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Rocket Lab (NASDAQ:RKLB) Stock Lifted on First U.S. Electron Mission

Story Highlights

Rocket Lab successfully launched its Electron rocket from U.S. soil. In the future, the company plans to use the Virginia launch pad for the larger Neutron rockets.

Rocket Lab USA (NASDAQ:RKLB) stock gained more than 4% in yesterday’s extended trade after the company completed its first Electron rocket launch mission from U.S. soil. Founded in 2006, Rocket Lab is a space company that offers launch services, manufactures spacecraft components, and manages satellites.

The Electron rocket was launched from Rocket Lab Launch Complex 2 (LC-2) at Virginia Space’s Mid-Atlantic Regional Spaceport on Tuesday. Prior to this mission, the company had launched 32 Electron rockets from its private orbital launch site located in New Zealand.

The mission was followed by the deployment of three satellites for HawkEye 360, which increased the total number of Rocket Lab’s satellites in orbit to 150.

Regarding its future plans for the Virginia launch site, Rocket Labs stated that “… it will also be home to the Company’s new larger launch vehicle Neutron, which will be built, tested, launched, and landed within the Wallops Flight Facility in the future.”

Is RKLB a Buy?

Analysts are bullish about RKLB stock with a Strong Buy consensus rating based on six Buys and one Hold. The average stock price target of $10.82 implies 117.7% upside potential from the current level.

Supporting the analysts’ stance, hedge funds have also increased their holdings of the stock. In the last quarter, hedge funds bought 1.8 million shares of RKLB. Further, bloggers are bullish as well.

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