Rocket Lab USA, Inc. (NASDAQ:RKLB) shares have been trading higher over the past five days. Here's what you need to know.

What To Know:

Completion of Second Spacecraft for Varda Space Industries:

• Rocket Lab announced the successful testing and integration of its second Pioneer spacecraft for Varda Space Industries.
• This spacecraft will handle in-space operations, including reentry positioning maneuvers and deorbiting to recover Varda's capsule.
• Varda's FAA approval for a second launch makes it the first company to secure a second reentry license.

Successful Launches:

• Last Friday, Rocket Lab launched its 53rd Electron mission, deploying five satellites into Low Earth Orbit as part of the "Kinéis Killed the RadIOT Star" mission.
• The first spacecraft for Varda was launched in June 2023 and its re-entry capsule was successfully recovered in February 2024.

Substantial Developments:

• Strategic Collaborations: Peter Beck, Rocket Lab's CEO, highlighted the company's vertically integrated approach, facilitating rapid development and delivery of reliable spacecraft for Varda's missions.
• Technical Analysis: Rocket Lab has an RSI of 90.94, indicating overbought conditions, which suggests strong buying interest but also potential for a pullback.

What Else:

• Rocket Lab has garnered growing attention on social media platforms, particularly Reddit's r/wallstreetbets.
• Traders are focusing on technical setups, significant gains in space stocks and Rocket Lab's high short interest (16.43% of its float).
• Keybanc analyst Michael Leshock also raised Rocket Lab's price target from $8 to $11 on Friday, maintaining an Overweight rating.

RKLB Price Action: Rocket Lab shares were up by 4.44% at $9.64 at the time of writing, according to Benzinga Pro.

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Image: Courtesy of Rocket Lab Inc.