Envestnet Portfolio Solutions Inc. Invests $339,000 in Rocket Lab Corporation $RKLB

Key Points

• Envestnet Portfolio Solutions opened a new position in Rocket Lab, buying 4,857 shares worth about $339,000 in the fourth quarter.
• Institutional interest in Rocket Lab remains strong, with firms like Vanguard and Baillie Gifford increasing their stakes and institutions owning 71.78% of the company.
• Rocket Lab has also been boosted by business momentum: it beat revenue estimates in its latest quarter and recently won major defense-related contracts, including a $90 million U.S. Space Force deal.

Envestnet Portfolio Solutions Inc. purchased a new position in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,857 shares of the rocket manufacturer's stock, valued at approximately $339,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Rocket Lab by 13.4% during the 4th quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer's stock worth $3,308,033,000 after buying an additional 5,610,469 shares during the last quarter. Baillie Gifford & Co. raised its stake in shares of Rocket Lab by 47.2% during the 4th quarter. Baillie Gifford & Co. now owns 17,851,446 shares of the rocket manufacturer's stock worth $1,245,317,000 after buying an additional 5,725,536 shares during the last quarter. Capital World Investors raised its stake in shares of Rocket Lab by 9.4% during the 3rd quarter. Capital World Investors now owns 14,462,103 shares of the rocket manufacturer's stock worth $692,879,000 after buying an additional 1,242,547 shares during the last quarter. State Street Corp raised its stake in shares of Rocket Lab by 13.6% during the 3rd quarter. State Street Corp now owns 12,399,571 shares of the rocket manufacturer's stock worth $594,063,000 after buying an additional 1,487,237 shares during the last quarter. Finally, ARK Investment Management LLC raised its stake in shares of Rocket Lab by 0.7% during the 3rd quarter. ARK Investment Management LLC now owns 2,486,795 shares of the rocket manufacturer's stock worth $119,142,000 after buying an additional 16,329 shares during the last quarter. Institutional investors and hedge funds own 71.78% of the company's stock.

Rocket Lab Trading Down 1.5%

Shares of RKLB stock opened at $148.03 on Friday. The firm has a 50-day moving average price of $90.65 and a 200 day moving average price of $75.80. Rocket Lab Corporation has a twelve month low of $25.24 and a twelve month high of $151.00. The company has a market capitalization of $85.67 billion, a price-to-earnings ratio of -462.59 and a beta of 2.30. 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 announced its 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 net margin of 26.87% and a negative return on equity of 11.72%. The firm had revenue of $200.35 million during the quarter, compared to the consensus estimate of $189.65 million. During the same quarter in the previous year, the company posted ($0.12) EPS. The firm's revenue for the quarter was up 63.4% on a year-over-year basis. Research analysts forecast that Rocket Lab Corporation will post -0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RKLB. Citigroup reaffirmed an "outperform" rating on shares of Rocket Lab in a research note on Friday, May 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Rocket Lab in a research note on Tuesday, April 21st. BTIG Research reaffirmed a "hold" rating on shares of Rocket Lab in a research note on Tuesday, May 12th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Rocket Lab in a research note on Wednesday. Finally, Needham & Company LLC lifted 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. Three research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $97.19.

More Rocket Lab News

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.

Insider Activity

In related news, Director Alexander R. Slusky sold 100,000 shares of the business's stock in a transaction dated 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 owned 434,675 shares of the company's stock, valued at approximately $51,326,424. The trade was a 18.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Adam C. Spice sold 62,744 shares of the business's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $69.59, for a total transaction of $4,366,354.96. Following the completion of the transaction, the chief financial officer directly owned 1,296,824 shares of the company's stock, valued at $90,245,982.16. The trade was a 4.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 554,800 shares of company stock worth $60,032,445. Company insiders own 8.40% of the company's stock.

Rocket Lab Company 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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