Rocket Lab Rockets to Seventh in WSB Rankings with Stellar Growth
Rocket Lab USA has climbed to seventh place in the latest WSB rankings, moving up five positions from the previous day. The company's stock has gained momentum, rising 12.58% and marking a four-day streak in which it has increased by 19.17%. The intraday highest price reached levels not seen since January 2022.
Goldman Sachs recently maintained a neutral rating on Rocket Lab USA, setting a target price of $5.00. On August 8, the company released its mid-2024 report, showing a revenue of $199 million for the period ending June 30, 2024, which signifies a remarkable 70.19% increase year-over-year. Despite this growth, the net loss stood at $85.89 million, with a basic earnings per share (EPS) of -$0.17.
Rocket Lab USA, founded in Delaware on July 28, 2020, has established itself as a global leader in the aerospace sector, focusing on rocket and spacecraft production. The firm provides comprehensive mission services that offer frequent and reliable access to space across civil, defense, and commercial markets. Based in Long Beach, California, Rocket Lab designs and manufactures the Electron rocket and Photon satellite platform and is also developing the Neutron rocket. Since its first orbital launch in January 2018, Electron has become the second most frequently launched U.S. rocket.
Scotiabank recently initiated coverage of Rocket Lab USA with an "outperform" rating, setting a target price at $50.00, reflecting positive sentiment towards its potential growth trajectory in the space sector. As Rocket Lab continues to advance its technology and broaden its market presence, investor interest remains heightened.