Rocket Lab stock skyrockets past 52-week high with 13% surge - what's fueling the rise?
Rocket Lab USA Inc
. stock surged on Thursday to reach a new record high, climbing more than 13% and breaking its previous
52-week high
, which was driven by rapid launch pace and significant contract wins, as per a Benzinga report.
Rocket Lab Soars to New Record High
According to the Daily Chhattisgarh report, Rocket Lab's shares rose during early trading, and as of 10:02 am GMT on June 26, the stock was trading at $36.69, which is a significant rise of $4.34, this translates to a 13.42% gain for the day.
Rocket Lab's stock began the day at $32.41, a little above the previous close of $32.35, and then rose sharply, hitting an intraday high of $37.27, as reported by Daily Chhattisgarh.
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Analysts Turn Bullish
As per Benzinga's report, the firm's stock increase was further supported by bullish analyst sentiment, with Cantor Fitzgerald recently upgrading its price target to $35 and Stifel reaffirming a $34 target.
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Catalysts Behind the Rally
The company's stock rose after Rocket Lab revealed on Wednesday that the firm was selected by the European Space Agency for a dedicated mission to deploy two pathfinder satellites for a future navigation constellation, scheduled for late 2025, as reported by Benzinga.
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This announcement came at a time when the firm was preparing for its 'Get The Hawk Outta Here' mission for HawkEye 360, its third of four launches planned for June alone, as reported by Benzinga.
Rocket Lab is also aiming to cement its position as an end-to-end national security space provider, according to the report. Benzinga wrote that, "Its recent acquisition of optical systems producer Geost enhances its capabilities, potentially positioning the company as a contender for the 'Golden Dome' missile defense system, which requires space-based sensors and interceptors."
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FAQs
Why did Rocket Lab's stock surge today?
The surge was driven by the announcement of a new ESA mission, strong launch momentum, and positive analyst ratings.
Is this Rocket Lab's highest stock price ever?
Yes. The stock hit a new 52-week—and all-time—high of $37.27 during trading on June 26.
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