State of New Jersey Common Pension Fund D Raises Stock Position in Rocket Lab Corporation $RKLB

State of New Jersey Common Pension Fund D increased its holdings in shares of Rocket Lab Corporation (NASDAQ:RKLB) by 14.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 153,106 shares of the rocket manufacturer’s stock after purchasing an additional 19,304 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Rocket Lab were worth $7,335,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in RKLB. Arizona State Retirement System raised its position in shares of Rocket Lab by 13.6% in the 3rd quarter. Arizona State Retirement System now owns 127,794 shares of the rocket manufacturer’s stock valued at $6,123,000 after purchasing an additional 15,307 shares in the last quarter. Cadent Capital Advisors LLC bought a new stake in shares of Rocket Lab in the third quarter worth $668,000. Connor Clark & Lunn Investment Management Ltd. raised 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 valued at $35,512,000 after acquiring an additional 306,713 shares in the last quarter. Orion Porfolio Solutions LLC bought a new position in Rocket Lab during the 2nd quarter valued at $1,009,000. Finally, Norges Bank acquired a new position in Rocket Lab during the 2nd quarter worth $164,751,000. 71.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RKLB. The Goldman Sachs Group increased their price target on shares of Rocket Lab from $47.00 to $69.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 20th. Zacks Research downgraded Rocket Lab from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Needham & Company LLC boosted their price target on Rocket Lab from $63.00 to $90.00 and gave the company a “buy” rating in a report on Tuesday, December 23rd. Stifel Nicolaus upped their price target on Rocket Lab from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 22nd. Finally, TD Cowen reaffirmed a “buy” rating on shares of Rocket Lab in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Rocket Lab has a consensus rating of “Moderate Buy” and a consensus target price of $72.92.

Insider Buying and Selling

In related news, Director Edward H. Frank sold 2,500 shares of Rocket Lab stock in a transaction dated Tuesday, December 23rd. The stock was sold at an average price of $77.39, for a total transaction of $193,475.00. Following the transaction, the director directly owned 142,504 shares of the company’s stock, valued at $11,028,384.56. The trade was a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Nina Armagno sold 27,314 shares of the company’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $68.21, for a total value of $1,863,087.94. Following the completion of the transaction, the director directly owned 108,940 shares in the company, valued at $7,430,797.40. This represents a 20.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 4,306,150 shares of company stock worth $271,865,732. 11.90% of the stock is owned by corporate insiders.

Rocket Lab Price Performance

Shares of NASDAQ RKLB opened at $69.89 on Wednesday. The firm’s 50-day simple moving average is $76.19 and its 200 day simple moving average is $59.70. The stock has a market cap of $37.33 billion, a P/E ratio of -183.92 and a beta of 2.16. The company has a quick ratio of 2.83, a current ratio of 3.18 and a debt-to-equity ratio of 0.32. Rocket Lab Corporation has a fifty-two week low of $14.71 and a fifty-two week high of $99.58.

Rocket Lab Company 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.