California Public Employees Retirement System Raises Stock Holdings in Rocket Lab Corporation $RKLB

California Public Employees Retirement System grew its position in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 24.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 706,222 shares of the rocket manufacturer’s stock after acquiring an additional 136,958 shares during the quarter. California Public Employees Retirement System owned about 0.15% of Rocket Lab worth $25,262,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Federated Hermes Inc. purchased a new stake in Rocket Lab during the second quarter valued at $6,860,000. Jump Financial LLC increased its holdings in shares of Rocket Lab by 281.3% in the 2nd quarter. Jump Financial LLC now owns 1,117,140 shares of the rocket manufacturer’s stock worth $39,960,000 after buying an additional 824,133 shares during the last quarter. Diametric Capital LP purchased a new stake in shares of Rocket Lab during the 2nd quarter valued at about $604,000. Cresset Asset Management LLC lifted its holdings in shares of Rocket Lab by 7.3% in the 2nd quarter. Cresset Asset Management LLC now owns 26,142 shares of the rocket manufacturer’s stock valued at $935,000 after acquiring an additional 1,768 shares during the last quarter. Finally, Capital Advisors Wealth Management LLC purchased a new position in Rocket Lab in the second quarter worth about $404,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

Rocket Lab Stock Up 10.4%

Shares of RKLB opened at $63.53 on Friday. The firm has a fifty day moving average price of $54.81 and a 200-day moving average price of $45.70. The company has a current ratio of 3.18, a quick ratio of 2.83 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $33.94 billion, a P/E ratio of -167.18 and a beta of 2.20. Rocket Lab Corporation has a 12-month low of $14.71 and a 12-month high of $73.97.

Rocket Lab (NASDAQ:RKLB) last announced 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 company had revenue of $155.08 million during the quarter, compared to analyst estimates of $152.45 million. Rocket Lab had a negative net margin of 35.64% and a negative return on equity of 27.26%. The firm’s revenue for the quarter was up 48.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.10) EPS. Equities research analysts expect that Rocket Lab Corporation will post -0.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on RKLB shares. Robert W. Baird started coverage on Rocket Lab in a research report on Wednesday, October 15th. They set an “outperform” rating and a $83.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Rocket Lab in a research report on Wednesday, October 8th. KeyCorp boosted their price objective on shares of Rocket Lab from $50.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, October 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Rocket Lab in a report on Wednesday, December 3rd. Finally, Baird R W upgraded shares of Rocket Lab to a “strong-buy” rating in a report on Thursday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Rocket Lab has an average rating of “Moderate Buy” and an average price target of $58.17.

Insider Buying and Selling

In other Rocket Lab news, Director Matthew Ocko sold 1,873,097 shares of the firm’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $48.20, for a total transaction of $90,283,275.40. Following the transaction, the director directly owned 541,526 shares in the company, valued at $26,101,553.20. This trade represents a 77.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Frank Klein sold 45,535 shares of the company’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $48.97, for a total value of $2,229,848.95. Following the completion of the sale, the insider owned 1,320,291 shares of the company’s stock, valued at $64,654,650.27. This represents a 3.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 5,583,532 shares of company stock valued at $274,781,358 over the last 90 days. 11.90% of the stock is owned by insiders.

About Rocket Lab

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.