Rocket Lab soars to new 52-week high on signs that revenue growth can take off

Rocket Lab U.S.A. (NASDAQ:RKLB) jumped in Friday trading after KeyBanc Capital Markets backed its Outperform rating on the launch company and boosted its price target to $11 from $8.

On Thursday, Rocket Lab (RKLB) completed testing and integration of its second Pioneer spacecraft for Varda Space Industries, which is the world’s first in-space pharmaceutical processing and hypersonic Earth re-entry logistics company. The Company is now preparing Varda’s second mission during which Rocket Lab (RKLB) and Varda will conduct in-space operations, reentry positioning maneuvers, and deorbiting to recover Varda’s capsule. Varda received permission from the FAA under a Part 450 license earlier this month, making them the only company to ever secure a second reentry license.

Shares of Rocket Lab (RKLB) soared to a new 52-week high of $10.29 on Friday before settling back to show an 11.65% gain at 2:22 p.m. Short interest on RKLB stands at 11.5% of the total float, which could add to volatility.