Allstate Corp Buys 16,904 Shares of Rocket Lab Corporation $RKLB

Allstate Corp grew its position in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 106.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 32,842 shares of the rocket manufacturer’s stock after buying an additional 16,904 shares during the quarter. Allstate Corp’s holdings in Rocket Lab were worth $2,291,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Arizona State Retirement System raised its stake in Rocket Lab by 13.6% in the third quarter. Arizona State Retirement System now owns 127,794 shares of the rocket manufacturer’s stock worth $6,123,000 after buying an additional 15,307 shares in the last quarter. Swedbank AB raised its holdings in Rocket Lab by 8.2% in the fourth quarter. Swedbank AB now owns 509,250 shares of the rocket manufacturer’s stock worth $35,525,000 after purchasing an additional 38,770 shares in the last quarter. Firsthand Capital Management Inc. raised its holdings in Rocket Lab by 40.0% in the third quarter. Firsthand Capital Management Inc. now owns 70,000 shares of the rocket manufacturer’s stock worth $3,354,000 after purchasing an additional 20,000 shares in the last quarter. Swiss National Bank raised its holdings in Rocket Lab by 67.7% in the third quarter. Swiss National Bank now owns 1,243,630 shares of the rocket manufacturer’s stock worth $59,582,000 after purchasing an additional 501,830 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Rocket Lab by 13.4% in the fourth quarter. Vanguard Group Inc. now owns 47,420,192 shares of the rocket manufacturer’s stock worth $3,308,033,000 after purchasing an additional 5,610,469 shares in the last quarter. 71.78% of the stock is owned by institutional investors.

Rocket Lab News Summary

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 Buying and Selling at Rocket Lab

In other news, CFO Adam C. Spice sold 62,744 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $142.57, for a total transaction of $8,945,412.08. Following the sale, the chief financial officer directly owned 983,049 shares in the company, valued at $140,153,295.93. This trade represents a 6.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Arjun Kampani sold 70,000 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $145.13, for a total value of $10,159,100.00. Following the sale, the senior vice president owned 376,509 shares in the company, valued at $54,642,751.17. This trade represents a 15.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 554,800 shares of company stock worth $60,032,445. 8.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wells Fargo & Company assumed coverage on shares of Rocket Lab in a report on Wednesday, April 1st. They issued an “equal weight” rating and a $60.00 target price for the company. Clear Str raised Rocket Lab to a “strong-buy” rating in a research report on Wednesday, March 18th. Stifel Nicolaus restated a “buy” rating and set a $105.00 price objective (up from $90.00) on shares of Rocket Lab in a report on Monday, April 20th. Roth Mkm upped their price objective on shares of Rocket Lab from $90.00 to $100.00 and gave the company a “buy” rating in a report on Friday, April 17th. Finally, Zacks Research downgraded shares of Rocket Lab from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Three 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 given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $97.19.

Rocket Lab Price Performance

Shares of RKLB opened at $148.03 on Friday. The business’s 50-day moving average is $90.65 and its two-hundred day moving average is $75.80. The company has a market capitalization of $85.67 billion, a P/E ratio of -462.59 and a beta of 2.30. 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 fifty-two week low of $25.24 and a fifty-two week high of $151.00.

Rocket Lab (NASDAQ:RKLB) last announced its quarterly earnings results on Thursday, May 7th. The rocket manufacturer reported ($0.07) earnings per share for the quarter, hitting the consensus estimate of ($0.07). The company had revenue of $200.35 million for the quarter, compared to the consensus estimate of $189.65 million. Rocket Lab had a negative return on equity of 11.72% and a negative net margin of 26.87%.The firm’s revenue for the quarter was up 63.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.12) EPS. Research analysts predict that Rocket Lab Corporation will post -0.29 earnings per share for the current year.

About Rocket Lab

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.