Shares of Rocket Lab USA (NASDAQ: RKLB) are flying on Tuesday. The stock is up 28.3% as of 2 p.m. ET but was up as much as 31.8% earlier in the day. The leap comes as the S&P 500 and the Nasdaq Composite gained 0.9% and 0.6%, respectively.
Rocket Lab is benefiting from several catalysts at once, but chief among them was President Donald Trump’s announcement Monday that he will prioritize a mission to Mars.
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In his inauguration speech, Trump announced his intention to put Americans on Mars, saying, “it is time for us to once again act with courage, vigor, and the vitality of history’s greatest civilization,” and that “we will pursue our manifest destiny into the stars, launching American astronauts to plant the Stars and Stripes on the planet Mars.”
The proclamation, especially given its place in the inaugural speech, sent space stocks soaring.
The launch system specialist announced Friday that its Pioneer spacecraft is successfully orbiting the globe after its launch on Jan. 14. Developed in collaboration with NASA, this is the second successful mission for the Pioneer module. The craft is designed to provide critical functions like power, communications, propulsion, and attitude control to another spacecraft.
Analysts at Citi recently reaffirmed Rocket Lab’s buy rating, raising their price target from $22 to $35. The new target represents a 14% upside from its current level.
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Citigroup is an advertising partner of Motley Fool Money. Johnny Rice has no position in any of the stocks mentioned. The Motley Fool recommends Rocket Lab USA. The Motley Fool has a disclosure policy.
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