Rocket Lab USA Inc (NASDAQ: RKLB) recently reported to carry out a successful space mission. The Rocket Lab stock price skyrocketed reflecting the optimism around the company. Following the company’s announcement on July 18, 2023, the RKLB stock rose up to 15%. 

As the company is making space access for entities easier, it is getting fruitful results in return. 

In the space mission dubbed “Baby Come Back”, Rocket Lab launched seven satellites using reusable orbital-class small rocket Electron. The satellites belonged to NASA, University of Toronto Institute for Aerospace Studies’ Space Flight Laboratory and Spire Global, the company noted. Launchpad for the satellites was the company’s commercial spaceport in New Zealand. 

Rocket Lab (RKLB) Stock Price Movement

RKLB stock is trading at $7.93 marking a 1.28% surge in the last trading session. Earlier, in the ‘not so fun’ trading session, the stock price jumped significantly up to 25% for two consecutive days. 

The Rocket Lab stock price is in a constant up move since its low at around $3.8 in May. The value of RKLB stock has doubled within two months at the current trading price. 

The first quarter earnings of the company gave the initial push to the Rocket Lab stock price. The company reported a revenue of $54.9 Million, a 35% increase year over year. Its gross profit remained at $6.35 Million with the earnings per share at -$0.10. 

The losses also widened in the yearly time frame, from $26.7 Million in Q1 2022 to $45.6 Million in Q1 2023. 

Currently, the RKLB stock price is higher than the 50- and 200-day EMA. It witnessed a golden crossover during July end. The gap between the moving averages indicates the likelihood of prices to continue moving upwards. 

Rocket Lab stock is way above from the support of $3. RSI is at 65 suggesting a bullishness in RKLB stock price movement with the MACD showing an upward curve following a crossover. 

Rocket Labs is Poised to Benefit from the Booming Space Economy

McKinsey & Company’s report estimates the space economy stands at a valuation of $447 Billion, and by the end of this decade, it is expected to jump up to $1 Trillion. Rocket Lab-like end-to-end space launching service providers are well-positioned to take advantage of the booming space industry. 

Specifically the satellite manufacturing and launch systems sector, which is currently valued at $190 Billion, may witness a growth of over 13% CAGR and rise up to $360 Billion by 2028. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source: https://www.thecoinrepublic.com/2023/07/20/rocket-lab-rklb-stock-price-skyrockets-launching-nasa-satellites/