Revere Asset Management Inc Buys New Stake in Rocket Lab Corporation $RKLB

Key Points

• Revere Asset Management opened a new position in Rocket Lab during the fourth quarter, buying 99,169 shares valued at about $6.9 million. The stake now represents 2.4% of the fund’s portfolio and its 10th-largest holding.
• Rocket Lab reported better-than-expected revenue growth in its latest quarterly results, with sales rising 63.4% year over year to $200.35 million and EPS matching estimates at -$0.07. Analysts still expect the company to post a loss of $0.29 per share for the fiscal year.
• Institutional ownership remains high, with hedge funds and other investors controlling 71.78% of the stock, even as insiders sold shares in recent months. Wall Street’s view is broadly positive, with a consensus rating of Moderate Buy and an average price target of $97.19.

Revere Asset Management Inc bought a new stake in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 99,169 shares of the rocket manufacturer's stock, valued at approximately $6,918,000. Rocket Lab makes up 2.4% of Revere Asset Management Inc's portfolio, making the stock its 10th biggest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Arizona State Retirement System lifted its holdings in shares of Rocket Lab by 13.6% during the 3rd quarter. Arizona State Retirement System now owns 127,794 shares of the rocket manufacturer's stock valued at $6,123,000 after acquiring an additional 15,307 shares in the last quarter. Firsthand Capital Management Inc. lifted its holdings in Rocket Lab by 40.0% in the 3rd quarter. Firsthand Capital Management Inc. now owns 70,000 shares of the rocket manufacturer's stock worth $3,354,000 after buying an additional 20,000 shares in the last quarter. Swiss National Bank lifted its holdings in Rocket Lab by 67.7% in the 3rd quarter. Swiss National Bank now owns 1,243,630 shares of the rocket manufacturer's stock worth $59,582,000 after buying an additional 501,830 shares in the last quarter. Swedbank AB lifted its holdings in Rocket Lab by 8.2% in the 4th quarter. Swedbank AB now owns 509,250 shares of the rocket manufacturer's stock worth $35,525,000 after buying an additional 38,770 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Rocket Lab by 13.4% in 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 in the last quarter. Institutional investors and hedge funds own 71.78% of the company's stock.

Rocket Lab Stock Performance

Shares of Rocket Lab stock opened at $135.76 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.02 and a current ratio of 4.47. Rocket Lab Corporation has a 1 year low of $24.67 and a 1 year high of $139.76. The firm's 50-day simple moving average is $86.19 and its 200-day simple moving average is $73.80. The firm has a market cap of $78.57 billion, a PE ratio of -424.25 and a beta of 2.30.

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

Insider Buying and Selling at Rocket Lab

In related news, Director Merline Saintil sold 18,126 shares of the business's stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $75.04, for a total transaction of $1,360,175.04. Following the completion of the sale, the director owned 261,903 shares of the company's stock, valued at $19,653,201.12. This represents a 6.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Peter Beck sold 18,857 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 $1,312,258.63. Following the sale, the chief executive officer directly owned 884,085 shares of the company's stock, valued at approximately $61,523,475.15. This represents a 2.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 333,449 shares of company stock worth $28,295,233. 8.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

RKLB has been the topic of a number of recent analyst reports. Clear Str upgraded shares of Rocket Lab to a "strong-buy" rating in a report on Wednesday, March 18th. Citigroup reiterated an "outperform" rating on shares of Rocket Lab in a report on Friday, May 8th. Zacks Research lowered shares of Rocket Lab from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 10th. Wells Fargo & Company initiated coverage on shares of Rocket Lab in a report on Wednesday, April 1st. They issued an "equal weight" rating and a $60.00 price objective on the stock. Finally, Citizens Jmp boosted their price objective on shares of Rocket Lab from $85.00 to $95.00 and gave the stock a "market outperform" rating in a report on Friday, May 8th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Rocket Lab has an average rating of "Moderate Buy" and a consensus price target of $97.19.

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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