State of Michigan Retirement System Purchases Shares of 73,854 Rocket Lab Corporation (NASDAQ:RKLB)

State of Michigan Retirement System purchased a new stake in Rocket Lab Corporation (NASDAQ:RKLB - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 73,854 shares of the rocket manufacturer's stock, valued at approximately $1,321,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allworth Financial LP raised its stake in Rocket Lab by 4.0% during the first quarter. Allworth Financial LP now owns 11,888 shares of the rocket manufacturer's stock valued at $213,000 after buying an additional 458 shares in the last quarter. Sharpepoint LLC raised its stake in Rocket Lab by 49.2% during the first quarter. Sharpepoint LLC now owns 130,274 shares of the rocket manufacturer's stock valued at $2,329,000 after buying an additional 42,944 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Rocket Lab by 180.3% during the first quarter. Nisa Investment Advisors LLC now owns 26,040 shares of the rocket manufacturer's stock valued at $466,000 after buying an additional 16,750 shares in the last quarter. Brown Advisory Inc. raised its stake in Rocket Lab by 19.9% during the first quarter. Brown Advisory Inc. now owns 80,615 shares of the rocket manufacturer's stock valued at $1,441,000 after buying an additional 13,378 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Rocket Lab by 8.0% during the first quarter. Envestnet Asset Management Inc. now owns 23,496 shares of the rocket manufacturer's stock valued at $420,000 after buying an additional 1,749 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company's stock.

Rocket Lab Stock Performance

RKLB stock traded down $0.53 on Friday, reaching $50.80. The company's stock had a trading volume of 24,331,047 shares, compared to its average volume of 18,767,916. Rocket Lab Corporation has a 52 week low of $4.20 and a 52 week high of $53.44. The company has a market capitalization of $23.04 billion, a P/E ratio of -127.88 and a beta of 2.15. The firm has a fifty day moving average of $30.86 and a two-hundred day moving average of $25.65. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.08 and a quick ratio of 1.72.

Rocket Lab (NASDAQ:RKLB - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). Rocket Lab had a negative return on equity of 48.92% and a negative net margin of 44.32%. The business had revenue of $122.57 million during the quarter, compared to the consensus estimate of $120.74 million. During the same period last year, the company earned ($0.09) earnings per share. The business's quarterly revenue was up 32.1% compared to the same quarter last year. As a group, analysts predict that Rocket Lab Corporation will post -0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. The Goldman Sachs Group began coverage on Rocket Lab in a research note on Monday, June 30th. They set a "neutral" rating and a $27.00 price objective on the stock. Wells Fargo & Company dropped their price target on Rocket Lab from $21.00 to $18.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Citigroup reiterated a "buy" rating and set a $50.00 price target (up from $33.00) on shares of Rocket Lab in a research report on Monday. Stifel Nicolaus increased their price target on Rocket Lab from $29.00 to $34.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Finally, Bank of America increased their price target on Rocket Lab from $30.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $34.10.

Insiders Place Their Bets

In related news, Director Matthew Ocko sold 820,000 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $26.01, for a total value of $21,328,200.00. Following the completion of the transaction, the director directly owned 1,083,053 shares of the company's stock, valued at $28,170,208.53. This represents a 43.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Merline Saintil sold 6,353 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $29.41, for a total value of $186,841.73. Following the transaction, the director directly owned 425,922 shares of the company's stock, valued at approximately $12,526,366.02. The trade was a 1.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,130,995 shares of company stock valued at $29,686,039. 13.70% of the stock is owned by corporate insiders.

Rocket Lab Company Profile

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.