Rocket Lab USA, Inc. RKLB shares traded higher on Tuesday. The stock continued to push upward on momentum from the company’s announcement last week of a $515 million agreement with a U.S. government customer.
What To Know: Rocket Lab stock soared last Friday on news of the agreement to design, manufacture, deliver and operate 18 space vehicles, with work beginning immediately.
While shares pulled back from the initial strength of the move on Friday, the stock has come back strong on Tuesday by over 6%.
The announcement of the agreement was far from the company’s only exciting news during December. Rocket Lab also announced preparations to launch its next Electron mission, which gave the stock a significant boost in mid-December. The pullback from the strength of the move preceded the stock’s most recent rally.
It is also worth noting that Cantor Fitzgerald analyst Andres Sheppard reiterated Rocket Lab USA with an Overweight and maintained a $6 price target last Friday.
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RKLB Price Action: Shares of RKLB were up 3.68% at $5.64 at the close of the market, according to Benzinga Pro.