Rocket Lab Corporation $RKLB Shares Sold by Teacher Retirement System of Texas

Key Points

• Teacher Retirement System of Texas trimmed its stake in Rocket Lab by 19.3%, selling 15,786 shares and leaving it with 65,991 shares valued at about $3.16 million, while institutional ownership stands at roughly 71.78% with Norges Bank adding a new ~$164.75 million position.
• Insiders have been net sellers recently—executives including Arjun Kampani and Frank Klein sold sizable blocks and insiders disposed of about 4.31 million shares worth ~$271.9 million over the past 90 days, leaving insiders with roughly 11.9% ownership.
• Rocket Lab reported revenue of $155.08 million (beat) and EPS of ($0.03) (also beat), with revenue up 48% year-over-year but continued negative margins; analysts' consensus is a Moderate Buy with a $72.92 target and recent upgrades pushing some price targets higher (Morgan Stanley to $105).

Teacher Retirement System of Texas trimmed its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLB - Free Report) by 19.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 65,991 shares of the rocket manufacturer's stock after selling 15,786 shares during the period. Teacher Retirement System of Texas' holdings in Rocket Lab were worth $3,162,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Cadent Capital Advisors LLC acquired a new position in shares of Rocket Lab in the 3rd quarter worth approximately $668,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Rocket Lab by 44.7% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 992,777 shares of the rocket manufacturer's stock worth $35,512,000 after purchasing an additional 306,713 shares during the period. Orion Porfolio Solutions LLC bought a new stake in Rocket Lab during the second quarter valued at $1,009,000. McGuire Investment Group LLC raised its holdings in shares of Rocket Lab by 91.3% during the second quarter. McGuire Investment Group LLC now owns 196,107 shares of the rocket manufacturer's stock worth $7,015,000 after purchasing an additional 93,613 shares during the period. Finally, Norges Bank bought a new position in shares of Rocket Lab in the 2nd quarter worth about $164,751,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

Rocket Lab Trading Up 1.8%

Shares of RKLB stock opened at $88.57 on Thursday. Rocket Lab Corporation has a 1 year low of $14.71 and a 1 year high of $99.58. The firm has a market capitalization of $47.31 billion, a PE ratio of -233.08 and a beta of 2.16. The stock has a fifty day moving average of $68.19 and a two-hundred day moving average of $57.06. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.83 and a current ratio of 3.18.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings data on Monday, November 10th. The rocket manufacturer reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.02. The business had revenue of $155.08 million for the quarter, compared to analysts' expectations of $152.45 million. Rocket Lab had a negative net margin of 35.64% and a negative return on equity of 27.26%. The company's revenue was up 48.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.10) earnings per share. As a group, research analysts expect that Rocket Lab Corporation will post -0.38 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Arjun Kampani sold 28,615 shares of the firm's stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $40.65, for a total transaction of $1,163,199.75. Following the transaction, the senior vice president owned 461,014 shares in the company, valued at $18,740,219.10. This trade represents a 5.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Frank Klein sold 100,000 shares of the business's stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $72.95, for a total value of $7,295,000.00. Following the sale, the insider directly owned 1,169,487 shares in the company, valued at approximately $85,314,076.65. The trade was a 7.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 4,306,150 shares of company stock valued at $271,865,732. 11.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on RKLB shares. Stifel Nicolaus boosted their price objective on shares of Rocket Lab from $75.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, December 22nd. Morgan Stanley upgraded Rocket Lab from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $67.00 to $105.00 in a research note on Friday, January 16th. Roth Mkm reaffirmed a "buy" rating and set a $75.00 target price on shares of Rocket Lab in a report on Tuesday, November 11th. Cantor Fitzgerald reissued an "overweight" rating on shares of Rocket Lab in a report on Wednesday, December 3rd. Finally, KeyCorp lowered Rocket Lab from an "overweight" rating to a "sector weight" rating in a research report on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $72.92.

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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