Rocket Lab shares have jumped 14% this week because the aerospace company inks recent launch deals within the burgeoning space tech industry.
The stock was flat on Friday, but shares are up nearly 40% during the last two weeks and traded near fresh highs on Friday.
Shares have surged greater than 150% this 12 months.
On Friday, the corporate said it secured two launches with the Japan Aerospace Exploration Agency, scheduled for December and in 2026.
Earlier within the week, Rocket Lab announced a multi-launch agreement with Japanese space start Q-shu Pioneers of Space. That is on top of 4 contracted missions.
Late last month, the corporate also secured 10 additional launch missions for Synspective, bringing its total with the Japanese satellite company to 21. The first is scheduled for later this month.
Rocket Lab’s extreme stock movement is also a results of some short covering, which occurs when short sellers buy a security to shut a position and mitigate losses. Short interest accounted for nearly 14% of Rocket Lab’s float at the top of September.
Investors have poured extra money into the space sector this 12 months as the federal government greenlights more contracts and funding.
The space sector, currently dominated by billionaire-backed ventures like Elon Musk’s SpaceX, has also seen a wave of initial public offerings this 12 months from the likes of Firefly Aerospace, Voyager Technologies and Karman Holdings.
