Why Rocket Lab Stock Was Cruising Higher This Week
Key Points
The first was an analyst's positive update about the company's prospects.
The other two concerned its product assortment.
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Over the past few days, Rocket Lab (NASDAQ: RKLB) stock has been taking off like a you-know-what.
This comes on the heels of a new product announcement, the completion of an acquisition, and an analyst's bullish update. The combination of these positive factors was pushing the stock up by almost 22% week to date as of Thursday night, according to data compiled by S&P Global Market Intelligence.
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Space for improvement
The first of those three developments occurred early on Monday, when pundit Andres Sheppard published his latest take on Rocket Lab stock. He reiterated his overweight (buy, in other words) recommendation and his $85-per-share price target.
Image source: Getty Images.
The following morning, Rocket Lab took the wraps off its latest product line, an electric propulsion system called Gauss. The line, which includes a hall thruster, power processing unit, and a propellant management assembly, is being produced in a manner that will allow the company to manufacture over 200 thrusters annually, it said.
Finally, later on Tuesday, Rocket Lab divulged that its latest acquisition had closed. It is now the proud owner of Germany-based Mynaric, which it describes as "a leading provider of laser optical communications terminals for air, space, and mobile applications." The cash-and-stock deal, valued at just over $155 million, will broaden the company's offerings in the communications segment.
High altitudes
All three are stock price-boosting occurrences, with the Gauss rollout and Mynaric absorption both enhancing the product/service mix Rocket Lab can offer. While the company's stock is hardly undiscovered these days (particularly with the excitement around the looming SpaceX IPO), I think it has the potential to be one of the better-diversified space companies on the scene.
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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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