report on Wednesday, May 13th. They issued a "buy" rating and a $150.00 price objective for the company. Clear Str raised shares of Rocket Lab to a "strong-buy" rating in a report on Wednesday, March 18th. BTIG Research reaffirmed a "hold" rating on shares of Rocket Lab in a report on Tuesday, May 12th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Rocket Lab from $73.00 to $120.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Three research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $97.19.

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.

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