Rocket Lab USA Inc (NASDAQ:RKLB) has skyrocketed out of penny stock territory over the last few days, last seen up 11.7% to trade at a 52-week high of $7.70. This pop follows the company’s successful launch of seven satellites for the National Aeronautics and Space Administration (NASA) Space Flight Laboratory and Spire Global today from Launch Complex 1 in New Zealand.
Options bulls are already placing their bets, with 33,000 calls exchanged so far — or four times the intraday average — compared to just 5,045 puts. The most popular contract is the July 7 call, suggesting these traders expect even more upside for RLKB by the end of the week.
This may be the beginning of a shift in sentiment. Back at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Rocket Lab USA stock’s 50-day put/call volume ratio ranks higher than 91% of readings in its annual range.
Additional tailwinds could come from an unraveling of short interest. The 22.99 million shares sold short make up 6.2% of the stock’s available float, or more than one week’s worth of pent-up buying power.
The security recently blew past long-term resistance from the $6 level, while its 20-day moving average has been acting a support since early May. Year-to date, RLKB sports a massive 102.1% lead.
Source: https://finance.yahoo.com/news/rocket-lab-stock-skyrockets-launching-185633463.html