California Public Employees Retirement System Increases Position in Rocket Lab Corporation $RKLB

Key Points

• California Public Employees Retirement System increased its Rocket Lab stake by 8.6% in the first quarter, buying 63,323 additional shares and ending with 796,181 shares valued at about $51.1 million.
• Rocket Lab has seen mixed sentiment amid a recent stock pullback: coverage highlights declining share momentum, debate over whether the stock is oversold, and ongoing investor attention on competition with SpaceX.
• The company recently reported Q1 revenue of $200.35 million, up 63.4% year over year, while EPS came in at a loss of $0.07, matching estimates. Analysts remain generally constructive, with an average rating of Moderate Buy and a consensus price target of $110.18.

California Public Employees Retirement System increased its position in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 8.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 796,181 shares of the rocket manufacturer's stock after purchasing an additional 63,323 shares during the period. California Public Employees Retirement System owned 0.14% of Rocket Lab worth $51,131,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Bartlett & CO. Wealth Management LLC boosted its holdings in Rocket Lab by 7.1% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 1,869 shares of the rocket manufacturer's stock worth $120,000 after buying an additional 124 shares during the period. Assetmark Inc. raised its holdings in Rocket Lab by 673.7% during the first quarter. Assetmark Inc. now owns 101,562 shares of the rocket manufacturer's stock valued at $6,522,000 after acquiring an additional 88,435 shares during the period. PeakShares LLC bought a new stake in Rocket Lab during the first quarter valued at about $64,000. SteelPeak Wealth LLC raised its holdings in Rocket Lab by 90.2% during the first quarter. SteelPeak Wealth LLC now owns 8,634 shares of the rocket manufacturer's stock valued at $554,000 after acquiring an additional 4,094 shares during the period. Finally, Independent Financial Group LLC purchased a new position in shares of Rocket Lab in the first quarter valued at about $477,000. Hedge funds and other institutional investors own 71.78% of the company's stock.

Rocket Lab News Roundup

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

• Neutral Sentiment: Recent articles highlight that RKLB has been falling quickly, with traders and retail investors debating whether the stock is now oversold or still has further downside. Should You Buy Rocket Lab Stock Below $70?
• Neutral Sentiment: Despite the selloff, some retail investors remain bullish on Rocket Lab, arguing that a future catalyst could help the stock recover if execution improves. Reddit Still Believes in Rocket Lab Even as Shares Slide: Inside the Retail Sentiment
• Neutral Sentiment: One article noted Rocket Lab’s shares have declined more than the broader market in the latest session, underscoring the recent weak momentum in the name. Rocket Lab Corporation (RKLB) Declines More Than Market: Some Information for Investors
• Neutral Sentiment: Coverage also points to Rocket Lab’s growing competition with SpaceX, with investors watching whether RKLB can establish itself as a stronger direct rival in the space launch market. Rocket Lab's Latest Deal Puts It on a Collision Course With SpaceX
• Negative Sentiment: Sentiment in one piece suggested that SpaceX-related market enthusiasm may be fading, which is spilling over into Rocket Lab and weighing on the stock. SpaceX’s IPO Shine Fades, Taking ASTS And RKLB With It — But There Are 2 Surprise Winners This Month

Insider Activity

In related news, insider Frank Klein sold 44,390 shares of the firm's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $142.57, for a total value of $6,328,682.30. Following the completion of the transaction, the insider directly owned 1,043,847 shares of the company's stock, valued at approximately $148,821,266.79. This trade represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alexander R. Slusky sold 100,000 shares of the firm's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $118.08, for a total transaction of $11,808,000.00. Following the completion of the transaction, the director directly owned 434,675 shares of the company's stock, valued at approximately $51,326,424. This trade represents a 18.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 3,849,294 shares of company stock worth $362,816,208. 8.40% of the stock is owned by corporate insiders.

Rocket Lab Price Performance

NASDAQ:RKLB opened at $65.74 on Tuesday. The business's 50-day moving average is $106.94 and its 200 day moving average is $87.24. Rocket Lab Corporation has a 12 month low of $37.57 and a 12 month high of $151.00. The company has a market capitalization of $38.05 billion, a P/E ratio of -205.44 and a beta of 2.54. The company has a current ratio of 4.47, a quick ratio of 4.02 and a debt-to-equity ratio of 0.02.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, meeting the consensus estimate of ($0.07). Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The business had revenue of $200.35 million during the quarter, compared to analysts' expectations of $189.65 million. During the same quarter last year, the business posted ($0.12) EPS. The firm's revenue for the quarter was up 63.4% compared to the same quarter last year. On average, equities research analysts forecast that Rocket Lab Corporation will post -0.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

RKLB has been the subject of a number of recent analyst reports. KeyCorp raised Rocket Lab from a "sector weight" rating to an "overweight" rating and set a $135.00 price objective for the company in a research note on Monday, June 15th. Morgan Stanley reissued an "overweight" rating on shares of Rocket Lab in a research note on Wednesday, July 8th. Wells Fargo & Company began coverage on Rocket Lab in a report on Wednesday, April 1st. They issued an "equal weight" rating and a $60.00 price target on the stock. Citizens Jmp upped their price target on Rocket Lab from $95.00 to $130.00 and gave the stock a "market outperform" rating in a research note on Tuesday, June 30th. Finally, Stifel Nicolaus set a $132.00 price objective on shares of Rocket Lab in a report on Thursday, June 4th. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $110.18.

Rocket Lab Profile

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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