Why Rocket Lab Stock Skyrocketed on Thursday
Key Points
The space exploration specialist launched its latest mission very early that morning.
It deployed four satellites for the Department of Defense in the effort.
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Rocket Lab's (NASDAQ: RKLB) stock had a very memorable Thursday, as its price rose at a double-digit rate. On some very encouraging news about its hardware, investors pounced on the space company's shares to boost them to a more than 11% gain that trading session.
Launching a bull run
Rocket Lab announced the successful launch of its STP-S30 mission, which occurred very early that morning from a company launch complex at the Mid-Atlantic Regional Spaceport (MARS) in Wallops Island, Virginia. Bearing the quirky nickname "Don't Be Such a Square," the launch deployed four satellites into low Earth orbit after takeoff.
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Image source: Getty Images.
The quartet of DiskSat small satellites were deployed for this country's Space Force's Space Systems Command (SSC), which falls under the Department of Defense's (DoD) Space Test Program (STP). These are proposed alternatives to CubeSat satellites, which are used by government agencies and other entities aiming to explore space.
Rocket Lab didn't hesitate to mention that the launch occurred a full five months ahead of schedule.
Space for improvement
The early launch is particularly impressive, given that delays in such events are hardly uncommon in the private space industry. This not only burnishes Rocket Lab's reputation as a reliable operator and trusted partner of an important government agency, it also shows that the company can over-deliver on its commitments. Any investor interested in space stocks should absolutely consider owning this stock.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Rocket Lab. The Motley Fool has a disclosure policy.
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